The House State Affairs committee passes a bill that would negate an inititated measure that will be on this November’s ballot. Initiated Measure 21 would cap “pay day” interest rates at 36-percent, a move the industry says would put them out of business in South Dakota. House Bill 1161 is backed by the short-term loan industry and would allow them to continue offering loans at whatever rate they choose. Brett Koeneke is a lobbyist for the industry and spoke in favor of the bill…
Eric Nelson is a lobbyist for A-A-R-P South Dakota and testified against the bill. He says this industry preys on low-income people…
Representative Spence Hawley of Brookings says he’s not exactly sure what this long and complicated bill would do…
The measure passed on an eight to five vote and now moves to the House Floor.