Monday, January 31, 2011

BREAKING: two bills introduced to combat SD usury

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.


Anonymous said...

This start will likely pass. Then it will get people thinking - can we do more?

Rep. Steve Hickey said...

Thanks for posting this and for your support. I call HB1223 my "taste of your own medicine" bill as it raises the license fee for payday lenders 400%.

ian said...

there is good government at work... thank you for considering this type of bill for our common good.