Thursday, February 5, 2009

UPDATE: South Carolina Payday Loan Bill at House Floor

A payday loan in South Carolina sounds fine

South Carolina’s The State newspaper reports that recently introduced payday loan legislation has made it to the state House for debate. Changes were not recommended beforehand, which is a positive sign for payday loan supporters.

To recap, the bill would limit consumers to no more than one cash advance at a time, up to $600 dollars. Plus, lenders would have to cross-reference customers against a state database to see if they have loans outstanding. Finally, a set portion of loan fees would go toward maintenance of the loan database.

A decision soon?

The bill, which enjoys the support of more than 70 House members, should reach a vote soon. Debates are scheduled to begin the week of February 9.

Critics continue to complain that the bill doesn’t require a cooling off period or limit the number of consecutive payday loans a customer in South Carolina may take. However, faxless payday loan employees are encouraged to work with customers and inform them about responsible use of the loan product. ... click here to read the rest of the article titled "UPDATE: South Carolina Payday Loan Bill at House Floor"

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