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Don't water down payday lending limits
25 April 2008
A bill that would have placed reasonable limits on payday lending to protect some of South Carolina's most vulnerable residents is at risk of being significantly weakened by changes suggested by a House subcommittee.
The bill, as passed by the state Senate, would have capped payday loans at $500 or 25 percent of a borrower's gross income during the term of the loan, whichever is less. It also would have prohibited payday lenders from granting a loan to anyone who has had a payday loan in the past seven days. According to a report in The State newspaper, a subcommittee of the House Labor, Commerce and Industry Committee voted to increase the limit to $600 and stripped out any attempt to adjust the limit based on income. The subcommittee is expected to resume its discussion of the bill next week.
Read More from The Greenville News
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