Ballot Initiatives – Southern Dakota and Colorado
The citizens of two western states approved ballot measures capping the interest rate on payday loans at 36% per annum within the last two years. In November 2016, Southern Dakotans for Responsible Lending spearheaded a campaign to cap the attention rates on all customer loans, including loans that are payday. The measure ended up being hugely well-liked by Southern Dakota voters, garnering 76% for the votes, and finally lead to the digital reduction regarding the lending that is payday in hawaii.
Recently, in November 2018, the residents of Colorado overwhelmingly authorized a comparable measure. As well as capping percentage that is annual at 36% for deferred deposit loans and payday advances, Proposition 111 causes it to be an unjust or misleading work or practice to supply, guarantee, organize, or help a consumer with finding a deferred deposit loan or pay day loan with an APR more than 36% through any method, including mail, phone, internet, or any electronic means. Continue reading