Current Status Introducing Body:
HouseBill Number: 3751Primary Sponsor: CromerCommittee Number: 26Type of Legislation: GBSubject: Credit cards, provisionsResiding Body: HouseCurrent Committee: Labor, Commerce and IndustryDate Tabled: Jan 28, 1992Computer Document Number: BBM/9287.JMIntroduced Date: Mar 28, 1991Last History Body: HouseLast History Date: Jan 28, 1992Last History Type: Tabled in CommitteeScope of Legislation: StatewideAll Sponsors: Cromer Quinn Rogers Holt Meacham Keegan D. Williams Sharpe G. Bailey Waites D. Elliott Rudnick Kirsh Harwell Whipper Wright L. Martin Jaskwhich Cole J. Brown Glover Scott Klapman Snow Burriss McLeod Harvin Neilson Kempe Beatty Farr Barber Phillips M.O. AlexanderType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 3751 House Jan 28, 1992 Tabled in Committee 26 3751 House Mar 28, 1991 Introduced, read first time, 26 referred to CommitteeView additional legislative information at the LPITS web site.
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.