October 19, 2011
Time to Occupy the Predatory Loan Shops in SD?
It's nothing to build these types of nice new buildings when your business is exploiting those on the econonic margins of our state by charging 500% interest. Do you suppose the fella who built these nice new buildings also drives this schnazzy car? I took the pic today because that's what it looked like to me. Perhaps I'm wrong.
Maybe it's time to Occupy the Payday and Title Loan Lenders in South Dakota. They are greedy lenders who push a defective product intentionally designed to be a debt-trap. They are vultures who circle those who struggle to get by.
It takes about 15,800 signatures to put a 36% payday/title loan interest rate cap on our 2012 ballot. The deadline is 11 days from now. A few months ago I gave serious consideration to a coalition-led ballot initiative effort on this as the legislature doesn't seem to have a will for it. (More on my recent legislative attempts at that here.) Do you think the voters in South Dakota would vote for a 36% payday/title loan interest rate cap in our state? I do. Especially now.
South Dakota's usury laws are immoral. "Cancel the debts of the oppressed and tear apart every unjust contract." Isaiah 58:6
Comments on Time to Occupy the Predatory Loan Shops in SD? »
LK @ 9:12 pm
I am not sure if voters will side with you on an initiative. If, however, you get the legislature to pass your bill,and God grants the miracle of having Governor Daugaard to sign it, I believe the measure would survive a referral.
caheidelberger @ 7:13 pm
I hadn't thought about directing occupation efforts at the payday lenders. They do represent a very clear and present danger to South Dakotans, perhaps more clear and present than the predations of Wall Streeters. And if you and I can agree on this issue, it could easily have legs with the general public.
But are you seriously suggesting an initiative push in 11 days? Do you have a network ready to march?
Steve @ 7:59 pm
No I'm not suggesting we do a last minute signature drive. Several months ago I'm saying it was something I had on the table and yes there are a variety of other groups ready to do whatever is deemed the best way to accomplish the 36% rate cap. 15800 signatures would have easily happened this past summer . I didnt have a sense of how the vote would turn out but now with the occupy uprising nationwide I'm saying I think it'd pass. The $60000 car out front of the new brick dollar loan building made think of the need to occupy those joints.
caheidelberger @ 8:23 pm
Steve, I hope you're right. I hope there is an opportunity to channel the liberal crankiness behind the occupations into some concrete action at the state level. Run those bills again. Get your people to sign on. Whom could you get: Rep. Miller, Sen. Cutler, Rep. Nelson, Rep. Stricherz… others? Reach out to Dems, get the liberal base and those marchers in the streets to join the call. There's a Kucinich-Paul-style common ground here! Let's capitalize on the moment and push!