S.C. Senate debates payday lending limits
By The Associated Press Friday, February 15, 2008COLUMBIA - The Senate is talking about implementing strict limits on the payday lending industry.
Senator Wes Hayes of Rock Hill is arguing on the Senate floor Thursday that the industry should have to use a database that would prevent loans for people who already have an outstanding loan.
It would also limit the loan amount to no more than $500 or 20 percent of the person’s weekly income, whichever is less.
Hayes says that’s not a ban on the industry. But he says if payday lenders don’t follow those rules he’ll be back arguing for a ban.
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