New radio advertisements blast payday loan measure 21

Liberal blogger Cory Heidelberger of and I have been discussing recent polling around the ballot problems during this morning's show.

I expressed surprise to Cory that we have not seen a major media campaign from the payday loan industry against Initiated Measure 21.

IM21 would cap interest and charges for payday loans at a maximum of 36 %.

Heidelberger suggested that campaign finance reports indicate a major media blitz could be inside the operates.

"Rod Aycox, the payday lending executive from Georgia who is bankrolling this whole work to quit the price caps... has sent yet another $637,000 for the ballot committees that he's formed in South Dakota," Heidelberger mentioned.

A number of hours later, I heard the following radio commercial from Give Us Credit South Dakota Committee.
Here's the full text on the commercial:

Obama and Hillary. They've been lying for many years. Obamacare. Benghazi. Emails. Now their allies in South Dakota are lying about measure 21.

They say it'll defend borrowers from higher rates of interest, but it will not. Beneath measure 21, borrower's rates of interest can still skyrocket leaving honest people under a mountain of debt.

And in contrast to real reform which keeps folks from getting in trouble with debt, Measure 21 has huge loopholes, designed to benefit significant, out of state, special interests...not guard you from unethical, greedy lenders.

Worst of all, Measure 21 is just an illusion of reform. All it will do is result in far more major government intrusion into your monetary choice creating without having any actual benefits.

Protect yourself from extra of their liberal lies. Vote no on Measure 21.

Paid for by Give Us Credit South Dakota Committee.

No matter how you strategy to vote on IM21, this commercial is beyond the pale.

It really is an insult to my intelligence to examine a payday loan cap to Benghazi and Hillary's emails.

It really is also ridiculous to refer to Steve Hickey, the Republican co-chair of South Dakotans for Accountable Lending, as an ally of Obama and Hillary.

I suspect the loopholes they mention, "designed to benefit huge, out of state, unique interests", is usually a reference to IM21's exemption for banks and credit unions.

Speaking of major, out of state, unique interests... Give Us Credit South Dakota is straight funded by the aforementioned Rod Aycox of Georgia.

Aycox's firm, Choose Management Resources, had contributed almost $200,000 to offer Us Credit South Dakota as of May 2016. Read it right here.

I've study IM21. Its my opinion that no one will endure except predatory lenders.

I'm questioning if the misleading techniques utilised in this commercial are an indication of how the payday loan business represents its loans to potential borrowers.

If that's the case, the wise income is on IM21.


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