South Dakota Supreme Court rejects Dollar Loan Center appeal
South Dakota's Supreme Court has rejected an appeal from Dollar Loan Center over whether the short-term lender could bring its case to a circuit judge.
The high court said in an opinion publicly released Thursday that Dollar Loan Center must first go through an administrative review.
The legal dispute came after voters in 2016 limited interest charged by payday and auto title lenders to 36 percent annually. But Dollar Loan Center began offering a new product that the state found had interest rates between 300 and 487 percent after factoring in late fees.
The state ordered Dollar Loan Center to stop offering the loans and set a hearing. Before the hearing, the company brought the issue to court.
The Supreme Court ruling affirmed that Dollar Loan Center didn't exhaust administrative remedies available.
(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
