A coalition of South Dakota churches and concerned citizens are backing a proposal to cap interest rates at 36 percent. Supporters say it would rope in payday loan companies that charge upwards of 500 percent on short term loans.
Steve Hildebrand is co-chair of the bi-partisan group South Dakotans for Responsible Lending. He says South Dakota has the highest interest rates in the country. He says IM 21 is a happy medium for payday lenders and those needing a loan.