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Current Status Bill Number:View additional legislative information at the LPITS web site.4940 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20000413 Primary Sponsor:Clyburn All Sponsors:Clyburn Drafted Document Number:l:\council\bills\dka\3845mm00.doc Residing Body:House Current Committee:Labor, Commerce and Industry Committee 26 HLCI Subject:Consumer Affairs Commission, predatory lending practices, check cashing, deferred presentment; Banks and Savings History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20000413 Introduced, read first time, 26 HLCI referred to Committee Versions of This Bill
TO AMEND SECTION 37-6-506, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWERS AND DUTIES OF THE COMMISSION ON CONSUMER AFFAIRS, SO AS TO PROVIDE THAT THE COMMISSION SPECIFICALLY DEVELOP A POLICY, AND ESTABLISH RULES AND REGULATIONS FOR ENFORCEMENT OF THAT POLICY, DESIGNED TO PROTECT CONSUMERS IN THIS STATE FROM PREDATORY LENDING PRACTICES OF ANY KIND, INCLUDING CHECK CASHING AND DEFERRED PRESENTMENT PRACTICES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 37-6-506 of the 1976 Code is amended by adding an appropriately numbered item at the end:
"( ) The commission, through the administrator, shall develop a policy, and shall establish rules and regulations for enforcement of that policy, designed to protect consumers in this State from predatory lending practices of any kind, including check cashing and deferred presentment practices."
SECTION 2. This act takes effect upon approval by the Governor.
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