South Carolina lawmakers approve payday lending regulation
February 12, 2009 | South Carolina, industry, regulation | Comments (0)From the Associated Press: SC lawmakers approve payday lending regulation
South Carolina legislators gave overwhelming key approval to a bill aimed at preventing residents from being trapped in a cycle of debt through payday lending.
The proposal, approved 93-16 on Wednesday, prevents consumers from taking out more than one loan at a time, up to $600. An online database – which must be up by Feb. 1, 2010 – would instantly report when a loan is made. Lenders must check it to ensure customers don’t have outstanding loans elsewhere.
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