PIERRE, S.D. (KELO.com) – The South Dakota Division of Banking issued the following statement regarding its examination of Dollar Loan Center in Rapid City and Sioux Falls.
The company was offering short-term loans at 36 percent APR and charging late fees if not repaid in one week.
Director Bret Afdahl said, “Based upon a recent examination of Dollar Loan Center, the Division of Banking issued a cease and desist order and order to revoke all money lending licenses held by Dollar Loan Center due to lending practices in violation of South Dakota money lending laws.”