A South Dakota lawmaker has proposed a bill he hopes the state's legislature will pass to put restrictions on short-term payday loans.

Rep. Steve Hickey, R-Sioux Falls, said payday loan industry representatives were alarmed last year by his effort that would have placed a proposed law on the statewide ballot to cap interest rates for such loans. He said he agreed to stop the ballot effort if they would cooperate to write reasonable regulations.

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