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Payday lenders flee South Dakota after price limit

Payday lenders flee South Dakota after price limit

A person makes the North United states Title Loans agency away from E. 10th St. in Sioux Falls on Wed., Oct. 26, 2016. (Picture: Jay Pickthorn/Argus Leader) Purchase Photo

Almost 1 / 2 of their state’s licensed cash loan providers decided not to ever restore their top cash advance Washington licenses for 2017 or suggested they want to remain just for enough time to gather on current loans, based on totals released Friday to Argus Leader Media.

Lower than 2 months after voters authorized a pursuit price limit on payday lenders, 121 cash loan providers opted to go out of the state, in accordance with state cash loan provider permit totals for 2017. And another 75 told the Southern Dakota Division of Banking which they renewed their licenses to help make good on current loans before exiting.