South Carolina Senate Bill 518

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-02-09 - Referred to Committee on Labor, Commerce and Industry
Pending: Senate Labor, Commerce and Industry Committee
Text: Latest bill text (Introduced) [HTML]

Amend The South Carolina Code Of Laws By Adding Section 39-5-910 So As To Provide That It Is An Unfair Trade Practice For Deferred Presentment Lenders, Consumer Lenders, Supervised Lenders, Supervised Financial Organizations, And Consumer Finance Companies To Charge Fees Or Interest Rates That Exceed Thirty-six Percent Annual Percentage Rate; By Adding Section 39-5-920 So As To Provide That The Amount Of The Consumer's Recovery In An Action Pursuant To This Article Is Not Controlling Regarding An Award Of Attorney's Fees; By Adding Section 39-5-930 So As To Provide That A Lender Cannot Use Certain Corporate Structures To Circumvent The Provisions Contained In This Article.

Unfair Trade Practice - Consumer Loans

Sen. Katrina Shealy [R]

Sen. Bradley Hutto [D]

Sen. Kevin Johnson [D]

Date	Chamber	Action
2023-02-09	Senate	Referred to Committee on Labor, Commerce and Industry
2023-02-09	Senate	Introduced and read first time

Chapter	Article	Section	Citation Type	Statute Text
39	5	910	(n/a)	See Bill Text
39	5	920	(n/a)	See Bill Text
39	5	930	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=0518&session=125&summary=B
Text	https://www.scstatehouse.gov/sess125_2023-2024/prever/518_20230209.htm
Supplement	https://www.scstatehouse.gov/sess125_2023-2024/fiscalimpactstatements/S0518%202023-02-09%20introduced.pdf