By Terry Woster
PIERRE - Payday loans should be part of a state government
review, a Deadwood lawmaker says.
Republican Rep. Chuck Turbiville made that recommendation
Tuesday as an interim committee began a review of the
state Department of Revenue and Regulation.
"There's been a lot in the news about the rates
being charged," Turbiville said. "Could we
get some indication what might be done to regulate,
cap, reduce those rates without driving away those
credit card companies that came to South Dakota mainly
because we do not have any regulation of that?"
Payday loan is a generic term for a relatively short-length,
high-interest loan. Loans generally run about 30 days,
and interest rates can be in triple digits. Lawmakers
have made several attempts to regulate the industry
in recent years, but a Wall lawmaker said the review
process is a chance to see whether more needs to be
done.
Source:
http://www.argusleader.com/apps/pbcs.dll/article?AID=/20070718/NEWS/707180328/1001 |
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