H 3751 Session 109 (1991-1992)
H 3751 General Bill, By J.L.M. Cromer, M.O. Alexander, Bailey, R.A. Barber,
D.W. Beatty, J. Brown, T.M. Burriss, J.D. Cole, Elliott, T.L. Farr, Glover,
Harvin, B.H. Harwell, D.N. Holt, M.F. Jaskwhich, Keegan, K.G. Kempe, Kirsh,
J.R. Klapman, Martin, M. McLeod, Neilson, Phillips, Quinn, Meacham, T.F. Rogers,
I.K. Rudnick, Scott, Sharpe, J.J. Snow, C.Y. Waites, L.S. Whipper, D. Williams and
D.A. Wright
A Bill to require financial institutions, corporations, and companies which,
in advertising a credit card or charge card, principally solicit business from
persons who are eighteen to twenty-two years of age to provide at the same
time to those persons certain information, including, but not limited to, the
interest rate involved and the financial and legal consequences of misusing
credit cards and charge cards, and to provide for the promulgation of
regulations.
03/28/91 House Introduced and read first time HJ-43
03/28/91 House Referred to Committee on Labor, Commerce and
Industry HJ-43
01/28/92 House Tabled in committee
A BILL
TO REQUIRE FINANCIAL INSTITUTIONS, CORPORATIONS,
AND COMPANIES WHICH, IN ADVERTISING A CREDIT CARD
OR CHARGE CARD, PRINCIPALLY SOLICIT BUSINESS FROM
PERSONS WHO ARE EIGHTEEN TO TWENTY-TWO YEARS OF
AGE TO PROVIDE AT THE SAME TIME TO THOSE PERSONS
CERTAIN INFORMATION, INCLUDING, BUT NOT LIMITED TO,
THE INTEREST RATE INVOLVED AND THE FINANCIAL AND
LEGAL CONSEQUENCES OF MISUSING CREDIT CARDS AND
CHARGE CARDS, AND TO PROVIDE FOR THE PROMULGATION
OF REGULATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Any financial institution, corporation, or company
which, in advertising a credit card or charge card, principally solicits
business from persons in the age group of eighteen to twenty-two years,
inclusive, must also provide at the same time to those persons
information concerning the interest rate involved, the responsible use of
credit cards and charge cards, and the financial and legal consequences
of misusing credit cards and charge cards, including, but not limited to,
becoming overextended in the use of such cards.
The Department of Consumer Affairs shall promulgate regulations
for the enforcement of the provisions of this section.
SECTION 2. This act takes effect upon approval by the Governor.
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