S.C. Update:
April 15, 2009 | South Carolina, The State, industry, regulation, states | Comments (0)From the State Newspaper:
Payday lending set to get vote this week
The Senate set plans in motion Tuesday to take up a bill regulating payday lending this week.
Senators will also hash out a resolution that affirms South Carolina’s sovereignty rights under the Constitution’s 10th Amendment, another issue that is expected to spark heated debate.
Rules chairman Sen. Larry Martin, R-Pickens, asked the Senate to move both pieces of legislation to priority status on the remaining Senate calendar, which they easily did, over the vocal objections of two lawmakers.
Sen. Robert Ford, D-Charleston, and Sen. Gerald Malloy, D-Darlington, both voiced concerns about giving the measures special calendar status.
Beautiful
April 4, 2009 | South Carolina, The State, industry | Comments (0)FITSNEWS, an online news site in South Carolina, refers to the State Newspaper as “La Socialista.” The whole article is a good read.
If you can take it
April 1, 2009 | South Carolina, The State, customers, employees, industry, regulation | Comments (0)Go ahead and read the 723rd editorial in the State (S.C.) newspaper bashing payday lenders. I couldn’t, but you may be tougher than the Payday Pundit.
South Carolina update:
March 25, 2009 | South Carolina, The State, industry, media coverage, regulation, states | Comments (1)From a just published story:
A key Banking and Insurance Committee moved Wednesday to weaken proposed payday lending regulations, killing a provision that would tie the amount of a payday loan to a borrower’s income.
The amendment is good news for payday lenders. The nation’s largest payday lender said it probably could not operate under a provision that would have capped payday loans at $500 or 25 percent of a borrower’s gross paycheck.
Senate President Glenn McConnell, R-Charleston, offered the amendment that strips the income provisions and instead limits payday loans to $500 per transaction and requires a 2-day cooling off period between paid off loans.
Industry leaders breathed a sigh of relief, and consumer advocates mostly just sighed after the close committee vote.
“This still needs more work,” said Sue Berkowitz, director of the Appleseed Center foe Legal Justice in Columbia.
Same old, same old from State newspaper
March 17, 2009 | South Carolina, The State, alternatives, industry, media coverage, states | Comments (1)That would be the State newspaper of South Carolina. From today’s editorial:
S.C. SENATORS ARE once again on the right track in regards to implementing tougher limits on payday lending that would keep consumers from being snared in a cycle of debt.
A Senate subcommittee approved a bill that would limit the size of payday loans to 25 percent of a borrower’s gross income, require a seven-day cooling-off period between loans, limit consumers to one outstanding loan at a time and require a database to track loans.
It continually astonishes the Payday Pundit that editorial writers think they have the expertise to weigh in on complicated financial issues. I’m just not sure these people really know what they’re talking about.
Ridiculous headline
March 4, 2009 | South Carolina, The State, industry, media coverage, regulation | Comments (0)“Public Must Demand Tough Payday Lending Bill” screams the headline in the The State (S.C.) Newspaper. The “public” wants access to payday loans, not “tough” restrictions that lead to bans. The editorial writers should actually listen to the public instead of telling the public what it should do.
Is Warren Bolton a “sucker”?
February 27, 2009 | South Carolina, The State, Warren Bolton, industry, industry critics | Comments (0)Well, the radical columnist at the State (S.C.) Newspaper calls himself one, but we prefer to think of him merely as a misguided ideologue. You can read his column and judge for yourself.
Blood pressure up
February 17, 2009 | The State, customers, industry, regulation, states | Comments (0)And it’s only 8:30 a.m.
The State newspaper of South Carolina wants the Senate to be tougher than the House on payday lending regulations:
The best remedy is to ban payday lending, but many lawmakers oppose that. Fine: Then regulate the industry tightly so it does what it continually alleges is its aim — to provide short-term, emergency loans.
Let’s ban newspapers instead so people won’t have to read this drivel. (We kid. We love the First Amendment.) Ninety-five percent of payday lending customers pay their loan off when due. The others can take advantage of an extended payment plan.
You say “tomato,” I say “tomAHto”
January 27, 2009 | South Carolina, The State, customers, industry, media coverage, states | Comments (0)According to the State (S.C) Newspaper, the best way to “limit” payday loans is to “ban” payday loans. The whole piece is an exercise in strident elitism disguised as populism.
Frankly, we can’t wait for some of these newspapers to fold so that editorial writers have the practical experience of needing short-term credit. What will they do then?
And in South Carolina
January 25, 2009 | South Carolina, The State, industry, media coverage, regulation | Comments (0)A blurb from a roundup piece in the State Newspaper:
PAYDAY LENDING: Tuesday, the Banking and Consumer Affairs subcommittee will meet in the Blatt Building, Room 403, to take up a bill that would raise the maximum amount of pay-day loans to $600 from $300 and create a database that would prevent consumers from having more than one pay-day loan at a time.
