Reasonableness at the State
May 19, 2009 | South Carolina, The State, industry, regulation, states | Comments (0)Thought we’d never live to see this oped in the State (S.C.) newspaper. It’s too balanced (it’s authored by a Democrat and Republican state senators):
It is safe to say that no one is totally satisfied with the compromise that has the best chance of passing this year. Some legislators believe that government should let the free marketplace work without interference. Others want to ban payday lending.
Neither position has the votes to prevail, so the question becomes, what reform package can get a majority vote?
Since we beat up on the State a lot, today we are offering congratulations for running a fair piece on a critical day.
“Do or die” in S.C.
May 19, 2009 | South Carolina, The State, industry, regulation | Comments (0)Someday we’ll write our last post about the South Carolina legislation, but today is not the day. From the story:
South Carolina legislators will make one last attempt to pass payday lending restrictions before their session ends.
Republican Sen. Wes Hayes of Rock Hill has said Tuesday is “do or die” for the measure meant to stop payday lenders from ensnaring poor residents in a cycle of debt. The Senate gave tentative approval to the bill last Thursday but left the details for this week.
These people are obsessive
May 12, 2009 | Ohio, South Carolina, The State, industry, media coverage, personal finance, regulation | Comments (0)That would be the editorial writers at The State newspaper in South Carolina. Check this editorial headline in today’s paper:
Pass tough payday rules or none at all
Okay, if that’s how you feel, the Payday Pundit votes for “none at all.”
On verge of S.C deal?
May 12, 2009 | South Carolina, The State, industry, regulation | Comments (0)Could happen today. Or maybe not. From the story:
After months of wrangling over payday lending, the Senate could decide today on regulations for the $155 million industry.
Lawmakers left open the doors to a possible deal with payday lending representatives when the two sides broke off talks last week, though there are few signs of progress.
Ground Hog Day in S.C.
May 8, 2009 | South Carolina, The State, industry, regulation | Comments (0)The fight goes on. Wake me when it’s over:
Some lawmakers are predicting next week will be do-or-die for the thorny issue, which senators say they are tired of debating but can’t seem to resolve.
“My sense is we’re 90 percent of the way there on payday lending,” said Senate Rules chairman Larry Martin, R-Pickens. “We’re going to come together Tuesday, or that bill is not going anywhere.”
Filibuster in S.C.?
May 5, 2009 | South Carolina, The State, industry, regulation | Comments (0)From the State Newspaper:
If a Senate committee version of payday lending reform advances, raising loan limits from the industry’s self-imposed $300 to $500 with a two-day cooling off period between loans, industry critics say payday lenders would win.
If that appears likely, look for an old-fashioned Senate filibuster, said Sen. Joel Lourie, D-Richland.
Always drama in South Carolina.
Still alive in S.C.
May 1, 2009 | Center for Responsible Lending, South Carolina, The State | Comments (0)The payday lending bill made the “still alive” list in the State newspaper’s legislative roundup column. Although, I’m beginning to think the editors at the State hear voices in their heads. Probably the voices of Center for Responsible Lending.
We missed him, too
April 28, 2009 | South Carolina, The State, Warren Bolton, industry, regulation | Comments (0)Whenever we go too long without a Warren Bolton column, it just doesn’t feel right. From his 283rd anti-payday lending screed:
WITH THE S.C. House having capitulated and passed a bill feigning to regulate payday lending, and many in the Senate eager to do the same, possibly even this week, some lawmakers who want strict rules might be willing to allow the legalized loan sharks to continue their predatory ways.
Oh, Warren. You’re not even trying. You can do better than that. You’re getting hackneyed, trite, boring.
“Consumers deserve option of payday lending”
April 21, 2009 | South Carolina, The State, industry, states | Comments (1)Great guest piece in the State Newspaper today from Jamie Fulmer of Advance America:
Especially now, in a time of severe economic trouble, hardworking people need access to short-term credit options, including cash advances. For some consumers, a cash advance is their only financial option. At other times, it is the least expensive option — particularly compared to the costs of bank fees and the revolving debt of credit cards, for example. A payday advance involves a one-time fixed fee of $15 per $100 borrowed.
This is the “must read” of the day.
S.C. debate today
April 21, 2009 | South Carolina, The State, industry, media coverage, regulation, states | Comments (0)From the State newspaper:
The Senate will take up the debate Tuesday. The Senate Judiciary Committee stripped out a proposal to tie lending limits to a borrower’s income. It also decreased the wait time between loans from at least a week to two days.
The payday industry remains opposed to the bill, despite the revisions.
