H 3056 General Bill, By Hart and Gunn
Summary: Payday loans
    A BILL TO AMEND SECTION 34-29-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CHARGES PERMITTED AND OTHER PROVISIONS ALLOWED IN CONSUMER FINANCE TRANSACTIONS, SO AS TO EXCLUDE "PAYDAY LOANS", KNOWN AS DEFERRED PRESENTMENT TRANSACTIONS; TO AMEND SECTION 34-39-140, RELATING TO APPLICATION OF THE PROVISIONS REQUIRING LICENSING OF A PERSON ENGAGED IN THE BUSINESS OF DEFERRED PRESENTMENT TRANSACTIONS, SO AS TO MAKE THE PROVISIONS APPLICABLE TO A PERSON ACTUALLY ENGAGED IN THAT BUSINESS WHILE PURPORTING TO ACT AS AN ENTITY THAT WOULD NOT BE REQUIRED OTHERWISE TO BE LICENSED; TO AMEND SECTION 34-39-180, RELATING TO RESTRICTIONS AND REQUIREMENTS FOR DEFERRED PRESENTMENT, SO AS TO LIMIT THE NUMBER AND THE AMOUNT OF A TRANSACTION FOR EACH CUSTOMER AND TO CAP THE ANNUAL INTEREST RATE CHARGEABLE IN A DEFERRED PRESENTMENT TRANSACTION TO THIRTY-SIX PERCENT; TO AMEND SECTION 34-39-200, RELATING TO LIMITATIONS ON LICENSES, SO AS TO RESTATE THE LIMIT OF ONE CONTRACT WITH A CUSTOMER AT A TIME; TO AMEND SECTION 37-3-201, RELATING TO THE ALLOWABLE LOAN FINANCE CHARGE FOR CONSUMER LOANS, AND SECTION 37-3-305, AS AMENDED, RELATING TO THE POSTING OF A MAXIMUM RATE SCHEDULE FOR CONSUMER LOANS, BOTH SO AS TO EXCLUDE THEIR APPLICABILITY TO A DEFERRED PRESENTMENT TRANSACTION.
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12/09/08	House	Prefiled
12/09/08	House	Referred to Committee on Labor, Commerce and Industry
01/13/09	House	Introduced and read first time HJ-36
01/13/09	House	Referred to Committee on Labor, Commerce and Industry HJ-36