South Carolina Eases Payday Lending Limits

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South Carolina Eases Payday Lending Limits


11 April 2008
On Thursday, South Carolina Eases Payday Lending Limits. The House subcommittee voted to strip away loan limits and increased the amount payday loan lenders can borrow. Even though neighboring states Georgia and North Carolina have virtually stopped payday loan activity in their state, the South Carolina still believes the marketplace should prevail.

S.C. Rep. Phillip Owens, R-Pickens, who led the motion for change believes the state would have been involved in needless interference and the state should defer to the judgement of the borrower and the payday loan lender.

Owens said, "The business man is not going to be irresponsible in his business practices in this case, the lending business. He would like to get repaid."

Owens and four additional members of the State's House Banking And Consumer Affairs Subcommittee approved these changes. It modifies a bill passed on Feb. 19th by the Senate that would have severly limited payday loans and lending practices in South Carolina.

Sue Berkowitz, director of the South Carolina Appleseed Legal Justice Center in Columbia, said while the payday loan laws are rational for the lenders, consumers facing emergency cash situations can become irrational. Anf that is where the trouble begins.

Another hearing on this subject is expected next week.

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