South Carolina General Assembly
124th Session, 2021-2022

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Indicates Matter Stricken
Indicates New Matter

H. 3462

STATUS INFORMATION

General Bill
Sponsors: Reps. Thigpen and Wooten
Document Path: l:\council\bills\sm\20169sa21.docx
Companion/Similar bill(s): 58, 5137

Introduced in the House on January 12, 2021
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Deferred presentment or deposit of checks, restrictions and requirements

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/16/2020  House   Prefiled
  12/16/2020  House   Referred to Committee on Labor, Commerce and Industry
   1/12/2021  House   Introduced and read first time (House Journal-page 200)
   1/12/2021  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 200)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/16/2020

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

A BILL

TO AMEND SECTION 34-39-180, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RESTRICTIONS AND REQUIREMENTS FOR DEFERRED PRESENTMENT OR DEPOSIT OF CHECKS, SO AS 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 March 15, 2022 at 11:55 AM