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Supporters paint pumpkins to clarify Initiated Measure 21

(KSFY)
Published: Oct. 25, 2016 at 7:27 PM CDT
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Some residents got into the Halloween mood as they tried to clear up the confusion surrounding two payday lending ballot measures.

Supporters of Initiated Measure 21 painted pumpkins with a message Tuesday -- "Vote Yes on 21, Vote No on Amendment U."

Both ballot measures deal with interest rates on payday lending in South Dakota, but supporters of "IM 21" said the two measures couldn't be more different.

And it's true. The measures are quite different, besides the fact that one is a Constitutional Amendment and the other is an Initiated Measure.

"IM 21" would place a 36 percent interest rate on all payday and car title loans.

Amendment U poses a stricter 18 percent interest rate cap on all loans, but only on loans not made in writing.

In addition, it would prevent the state legislature from passing future laws related to interest rate caps.

Supporters of the payday loan industry said passing these measures would cut off access to credit for thousands of South Dakotans who rely on it.

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