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.