Senate agrees to payday lending restrictions
The Senate has agreed to tougher restrictions on payday loans.
The bill requires lenders to check a borrower database and places a $500 limit on loans. It also bans multiple loans in a seven-day period.
Spartanburg Senator John Hawkins spent more than an hour Tuesday calling for a ban, saying the state can never contain the industry.
Fountain Inn Senator David Thomas says payday lenders provide a needed service.
Spartanburg-based Advance America Cash Centers spokesman Jamie Fulmer says the industry is willing to work for more protection for consumers. The company wants to avoid bans now in place in North Carolina and Georgia.
The bill also would double the licensing fees for payday lenders.
The Senate has to vote on the bill one more time before it goes to the House.
Associated Press
WIStv
2/21/2008