South Carolina Cash Advance Laws & Regulations
South Carolina legislators passed payday loan reform that went into effect at the start of January 2010. These reforms raised the amount a resident could borrow to $550 and also created a statewide database. This database is mandatory for all lenders and tracks the amount of loans borrowers have taken out in the state, so as to ensure no borrower takes out more than $550 in total payday loans. Below are the new state regulations that have gone into effect.
Here are some specific South Carolina regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
32 days - Maximum Finance Charges and Fees
15% per $100, plus additional finance charges and origination fees - Maximum Loan Amount
$550 - Number of Rollovers
None - Outstanding Loans Allowed at Once
One - Cool-Off Period
N/A
- Payment Plan
Mandatory payment plans for individuals who cannot afford to repay their loan; lenders must factor in borrower's ability to repay - Collection Fees
$10 NSF fee - Presentment Limit
One - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
As of January 2012, no further legislative mandates governing the cash advance industry in South Carolina have been passed.
References:
South Carolina Statute 34-39-110 et seq.
South Carolina State Board of Financial Institutions
1205 Pendleton Street, Suite 305
Columbia, SC 29201
Phone: 803-734-2001
Fax: 803-734-2013
Web: http://www.banking.sc.gov
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More Information about South Carolina
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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