SIOUX FALLS, SD (KELO AM) The Brennan Rock & Roll Academy in Sioux Falls will close December 23, an apparent victim of the 36 percent payday loan rate cap approved by South Dakota voters in the November election.
Academy founder Chuck Brennan owns Dollar Loan Center, a big payday lender. The Academy announced on it's website Thursday that since it gets most of money from the Dollar Loan Center, it has decided to close because it can no longer be sure of a "substantial" and "dependable" source of funding.
The Academy helps children develop their passion and talents through music. and has provided free lessons to more than 700 students since it opened in 2013.
This closing is the latest ripple effect from the rate cap vote. Brennan has announced he is selling the Badlands Motor Speedway in Brandon, and has said that other business assets in South Dakota may also suffer as a result of the rate cap.