S.C. bill tabled
May 7, 2009 | South Carolina, industry, regulation | Comments (0)But they’ll try again today. The drama continues. From the story:
COLUMBIA — The Senate on Wednesday rejected a proposal for tougher regulations on the payday lending industry, but debate will continue today.
The 27-14 vote came after hours of debate and after Sen. David Thomas, chairman of the Senate Banking and Insurance Committee, asked the Senate to support his committee’s proposal instead.
The tabled proposal would have required a seven-day waiting period between loans, tied loans to a borrower’s income and created a computer database to be sure only one payday loan could be taken at a time.
The entire issue in South Carolina is being driven by The State newspaper.
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