Payday Lending Consumer Protections
The Senate Banking & Insurance Subcommittee held a lengthy hearing on payday lending last Wednesday. They will meet again at 9 AM in Room 105 of the Gressette Building on Thursday, March 12, to take action on the legislation.
Calls to the subcommittee from their constituents are requested. Please contact your Senator today (specifics about the Bill and contact information below). You may also join us at the Subcommittee meeting. Forward this information to people in your congregation and community. Contacts need to be made before the committee meets tomorrow morning.
Stronger regulation is needed. The SCCAC and its partner* consumer advocates ask Senators to strengthen House Bill 3301 by amending it with the following consumer protections:
- Tie the allowable size of a loan to the borrower's income by limiting the loan to no more than 25% of the borrower's income during the term of the loan capping the loan at 25%. H. 3301 doubles the allowable loan to $600. No other state in the Southeast allows that large a loan and four states ban payday lending outright.
- Add language defining an extended payment plan to be used when the borrower is unable to pay. After three contracts a consumer should be placed into an extended payment plan and no additional loans allowed until payment has been made in full.
- Prohibit electronic debiting of accounts.
- Establish a minimum cooling off period of at least seven days.
Subcommittee members are:
Senator Wes Hayes
District 15 - York County Contact Address:
(H) 1486 Cureton Dr., Rock Hill, 29732 Bus. (803) 324-2400 Home (803) 328-8532 (C) 205 Gressette Bldg., Columbia, 29201 Bus. (803) 212-6410 E-Mail Address: [email protected]
Senator Glenn McConnell
District 41 - Charleston County Contact Address: (H) 27 Bainbridge Dr., Charleston, 29407 Bus. (843) 747-7554 Home (843) 571-3921 (C) 101 Gressette Bldg., Columbia, 29201 Bus. (803) 212-6610 E-Mail Address: [email protected]
Senator Billy O'Dell District 4 - Abbeville, Anderson & Greenwood Counties Contact Address: (H) P.O. Box 540, Ware Shoals, 29692 Bus. (864) 861-2222 Home (864) 943-0905 (C) 610 Gressette Bldg., Columbia 29201 Bus. (803) 212-6040 Home (803) 252-0845 E-Mail Address: [email protected]
Senator Thomas C. Alexander District 1 - Oconee & Pickens Counties Contact Address: (H) 150 Cleveland Dr., Walhalla, 29691 Bus. (864) 638-2988 Home (864) 638-2153 (C) 402 Gressette Bldg., Columbia, 29201 Bus. (803) 212-6220 Home (803) 252-0845 E-Mail Address: [email protected]
Senator Robert Ford District 42 - Charleston Counties Contact Address: (H) P.O. Box 21302, Charleston, 29413 Bus. (843) 813-1777 Home (843) 852-0777 (C) 506 Gressette Bldg., Columbia, 29201 Bus. (803) 212-6124 Home (803) 798-9220 E-Mail Address: [email protected]
Senator John W. Matthews, Jr. District 39 - Bamberg, Colleton, Dorchester, Hampton & Orangeburg Counties Contact Address: (H) P.O. Box 142, Columbia, 29202 Home (803) 829-2383 (C) 613 Gressette Bldg., Columbia, 29201 Bus. (803) 212-6056 E-Mail Address: [email protected]
Senator Gerald Malloy District 29 - Chesterfield, Darlington, Lee & Marlboro Counties Contact Address: (H) 1216 Salem Rd., Hartsville, 29550 Bus. (843) 339-3000 Home (843) 332-5533 (C) 512 Gressette Bldg., Columbia, 29201 Bus. (803) 212-6148 E-Mail Address: [email protected]
Senators Hayes, Ford, Matthews, and Malloy have been strong supporters of serious regulation.
* Organizations advocating for strong PayDay Lending consumer protections alongside the SCCAC: SC Fair Share, SC Appleseed Legal Justice Center, the SC United Methodist Advocate, and the SC Baptist Convention. |