South Dakota Representative Steve Hickey and State Senator Joni Cutler have introduced two bill that seek to curb the crushing interest and profiteering of "Payday" lenders:
House Bill 1223 aims to share the wealth of usurers for the common good, amending the lender licensing law to require a $5,000 fee for would-be payday and title lenders.
House Bill 1224, which includes sponsoring Representatives Hickey, Blake, Elliott, Fargen, Feinstein, Hubbel, B. Hunhoff, Killer, Kirschman, Kloucek, Kopp, S. Nelson, Russell, Sidgestad and Verchio, along with Senators Cutler, Holein, Lederman and Schleckeway, caps the interest rate (which can rise into the hundreds of percent) at 36% annual percentage rate (APR).
Please contact and encourage your South Dakota legislators to support restrictions on usury. You can look them up and track the bills at the State Legislative site.