Steve Hildebrand gets to spike the ball. Unbowed and unbeaten by the vile and false attacks of his big-money opponents, the co-sponsor of Initiated Measure 21 celebrates the impending enactment of his successful push to cap payday loan rates at 36% and encourages other states to follow our example:
Wednesday, November 16, 2016.
On that day, the interest rate on a payday loan in South Dakota will go from an average of 574% to NO MORE THAN 36%.
Our ballot initiative passed with 75% of the vote and the fake amendment put forward by the predatory lending industry failed with 63%.
This is a solid win – and frankly larger than we expected.
I am so proud to have Co-Chaired this bi-partisan effort with Republican Steve Hickey and our team of Reynold Nesiba, Kate Monson, Cathy Brectelsbauer, the AARP and virtually every religious denomination in South Dakota. We owe special thanks to all who circulated and signed our petitions, The Presentation Sisters for all of their hard work, The Center for Responsible Lending and to our donors who helped fund our petition drive and direct voter communications.
On November 16, low-income South Dakotans seeking emergency cash will no longer be set-up in a cycle of debt due to the extraordinary lending practices of the payday lending industry.
If consumers are being hurt in your state, please look at ways to reform this industry.
My heart is filled with joy that we were able to win this for low-income families here in South Dakota [Steven C. Hildebrand, Facebook post, 2016.11.10].
Meanwhile, Trumpist (why am I not surprised?) payday loan shark Chuck Brennan says the 36% rate cap won’t shut down his Dollar Loan Centers:
His business has about 25,000 customers in South Dakota, but he calls it a small part of Dollar Loan Center’s portfolio.
“It’s probably 5 percent of our business,” Brennan said. “I donate more to charity in South Dakota than I make in South Dakota” [Jodi Schwan, “Chuck Brennan on Payday Lending Measure: We Are Not Closing,” that Sioux Falls paper, 2016.11.09].
At least, come next Wednesday, Brennan won’t be making his money on 574% loans to South Dakotans.