PIERRE, South Dakota (Legal Newsline) — South Dakota Attorney General Marty Jackley has announced that the state’s Supreme Court upheld his ballot explanation for Initiated Measure 21, which limited the amount of interest certain money lenders can charge on loans at 36 percent.
Erin Ageton, a member of the payday loan industry, brought a lawsuit alleging the explanation sought to put lenders out of business. A circuit court rejected that notion as did the Supreme Court.
“Pursuant to South Dakota law, I have worked to provide a fair, clear, and simple summary of the proposed measure in order to assist our voters. I am pleased the court has reaffirmed the fairness of my attorney general explanation,” Jackley said.
Under state laws, the attorney general must prepare explanations for proposed laws and measures. The goal is to provide a clear and simple summary of the rule's purpose and effect.