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TO AMEND SECTION 34-39-180, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RESTRICTIONS AND REQUIREMENTS FOR DEFERRED PRESENTMENT OR DEPOSIT OF CHECK, SO AS TO PROVIDE A CHECK ACCEPTED FOR DEFERRED PRESENTMENT OR DEPOSIT PURSUANT TO THIS CHAPTER MAY NOT BE REPAID BY MEANS OF ELECTRONIC TRANSFER OF FUNDS FROM AN ACCOUNT OF THE CUSTOMER.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-39-180(F) of the 1976 Code, as added by Act 433 of 1998, is amended to read:
"(F)(1) A check accepted for deferred presentment or deposit pursuant to this chapter may not be repaid from the proceeds of another check accepted for deferred presentment or deposit by the same licensee or an affiliate of the licensee. A licensee shall not renew or otherwise extend presentment of a check or withhold the check from deposit, for old or new consideration, for a period beyond the time set forth in the written agreement with the customer.
(2) A check accepted for deferred presentment or deposit pursuant to this chapter may not be repaid by means of electronic transfer of funds from an account of the customer."
SECTION 2. This act takes effect upon approval by the Governor.
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