Dollar Loan Center Signals Expansion Plan
According to the Associated Press, last month Dollar Loan Center, which is owned by Chuck Brennan, filed for new money lending licenses at three more locations.
The state Division of Banking says the company is making short-term loans with a 36-percent annual interest rate, but its licensed for five stores. Whether the loans continue depends on a banking division investigation.
The financial regulatory office is examining whether the new loans comply with an interest rate cap.
The company stopped offering new loans in November, after voters approved the 36-percent interest rate cap, known as Initiated Measure 21. One month later, Brennan put the dollar loan center buildings in Sioux Falls up for sale. Brennan also said the interest rate cap was the reason he put Badlands Motor Speedway up for sale, and pulled his funding for the Rock and Roll Academy charity.