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Assaults on Payday Lending: Ballot Initiatives, Legislation, and Attorney General Enforcement

Ballot Initiatives – Southern Dakota and Colorado

In the last couple of years, the residents of two western states authorized ballot measures capping the attention price on pay day loans at 36% per year. In November 2016, Southern Dakotans for Responsible Lending spearheaded a campaign to cap the attention prices on all customer loans, including pay day loans. The measure ended up being hugely favored by Southern Dakota voters, garnering 76% associated with the votes, and fundamentally lead to the digital reduction associated with the payday financing industry in their state.

Now, in November 2018, the residents of Colorado overwhelmingly authorized a comparable measure. Along with capping yearly portion prices at 36% for deferred deposit loans and payday advances, Proposition 111 helps it be an unjust or misleading work or training to supply, guarantee, organize, or help a customer with finding a deferred deposit loan or cash advance with an APR more than 36% through any technique, including mail, phone, internet, or any electronic means.