South Carolina passes new payday law

The Governor’s veto was over-turned. As a matter of fact, all ten of his vetoes were over turned.

Bill 3301: Regulates payday lending by limiting loans per customer and establishing a cooling off period between loans. House voted 105-4, Senate 39-3.

It also limits each borrower to one loan, while increasing the max loan amount to $550.

So the next big question is, who gets to give the customer his or her one loan? I hope you have a good location.

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