Harry Cato has this to say in today’s Spartanburg Herald Journal: 

The General Assembly is currently considering consumer reform legislation involving payday loans, a service many South Carolinians use to help cope with personal financial difficulties. If consumers encounter an emergency expenditure, a payday loan is sometimes their only option. Banks and credit unions generally do not offer these kinds of low-dollar, short-term loans, especially to those who have weak credit histories.

The reform bill is sponsored by Speaker Bobby Harrell, R-Charleston, and co-sponsored by 74 other House members. It sets up a tight set of rules under which payday lenders must operate, including: limiting consumers to one loan at a time, enforced by a new statewide database; restricting the amount a consumer can borrow at a given time by setting a loan cap; offering an extended payment plan, with no additional fees, for consumers who need more time repaying a loan; and instituting stricter licensing requirements for Internet lenders.

Plain. Simple. Effective.