South Carolina Senate Bill 15 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on January 13 2009 - 25% progression, died in committee
Action: 2009-01-13 - Referred to Committee on Banking and Insurance SJ-78
Pending: Senate Banking and Insurance Committee

A BILL TO AMEND CHAPTER 39 OF TITLE 34 OF THE 1976 CODE, RELATING TO DEFERRED PRESENTMENT SERVICES, BY ADDING SECTION 34-39-175 TO PROVIDE THAT THE CONSUMER FINANCE DIVISION OF THE BOARD OF FINANCIAL INSTITUTIONS MUST IMPLEMENT A DEFERRED PRESENTMENT LOAN TRACKING DATABASE AND TO PROVIDE FOR INFORMATION REQUIRED IN THE DATABASE; TO ADD SECTION 34-39-270 TO LIMIT CONSUMERS TO ONE DEFERRED PRESENTMENT LOAN AT A TIME, TO PROVIDE FOR A SEVEN DAY WAITING PERIOD BETWEEN LOANS, TO REQUIRE DEFERRED PRESENTMENT PROVIDERS TO VERIFY A CONSUMERS ELIGIBILITY FOR A LOAN PRIOR TO ENTERING A DEFERRED PRESENTMENT TRANSACTION, TO PROVIDE FOR THE PROCESS TO DETERMINE ELIGIBILITY; TO ADD SECTION 34-39-280 TO PROVIDE THAT UNDER CERTAIN CIRCUMSTANCES A CONSUMER MAY UTILIZE A PAYMENT PLAN TO SATISFY AN OUTSTANDING LOAN, TO PROVIDE FOR THE CIRCUMSTANCES UNDER WHICH A PAYMENT PLAN MAY BE USED, AND THE REQUIREMENTS FOR A PAYMENT PLAN; TO ADD SECTION 34-39-290 TO PROVIDE THAT THE BOARD MUST MAKE ANNUAL REPORTS AND TO PROVIDE FOR THE CONTENTS OF THOSE REPORTS; TO AMEND SECTION 34-39-130 TO PROVIDE FOR THE APPLICABILITY OF CHAPTER 39 OF TITLE 34; TO AMEND SECTION 34-39-150 TO PROVIDE THAT THE APPLICATION FEE FOR NEW LICENSES AND LICENSE RENEWAL FEES ARE INCREASED FROM TWO HUNDRED FIFTY DOLLARS TO FIVE HUNDRED DOLLARS; TO AMEND SECTION 34-39-180 TO PROVIDE FOR A MAXIMUM LOAN AMOUNT BASED UPON THE CONSUMER'S GROSS INCOME OR FIVE HUNDRED DOLLARS, TO PROVIDE FOR CONSUMER WARNING STATEMENTS, TO PROVIDE THAT DEFERRED PRESENTMENT PROVIDERS MAY NOT ENTER INTO A LOAN WITH A CONSUMER SATISFYING ANOTHER LOAN PURSUANT TO AN EXTENDED PAYMENT PLAN, AND TO PROVIDE THAT THE BOARD MUST DEVELOP A FORM TO BE USED BY DEFERRED PRESENTMENT PROVIDERS TO CALCULATE THE MAXIMUM AMOUNT THAT MAY BE LENT TO A CONSUMER; TO AMEND SECTION 34-39-200 TO PROVIDE ADDITIONAL LIMITATIONS ON THE ACTIVITIES OF LICENSED DEFERRED PRESENTMENT PROVIDERS; TO AMEND CHAPTER 39 OF TITLE 34 BY ADDING SECTION 39-34-205 TO PLACE ON-PREMISES ADVERTISING LIMITATIONS; AND TO AMEND SECTION 34-39-170 TO PROVIDE THAT CONSUMERS AND DEFERRED PRESENTMENT PROVIDERS MAY NOT ENTER INTO AGREEMENTS THAT ALLOW FOR AUTOMATIC DEBITED LOAN PAYMENTS.

Relating To Deferred Presentment Services, By Adding Section 34-39-175 To Provide That The Consumer Finance Division Of The Board Of Financial Institutions Must Implement A Deferred Presentment Loan Tracking Database And To Provide For Information Required In The Database; To Add Section 34-39-270 To Limit Consumers To One Deferred Presentment Loan At A Time, To Provide For A Seven Day Waiting Period Between Loans, To Require Deferred Presentment Providers To Verify A Consumers Eligibility For A Loan Prior To Entering A Deferred Presentment Transaction, To Provide For The Process To Determine Eligibility; To Add Section 34-39-280 To Provide That Under Certain Circumstances A Consumer May Utilize A Payment Plan To Satisfy An Outstanding Loan, To Provide For The Circumstances Under Which A Payment Plan May Be Used, And The Requirements For A Payment Plan; To Add Section 34-39-290 To Provide That The Board Must Make Annual Reports And To Provide For The Contents Of Those Reports; To Amend Section 34-39-130 To Provide For The Applicability Of Chapter 39 Of Title 34; To Amend Section 34-39-150 To Provide That The Application Fee For New Licenses And License Renewal Fees Are Increased From Two Hundred Fifty Dollars To Five Hundred Dollars; To Amend Section 34-39-180 To Provide For A Maximum Loan Amount Based Upon The Consumer's Gross Income Or Five Hundred Dollars, To Provide For Consumer Warning Statements, To Provide That Deferred Presentment Providers May Not Enter Into A Loan With A Consumer Satisfying Another Loan Pursuant To An Extended Payment Plan, And To Provide That The Board Must Develop A Form To Be Used By Deferred Presentment Providers To Calculate The Maximum Amount That May Be Lent To A Consumer; To Amend Section 34-39-200 To Provide Additional Limitations On The Activities Of Licensed Deferred Presentment Providers; To Amend Chapter 39 Of Title 34 By Adding Section 39-34-205 To Place On-premises Advertising Limitations; And To Amend Section 34-39-170 To Provide That Consumers And Deferred Presentment Providers May Not Enter Into Agreements That Allow For Automatic Debited Loan Payments.

Sen. Dick Elliott [D]

Sen. Joel Lourie [D]

Sen. Shane Massey [R]

Date	Chamber	Action
2009-01-13		Referred to Committee on Banking and Insurance SJ-78
2009-01-13		Introduced and read first time SJ-78
2008-12-10		Referred to Committee on Banking and Insurance
2008-12-10		Prefiled

S0047 (Similar To) 2009-01-13 - Referred to Committee on Banking and Insurance SJ-94
S0087 (Similar To) 2009-01-13 - Referred to Committee on Banking and Insurance SJ-110
S0113 (Similar To) 2009-01-13 - Referred to Committee on Banking and Insurance SJ-122
H3159 (Similar To) 2009-01-13 - Referred to Committee on Labor, Commerce and Industry HJ-73

Chapter	Article	Section	Citation Type	Statute Text
34	39	130	(n/a)	See Bill Text
34	39	150	(n/a)	See Bill Text
34	39	170	(n/a)	See Bill Text
34	39	175	(n/a)	See Bill Text
34	39	180	(n/a)	See Bill Text
34	39	200	(n/a)	See Bill Text
34	39	270	(n/a)	See Bill Text
34	39	280	(n/a)	See Bill Text
34	39	290	(n/a)	See Bill Text
39	34	205	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/cgi-bin/web_bh10.exe?bill1=0015&session=118