This snuck up on us
June 16, 2010 | South Carolina, industry, regulation | Comments (0)There’s a little action in South Carolina:
The House overrode vetoes Tuesday on a couple of high-profile bills, including one that lawmakers hope will close a loophole in payday lending legislation approved last year.
The payday lending bill, H.3790, stipulates that a payday loan cannot be one for a period that is shorter than 120 days, unsecured, or requires presentment of a post-dated check.
After passing new regulations for the payday lending industry for the first time since it came into the state in 1998, lawmakers found that more than 100 previous payday lenders had switched business licenses to become short-term lenders, skirting the new regulations.
The new regulations stipulate borrowers can only have one loan a time, for up to $550, and was to create an electronic data base to track the loans.
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