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Constitutional Amendment U

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Constitutional Amendment U is one of two payday loan ballot questions. This one asks voters whether or not to set statutory interest rates for loans. Under this constitutional amendment there will be no limit on the amount of interest a lender may charge for a loan of money if the interest rate is agreed to in writing by the borrower. If there is no written agreement the lender may not charge more than 18% interest per year.  SDPB made several attempts to reach the organization supporting the issue, South Dakotans for Fair Lending. No one responded to our request for an on-camera interview. SDPB was able to visit with South Dakotans for Responsible Lending, the organization opposing the issue. Attorney General Marty Jackley also shared his explanation on the ballot question.