Payday Loan Law - South Carolina Payday Loan State Data Base
South Carolina has turned down an appeal protesting its previous decision to award a contract to Veritec Solutions for the establishment of an online database system for tracking payday loans applied for by residents of South Carolina.
Payday Loan Industry South Carolina Laws
Associate Press reports that the bill was approved by the South Carolina House with a 93-16 vote. Consumers will benefit in that the bill allows them to have one loan at a time for up to $600. In addition, an online database (provided by Veritec) that will be operational by February 1, 2010 will record when loans are made. Payday loan lenders will be required to check this database each time a consumer applies for a loan. Customers who are approved will also have the option of an extended payment plan if they are unable to pay within the standard two week’s time.
