No, not again
January 13, 2010 | South Carolina, industry, research | Comments (0)Given the intensity of last year’s legislative fight in South Carolina, we don’t expect the legislature to want to revisit payday lending, but this blurb in a South Carolina paper discussing the 2020 session caught my eye:
PAYDAY LENDING In 2009, the S.C. legislature passed its first restrictions on the predatory practice of payday lending, the notorious 400 percent loans on small amounts that entrap the poor. State Rep. Alan Clemmons, a champion of the reforms, described the bill (which only limits the number of loans a consumer could take, not the amount of interest payments that can accrue) as watered down and really only a start. We agree and continue to support a 36 percent cap on interest that both Clemmons (H. 3048, still technically alive) and the national Center for Responsible Lending advocate.
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