Key Votes
H 3301 - Payday Lending Regulations - Key Vote
South Carolina Key Votes
Bruce Bannister voted Yea (Motion Vote) on this legislation.
Read recent statements Bruce Bannister made in this general time period.
Stages
- Feb. 12, 2009 Referred to Committee
- Feb. 12, 2009 House Bill Passed
- Feb. 12, 2009 House Motion Agreed
- Jan. 15, 2009 Introduced
Family
Issues
Stage Details
Legislation - Referred to Committee (Senate) - Feb. 12, 2009
Legislation - Bill Passed (House) - Feb. 12, 2009
Legislation - Motion Agreed (House) (93-16) - Feb. 12, 2009 (Key vote)
Title: Payday Lending Regulations
Vote Smart's Synopsis:
Vote on a motion to advance a bill to third reading that increases regulations on payday lending, including, but not limited to, capping the number of payday loans that individuals may receive at one time and successively, and establishing the right to an extended repayment plan if necessary.
Highlights:
- Increases the maximum amount that may be issued in a payday loan from $300 to $600 (Sec. 4).
- Prohibits lenders from issuing payday loans to individuals with an outstanding payday loan balance, including individuals that have entered into an extended payment plan agreement (Sec. 2).
- Prohibits lenders from issuing payday loans to individuals who have received 10 successive loans until after a period of days equal to 1 of the individual's pay period (Sec. 2).
- Requires lenders to provide customers with the opportunity to enter into an extended repayment plan approved by the Consumer Finance Division of the Board of Financial Institutions without facing additional fees if they are unable to pay the balance on time (Sec. 2).
- Increases the application fee to obtain or renew a license to issue payday loans within the state from $250 to $500, and increases the fee for a license renewal for additional payday lending locations from $50 to $100 (Sec. 6).
- Requires 1/2 of the revenue collected from the application fees listed above to be allocated to the South Carolina Attorney General's Office (Sec. 6).
- Requires the Consumer Finance Division of the Board of Financial Institutions to establish an online database of individuals that have an outstanding loan, including individuals that have entered into an extended payment plan agreement, or have received 10 successive payday loans by February 1, 2010 (Secs. 1).
- Requires lenders to check the online database to determine if an applicant is eligible for a payday loan (Sec. 2)
- Requires the Board of Financial Institutions to annually report to the General Assembly information regarding loans made in South Carolina, specifically the number of (Sec. 7):
- - Loans made in South Carolina by loan amount and the dollar amount of fees collected for each amount;
-Borrowers by loan amount and the number of borrowers by the number of times each narrower took out a loan;
- Borrowers who pay off their loans through an extended payment plan;
- Loans that were not paid off in the previous year by loan amount;
- Loans in which the lender submitted a check for collection by loan amount and the number of loans in which the lender took action for collection; and
- 24-hour periods in which a successive loan is conducted after a prior loan is completed.
Note:
NOTE: THIS IS A SECOND READING VOTE TO CUT OFF DEBATE ON THE BILL AND ADVANCE IT TO THE THIRD READING IN WHICH AN UP-OR-DOWN VOTE FOR PASSAGE WILL OCCUR.
Legislation - Introduced (House) - Jan. 15, 2009
Title: Payday Lending Regulations
Sponsors
- Merita Ann 'Rita' Allison (SC - R)
- Carl Lovetta Anderson (SC - D)
- Michael A. 'Mike' Anthony (SC - D)
- Jimmy C. Bales (SC - D)
- Bruce Wyche Bannister (SC - R)
- Liston Douglas Barfield (SC - R)
- James A. 'Jim' Battle Jr. (SC - D) (Out Of Office)
- Eric Michael Bedingfield (SC - R)
- Kenneth A. 'Kenny' Bingham (SC - R)
- William K. 'Bill' Bowers (SC - D) (Out Of Office)
- Joan B. Brady (SC - R) (Out Of Office)
- Grady Allen Brown (SC - D)
- Herbert Boyd Brown (SC - D) (Out Of Office)
- Harry F. Cato (SC - R) (Out Of Office)
- Richard Chalk Jr. (SC - R) (Out Of Office)
- J. Derham Cole Jr. (SC - R)
- Daniel T. 'Dan' Cooper (SC - R) (Out Of Office)
- Joseph S. 'Joe' Daning (SC - R)
- Jeffrey D. 'Jeff' Duncan (SC - R) (Out Of Office)
- Tracy R. Edge (SC - R)
- Shannon S. Erickson (SC - R)
- P. Michael 'Mike' Forrester (SC - R)
- Michael W. 'Mike' Gambrell (SC - R)
- Wendell G. Gilliard (SC - D)
- Carl L. Gullick (SC - R) (Out Of Office)
- Daniel Paul 'Dan' Hamilton (SC - R)
- Robert W. 'Bobby' Harrell Jr. (SC - R)
- Jackie Elliott 'Coach' Hayes (SC - D)
- William G. 'Bill' Herbkersman (SC - R)
- David R. 'Davey' Hiott (SC - R)
- Jenny Anderson Horne (SC - R)
- Chip Huggins (SC - R)
- Joseph H. 'Joe' Jefferson Jr. (SC - D)
- Keith R. Kelly (SC - R) (Out Of Office)
- Herbert Kirsh (SC - D) (Out Of Office)
- Patsy G. Knight (SC - D)
- Harry Bancroft 'Chip' Limehouse III (SC - R)
- Lanny Franklin Littlejohn (SC - R) (Out Of Office)
- Deborah A. Long (SC - R)
- Phillip Dean Lowe (SC - R)
- James H. 'Jay' Lucas (SC - R)
- James H. 'Jim' Merrill (SC - R)
- Vida O. Miller (SC - D) (Out Of Office)
- Joey Millwood (SC - R) (Out Of Office)
- Harold Mitchell Jr. (SC - D)
- Wendy K. Nanney (SC - R)
- Denny Woodall Neilson (SC - D) (Out Of Office)
- Harry L. Ott Jr. (SC - D)
- Phillip D. 'Phil' Owens (SC - R)
- Steve A. Parker (SC - R) (Out Of Office)
- Lewis Eugene 'Gene' Pinson (SC - R) (Out Of Office)
- Edward H. 'Ted' Pitts Jr. (SC - R) (Out Of Office)
- Michael A. 'Mike' Pitts (SC - R)
- William E. 'Bill' Sandifer III (SC - R)
- Timothy E. 'Tim' Scott (SC - R) (Out Of Office)
- Bakari T. Sellers (SC - D)
- J. Gary Simrill (SC - R)
- B. R. Skelton (SC - R)
- James Roland Smith (SC - R)
- Garry R. Smith (SC - R)
- Donald C. 'Don' Smith (SC - R) (Out Of Office)
- F. Michael 'Mike' Sottile (SC - R)
- Lawrence Kit 'Kit' Spires (SC - R)
- James E. 'Jim' Stewart Jr. (SC - R) (Out Of Office)
- Tommy M. Stringer (SC - R)
- Michael Dwain Thompson (SC - R) (Out Of Office)
- McLain R. 'Mac' Toole (SC - R)
- C. David Umphlett Jr. (SC - R) (Out Of Office)
- Ted Martin Vick (SC - D)
- W. Brian White (SC - R)
- William R. 'Bill' Whitmire (SC - R)
- Mark N. Willis (SC - R)
- William T. 'Bill' Wylie (SC - R) (Out Of Office)
- Thomas R. 'Tom' Young Jr. (SC - R) (Out Of Office)
- Annette D. Young (SC - R) (Out Of Office)
