From my mailbox comes a press release from Lisa Furlong on the reason behind their measure as reviewed by the Attorney General today:
South Dakotans for Fair Lending Press Release on Attorney General Explanation
People have a right to be treated fairly. By supporting this constitutional amendment, we will bring fairness to the lending process, while protecting the people of South Dakota’s rights as consumers.
Our measure places a strict 18% cap on interest rates, far more stringent than that of other measures being proposed. Additionally, our measure takes the extra step of amending the South Dakota constitution, which will ensure that the cap placed on interest rates is not later removed or weakened. Other measures being circulated simply make changes to statutes, which can be easily altered and undermined.
Our supporters and volunteers are ready to get to work collecting the needed signatures to have this common sense measure placed on the ballot and we appreciate the work of the Attorney General and his staff in issuing the explanation of our measure in a timely manner.”
Lisa Furlong
Chair
South Dakotans for Fair Lending