Senate Agrees To Payday Lending Restrictions
posted 6:26 pm Tue February 19, 2008 - Charleston, SC
(AP) -- The state Senate has agreed to tougher new restrictions on payday loans, but stopped short of banning the industry in South Carolina. The restrictions include a borrower database, loan caps and a ban on multiple loans in a seven-day period.
Republican Senator John Hawkins of Spartanburg spent more than an hour Tuesday calling for a ban. He says the state can never contain the industry through regulation.
Advance America Cash Centers spokesman Jamie Fulmer says the industry is willing to work for more protection for consumers.
The Senate gave the bill second reading Tuesday and the legislation can still be changed on third reading before being sent to the House.
Republican Senator John Hawkins of Spartanburg spent more than an hour Tuesday calling for a ban. He says the state can never contain the industry through regulation.
Advance America Cash Centers spokesman Jamie Fulmer says the industry is willing to work for more protection for consumers. The Senate gave the bill second reading Tuesday and the legislation can still be changed on third reading before being sent to the House.
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