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Payday lenders flee South Dakota after price limit

Posted by: funnytodd   
December 23rd,
2020

The North is left by a customer American Title Loans agency away from E. 10th St. in Sioux Falls on Wed., Oct. 26, 2016. (Picture: Jay Pickthorn/Argus Leader) Purchase Photo

Nearly 50 % of the state’s licensed cash loan providers decided on to not ever restore their licenses for 2017 or suggested they plan to remain just very long sufficient to get on current loans, relating to totals released Friday to Argus Leader Media.

Significantly less than two months after voters authorized a pastime price limit on payday lenders, 121 cash loan providers opted to go out of the state, in accordance with state cash loan provider permit totals for 2017. And another 75 told the Southern Dakota Division of Banking they renewed their licenses to create good on current loans before leaving. Read the rest of this entry »