What’s up in S.C.?
April 16, 2010 | South Carolina, industry, regulation | Comments (1)This took the Payday Pundit by surprise this morning:
The S.C. Senate gave final passage Thursday to legislation it hopes will solve a payday lending riddle, created by reform passed just last year.
The legislation is designed to close a loophole that allowed dozens of payday lenders to switch their business licenses to become supervised lenders.
The measure now goes to the S.C. House, where it’s fate is uncertain.
We’ll try to find out more today.
Comments»
So it’s a “loophole” to follow laws and become a licensed and supervised lender? So by definition, anything that allows payday lenders to exist and operate would be considered a “loophole”.