SIOUX FALLS, S.D. — South Dakota banking regulators have revoked the lending license for the Dollar Loan Center stores in Sioux Falls and Rapid City.
The state Division of Banking shut down the stores after learning the short-term loan company was charging 36 percent interest and charging late fees if loans were not repaid in a week.
South Dakota voters last year approved a ballot measure to ban payday and short-term, high interest loan businesses. That forced Dollar Loan Center out of business temporarily. The company reopened in July.
The Argus Leader reports owner Chuck Brennan says he’s pursuing “available legal remedies.”
Information from: Argus Leader, http://www.argusleader.com