- Associated Press - Thursday, May 19, 2016

PIERRE, S.D. (AP) - A constitutional amendment that would cap money lenders’ interest rates unless a borrower agreed to a higher one is on its way to voters in the 2016 election.

Secretary of State Shantel Krebs said Thursday that a challenge to the ballot measure was unsuccessful.

The effort didn’t identify enough invalid signatures to disqualify the measure.

Krebs says the validity of petitions turned in to get the amendment on the ballot could still be challenged in court.

The amendment would cap interest rates at 18 percent annually unless the borrower agreed to a higher rate in writing. It also says no law capping interest is valid unless the borrower can agree to a different rate.

Amendment sponsor Lisa Furlong says it’s “great news” Krebs upheld the will of South Dakotans who support the measure.

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