Democratic activist and Sioux Falls businessman Steve Hildebrand joined forces with former state Rep. Steve Hickey, a pastor and conservative Republican, to bring out Initiated Measure 21 on capping payday lending rates at 36 percent.
Steve H. spoke with Greg today about why voters should support IM 21 and reject the payday loan sponsored Amendment U.
Hildebrand said payday loans average over 500 percent interest in the state, the third highest in the country. He says poor people need consumer protection.
He said that Amendment U is just a way to confuse voters about the issue.