S0488: Unfair Trade Lending Practices

Legislative Summary

Amend The South Carolina Code Of Laws By Adding Section 39-5-30 So As To Make It Unlawful For Any Person Providing A Consumer Installment Loan Or Deferred Presentment Loan To Engage In Predatory Consumer Loan Practices; And By Adding Section 37-3-516 So As To Create A Database Through The Consumer Finance Division Of The Board Of Financial Institutions To Collect Data And To Prevent A Person From Having A Supervised Or Restricted Loan Transaction That Exceeds The Limits For Refinancing Loans.