South Carolina General Assembly
121st Session, 2015-2016

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S. 217

STATUS INFORMATION

General Bill
Sponsors: Senator Malloy
Document Path: l:\s-res\gm\001payd.ls.gm.docx

Introduced in the Senate on January 13, 2015
Currently residing in the Senate Committee on Banking and Insurance

Summary: Deferred presentment transaction

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/10/2014  Senate  Prefiled
  12/10/2014  Senate  Referred to Committee on Banking and Insurance
   1/13/2015  Senate  Introduced and read first time (Senate Journal-page 137)
   1/13/2015  Senate  Referred to Committee on Banking and Insurance 
                        (Senate Journal-page 137)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/10/2014

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 34-39-180(E) OF THE 1976 CODE, RELATING TO RESTRICTIONS AND REQUIREMENTS FOR DEFERRED PRESENTMENT OR DEPOSIT OF CHECKS, TO PROVIDE THAT THE EFFECTIVE ANNUAL PERCENTAGE RATE CHARGED ON A DEFERRED PRESENTMENT TRANSACTION CANNOT EXCEED THIRTY-SIX PERCENT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 34-39-180(E) of the 1976 Code is amended to read:

"(E)    A licensee shall not charge, directly or indirectly, a fee or other consideration in excess of fifteen percent of the principal amount of the transaction for accepting a check for deferred presentment or deposit, provided that the effective annual percentage rate (APR) is not in excess of thirty-six percent. The fee or other consideration authorized by this subsection may be imposed only once for each written agreement. Records must be kept by each licensee with sufficient detail to ensure that the fee or other consideration authorized by this subsection may be imposed only once for each written agreement."

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on January 20, 2015 at 9:46 AM