Showdown in S.C.
April 19, 2009 | Center for Responsible Lending, South Carolina, industry, regulation | Comments (0)Well, at least that’s the headline in this article:
The debate
Industry opponents say the amended House bill, sponsored by Senate President Pro Tempore Glenn McConnell, R-Charleston, is weak and favors payday lenders. McConnell originally favored an even weaker version of payday lending reform. (It doubled loan limits.)
Industry proponents say some form of regulation beats no regulation at all. They contend tying payday loans to a borrower’s income would hurt the industry so badly that it would close down in South Carolina. Supporters say the business fills a need in the state and should be allowed to continue.cen
The anti-payday lending forces in South Carolina–the State Newspaper, Center for Responsible Lending, etc. — are the most vicious in the country.
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