Payday bill in South Carolina stalls

It’s the never ending drama in South Carolina. What appears to be a payday loan industry supported bill in South Carolina is stalling. The house of representatives passed a bill that would cap loan amounts at $300 and create a two-day cooling off period between loans.

I guess the two-day waiting period is not enough for some legislators.

Jamie Fulmer of Advance America says, “We think specific and direct reforms that protect the consumer’s ability to access payday advance products while affording addition protections for the small number of consumers who don’t use the product as intended is a good thing.”

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