Attorney General Explanation Released for Initiated Constitutional Amendment Limiting the Ability to Set Statutory Interest Rates for Loans

Attorney General Explanation Released for Initiated Constitutional Amendment Limiting the Ability to Set Statutory Interest Rates for Loans

PIERRE –South Dakota Attorney General Marty Jackley announced today an Attorney General Explanation for a proposed Constitutional Amendment has been filed with the Secretary of State. This statement will appear on petitions that will be circulated by the sponsor of the proposed amendment. If the sponsor obtains a sufficient number of signatures on the petitions by November 9, 2015, as certified by the Secretary of State, the measure will be placed on the ballot for the November 2016 general election.

This is a measure to change the Constitution, as opposed to changing state statutes (which requires 13,871) and the sponsor will need 27,741 signatures.

1. An initiated amendment to the South Dakota Constitution limiting the ability to set statutory interest rates for loans

Under South Dakota law, the Attorney General is responsible for preparing explanations for proposed initiated measures, referred laws, and South Dakota Constitutional Amendments. Specifically, the explanation includes a title, an objective, clear and simple summary of the purpose and effect of the proposed measure and a description of the legal consequences.

To view the Attorney General Explanation for the measure, as well as the final form of the measure submitted to this office, please click on the link:

http://atg.sd.gov/LinkClick.aspx?fileticket=tKus_2twEd0%3d&tabid=442

2015 Interest Rates.pdf

To date the Attorney General has released Attorney General Explanations for the following:

1. An initiated measure to set a maximum finance charge for certain licensed money lenders
2. An initiated amendment to the South Dakota Constitution to allow referral of state and municipal laws affecting public peace, health, safety and the support of government and also to limit the ability to amend or repeal initiated laws
3. An initiated measure to legalize marijuana for medical use
4. An initiated measure to decriminalize the possession of one ounce or less of marijuana and marijuana paraphernalia
5. An initiated measure to criminalize the transfer of alcoholic beverages
6. An initiated measure to criminalize the transfer of tobacco and tobacco paraphernalia
7. An initiated amendment to the South Dakota Constitution to provide for state legislative redistricting by a commission
8. An initiated amendment to the South Dakota Constitution to expand rights for crime victims
9. An initiated amendment to the South Dakota Constitution limiting the ability to set statutory interest rates for loans