“Reasonable regulation”
January 28, 2009 | South Carolina, Spartanburg Herald Journal, industry, media coverage, regulation | Comments (0)That’s the take of the Spartanburg (S.C.) Herald-Journal on the South Carolina legislation:
The bills would raise the limit of a payday loan from $300 to $600, but it would limit consumers to carrying only one such loan at a time. It would establish a database to track payday loans and require lenders to check it to verify that a customer is eligible for a loan.
The legislation would put an appropriate curb on payday lending. Recent economic history has shown that such reasonable regulation, particularly of credit markets, can be necessary. But the bill is not an overreaction to the business.
We’re all for “reasonable.”
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