18 Percent Short Term Lender Constitutional amendment Initiative
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MARTY J. JACKLEY ATTORNEY GENERAL STATE OF SOUTH DAKOTA OFFICE OF ATTORNEY GENERAL 13O2 East Highway 1 4, Suite 1 Pierre, South Dakota 57501-85O 1 Phone 16051 773-3215 Fax 1605) 773-41OG TTY (605) 773-6585 http://atg.sd.gov/ RECEIVED AU6 t0 ails S.D. SEC. OFSTATE CHARLES D. McGUIGAN CHIEF DEPUTY ATTORNEY GENERAL Re: Attorney General's statement-Amendment limiting the ability to set statutory interest rates for loans Dear Secretary Krebs, This office received an initiated constitutionai amendment limiting the ability to set statutory interest rates for loans. The sponsor is Lisa Furlong. Enclosed is a copy of the constitutional amendment, in final form, that was su6mitted to this office. In accordance with SDCL 12-13-2s.l,l hereby submit the Attorney General's Statement with respect to this amendment. By copy of this letter, I am providing a copy of the Attorney General's statement to the sponsor pursuant to SDCL 12-13-25.1. HAND DELIVERED August 10,2015 Hon. Shantel Krebs Secretary of State 500 E. Capitol Picrre, SD 5750I Marty J. Jackley AT'IORNEY GENERAL MJ.l/PA/lde Enc. cc w/ enc.: Lisa Furlong Jason Hancock, &nLK^,/rJ Director of LRC SECSENRY(rSTAIE
18 Percent Short Term Lender Constitutional amendment Initiative
18 Percent Short Term Lender Constitutional amendment Initiative
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MARTY J. JACKLEYATTORNEYGENERALSTATE OFSOUTH DAKOTAOFFICEOF
ATTORNEY GENERAL13O2East Highway14, Suite1Pierre,
SouthDakota57501-85O1Phone 16051773-3215Fax1605)773-41OGTTY (605)
773-6585http://atg.sd.gov/RECEIVEDAU6 t0
ailsS.D.SEC.OFSTATECHARLESD.McGUIGANCHIEF DEPUTYATTORNEYGENERALRe:
Attorney General'sstatement-Amendment limitingthe abilityto
setstatutory interestratesfor loansDearSecretary Krebs,This
officereceived an initiated constitutionai amendmentlimiting the
abilitytoset statutory interestrates for loans. The sponsoris
LisaFurlong. Enclosedis acopyof theconstitutional amendment, in
final form, that was su6mitted to thisoffice.In accordancewith
SDCL12-13-2s.l,l hereby submittheAttorneyGeneral's Statementwith
respectto thisamendment.By copyof this letter,I am providing a
copyof theAttorneyGeneral'sstatementto thesponsorpursuant to SDCL
12-13-25.1.HAND DELIVEREDAugust 10,2015Hon. Shantel KrebsSecretary
of State500 E. CapitolPicrre,SD 5750IMarty J. JackleyAT'IORNEY
GENERALMJ.l/PA/ldeEnc.cc w/ enc.: Lisa
FurlongJasonHancock,&nLK^,/rJDirector of
LRCSECSENRY(rSTAIECONSTITUTIONALAMENDMENTATTORNEYGENERAL'SSTATEMENTRECEIVEDAUG
r O eOUS.D.SEC. OFSIAIETitle: An initiated amendmentto the
SouthDakotaConstitutionlimiting theability to set
statutoryinterestrates for loansExplanation:Under this
constitutionalamendment,there is no limit on the amount ofinterest
a lender maychargefor a loan of moneyif the interest rate is
agreedtoin writing by the borrower. If there is no
writtenagreement,however,alendermaynot chargemore
than18%ointerestper year. A law settingan interest ratefor loans is
not valid unlessthe law gives the lender and borrowerthe
abilitytoagreeto a different rate. If an interestrate for loans is
establishedbv law. iimustapplyto everytypeof lender.The
amendmenteliminatesthe ability to setstatutoryinterest ratesthatare
inconsistent with thisamendment.g.fr,C,r
