Constitutional Amendment U was voted down on Tuesday, November 8, Rapid City Journal reports. The Amendment would have capped payday loans at an 18% interest rate unless agreed upon in writing. Many argued that the Amendment was deceptive and would ultimately create higher interest rates for payday loans.
Measure 21, which caps interest rates for payday loans at 36%, did pass.
For more news on the 2016 elections, visit the Black Hills Knowledge Network's online news archives.