South Carolina House Bill 3056 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 13 2009 - 25% progression, died in committee
Action: 2009-01-13 - Referred to Committee on Labor, Commerce and Industry HJ-36
Pending: House Labor, Commerce and Industry Committee

A BILL TO AMEND SECTION 34-29-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CHARGES PERMITTED AND OTHER PROVISIONS ALLOWED IN CONSUMER FINANCE TRANSACTIONS, SO AS TO EXCLUDE "PAYDAY LOANS", KNOWN AS DEFERRED PRESENTMENT TRANSACTIONS; TO AMEND SECTION 34-39-140, RELATING TO APPLICATION OF THE PROVISIONS REQUIRING LICENSING OF A PERSON ENGAGED IN THE BUSINESS OF DEFERRED PRESENTMENT TRANSACTIONS, SO AS TO MAKE THE PROVISIONS APPLICABLE TO A PERSON ACTUALLY ENGAGED IN THAT BUSINESS WHILE PURPORTING TO ACT AS AN ENTITY THAT WOULD NOT BE REQUIRED OTHERWISE TO BE LICENSED; TO AMEND SECTION 34-39-180, RELATING TO RESTRICTIONS AND REQUIREMENTS FOR DEFERRED PRESENTMENT, SO AS TO LIMIT THE NUMBER AND THE AMOUNT OF A TRANSACTION FOR EACH CUSTOMER AND TO CAP THE ANNUAL INTEREST RATE CHARGEABLE IN A DEFERRED PRESENTMENT TRANSACTION TO THIRTY-SIX PERCENT; TO AMEND SECTION 34-39-200, RELATING TO LIMITATIONS ON LICENSES, SO AS TO RESTATE THE LIMIT OF ONE CONTRACT WITH A CUSTOMER AT A TIME; TO AMEND SECTION 37-3-201, RELATING TO THE ALLOWABLE LOAN FINANCE CHARGE FOR CONSUMER LOANS, AND SECTION 37-3-305, AS AMENDED, RELATING TO THE POSTING OF A MAXIMUM RATE SCHEDULE FOR CONSUMER LOANS, BOTH SO AS TO EXCLUDE THEIR APPLICABILITY TO A DEFERRED PRESENTMENT TRANSACTION.

Exclude Their Applicability To A Deferred Presentment Transaction.

Rep. Anton Gunn [D]

Rep. Christopher Hart [D]

Date	Chamber	Action
2009-01-13		Referred to Committee on Labor, Commerce and Industry HJ-36
2009-01-13		Introduced and read first time HJ-36
2008-12-09		Referred to Committee on Labor, Commerce and Industry
2008-12-09		Prefiled

Chapter	Article	Section	Citation Type	Statute Text
34	29	140	(n/a)	See Bill Text
34	39	140	(n/a)	See Bill Text
34	39	180	(n/a)	See Bill Text
34	39	200	(n/a)	See Bill Text
37	3	201	(n/a)	See Bill Text
37	3	305	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/cgi-bin/web_bh10.exe?bill1=3056&session=118