Select Management Resources
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| Select Management Resources | |
| Basic facts | |
| Location: | Alpharetta, Ga. |
| Top official: | Rod Aycox |
| Founder(s): | Rod Aycox |
As of 2016, Select Management Resources was the parent company of LoanMax, a payday lender, and was the sole financial supporter of the campaign in favor of South Dakota Constitutional Amendment U, a 2016 measure aimed to limit the ability to set statutory interest rates for loans.
Background
Select Management Resources operated a number of payday loan and auto title lending companies. The company was based in Alpharetta, Georgia. Started by Rod Aycox in the Atlanta, Georgia, area, Select Management Resources had been active in promoting policies that limit restrictions on short-term lending and the interest rates that accompany them.[1]
Political activity
Ballot measure activity
Select Management Resources was the sole funder for two ballot measure campaigns in South Dakota in 2016. In their effort to oppose South Dakota Payday Lending Initiative, Initiated Measure 21, the company sued South Dakota Attorney General Marty Jackley over the way the initiative was worded on the ballot. Erin Ageton, vice president of Select Management Resources, said that the measure did not sufficiently spell out what a "yes" vote would mean for lending in the state. She said, "The law does not actually result in a cap on loan rates; instead, it eliminates loans altogether. No lender and no borrower will ever enter into a 36 percent short-term loan in the real world, just as no bank and borrower would ever enter into a home loan for a miniscule [sic] amount of interest that fails to cover the cost of making the loan, and no insurer would ever underwrite a policy for a small fraction of the actuary’s expected payout on claims."[2]
Select Management Resources supported the South Dakota Limit on Statutory Interest Rates for Loans, Constitutional Amendment U, a measure to "cap interest rates in South Dakota at 18 percent annually but allow higher ones if the borrower agrees to them," according to the Argus Leader. Operating under the name North American Title Loans, the company had a number of lending firms focused on auto title lending.[3]
Overview of ballot measure support and opposition
The following table details Select Management Resources’ ballot measure stances available on Ballotpedia:
| Ballot measure support and opposition for Select Management Resources | ||||
|---|---|---|---|---|
| Ballot measure | Year | Position | Amount | Status |
| South Dakota Limit on Statutory Interest Rates for Loans, Constitutional Amendment U | 2016 | Supported[4] | $1,781,613[4] |  Defeated
|
| South Dakota Payday Lending Initiative, Initiated Measure 21 | 2016 | Opposed[5] | $646,127.13[5] |  Approved
|
| Texas State Water Fund Amendment, Proposition 6 | 2013 | Supported[6] | $10,000[6] | Approved
|
| Montana Loan Interest Rate Limit, I-164 | 2010 | Opposed[6] | $51,742[6] | Approved
|
Recent news
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See also
Footnotes
- ↑ National Institute on Money in State Politics, "With Interest," July 23, 2008
- ↑ AllGov, Payday Lender Sues South Dakota, Claiming 36% Interest Rate is too Low," June 14, 2015
- ↑ Argus Leader, "Short-term lender gives $1.7M for interest rate amendment," February 2, 2016
- ↑ 4.0 4.1 South Dakota Secretary of State, "Campaign Finance Statement," accessed July 28, 2016
- ↑ 5.0 5.1 South Dakota Secretary of State, "Campaign Finance Statement," accessed July 28, 2016
- ↑ 6.0 6.1 6.2 6.3 National Institute on Money in State Politics, "Select Management Resources," accessed August 30, 2016
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