Bill 3751

                    Current Status

Introducing Body:               House
Bill Number:                    3751
Primary Sponsor:                Cromer
Committee Number:               26
Type of Legislation:            GB
Subject:                        Credit cards, provisions
Residing Body:                  House
Current Committee:              Labor, Commerce and Industry
Date Tabled:                    Jan 28, 1992
Computer Document Number:       BBM/9287.JM
Introduced Date:                Mar 28, 1991
Last History Body:              House
Last History Date:              Jan 28, 1992
Last History Type:              Tabled in Committee
Scope of Legislation:           Statewide
All 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.
                                Alexander
Type 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 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.