PIERRE, SD (KELO-AM) Opponents of the Pay Day Loan rate cap have failed again in court to keep it off the November ballot in South Dakota.
The 'Give Us Credit South Dakota' group claimed that Initiated Measure 21 did not have a enough valid signature petitions to qualify, but Circuit Judge Mark Barnett has ruled the other way. The Judge says the Secretary of State was correct when she determined IM 21 contained enough signatures to be placed on the ballot.
Inititated Measure 21 would cap Pay Day Loan rates in South Dakota at 36 percent.
State Attorney General Marty Jackley points out that this ruling marks the second time the measure's certification process has been upheld. In January rate cap opponents filed a challenge. They made over 26,000 objections. After a two day trial in Pierre, they lost.
Supporters of the 36 percent rate cap say that most of the opposition is from the Pay Day Loan industry, or at least funded by the industry. There is a competing ballot measure supported by the industry for an 18 percent rate cap, but the rate could be higher if the loan customer agrees in writing.
There will be ten ballot measure for South Dakota voters to wade through in November.