30
Sep

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.

The South Carolina chief procurement officer for the Information Technology Management Office, Mike Spicer, denied the protest by the Prism Group and the Tom Sawyer Group. The companies have 10 days to file an appeal.

The two South Carolina companies protested the award to Veritec claiming the award was arbitrary, erroneous, and in violation of state law, along with allegations the award made was not the best for the state of South Carolina.

Veritec already maintains several other payday loan state data bases. They proposed a fee based system that may collect up to $15 million over five years. The Prism Group and Tom Sawyer Company proposed a system that could collect $8 million over the same period.

The payday loan data base system is required under new South Carolina payday lending rules passed earlier this year.

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Comments ( 2 )
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