South Carolina Senate Bill 59 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 12 2021 - 25% progression, died in committee
Action: 2021-01-12 - Referred to Committee on Banking and Insurance
Pending: Senate Banking and Insurance Committee
Text: Latest bill text (Introduced) [HTML]

Amend Section 37-3-501(1) Of The 1976 Code, Relating To Supervised Loans, To Provide That Short-term Vehicle Secured Loans Are Not Supervised Loans; To Amend Article 1, Chapter 5, Title 39 Of The 1976 Code, Relating To Unfair Trade Practices, By Adding Section 39-5-45, To Provide That It Is An Unfair Trade Practice For Supervised Lenders To Provide Short-term Vehicle Secured Loans; To Amend Second 37-3-413 Of The 1976 Code, Relating To Short-term Vehicle Secured Loans, To Cap The Loan Interest Rate For Specific Loan Amounts; To Amend Chapter 3, Title 37 Of The 1976 Code, Relating To Loans, By Adding Sections 37-3-414 And 37-3-415, To Provide For A Database To Prevent A Person From Having A Short-term Vehicle Secured Loan That Exceeds A Certain Limit And To Track Loan Transactions In General, And To Provide That All Short-term Vehicle Secured Loans May Only Be Made By A Licensee; And To Define Necessary Terms.

Supervised loans

Sen. Gerald Malloy [D]

Date	Chamber	Action
2021-01-12	Senate	Referred to Committee on Banking and Insurance
2021-01-12	Senate	Introduced and read first time
2020-12-09	Senate	Referred to Committee on Banking and Insurance
2020-12-09	Senate	Prefiled

Chapter	Article	Section	Citation Type	Statute Text
37	3	413	(n/a)	See Bill Text
37	3	414	(n/a)	See Bill Text
37	3	415	(n/a)	See Bill Text
37	3	501	(n/a)	See Bill Text
39	5	45	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=0059&session=124&summary=B
Text	https://www.scstatehouse.gov/sess124_2021-2022/prever/59_20201209.htm