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AM 4 to S 398 - Prohibiting Payday Lending Amendment - South Carolina Key Vote

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Title: Prohibiting Payday Lending Amendment

Vote Smart's Synopsis:

Vote to table an amendment that prohibits payday lending and establishes penalties.

Highlights:

- Finds that anyone who violates this provision is guilty of a misdemeanor punishable by fines ranging from $1000 to $5000 and imprisonment for no more than three years [sec. 1 (16-17-340)]. - Enables the State to recover a civil penalty equal to three times the amount of any interest or charges gained from the payday loan. [sec. 1 (16-17-350)]. - Taxes violators at a rate of 75 percent times the amount of the proceeds earned from all payday loans [sec. 1 (16-17-360)]. - Prohibits any person who provides payday loans from obtaining a license to operate a legal business [sec 1 (16-17-380)].

NOTE: A LEGISLATOR MAY MOVE TO TABLE ANY PENDING LEGISLATION, THUS HALTING FURTHER CONSIDERATION. A "YEA" VOTE IS IN SUPPORT OF HALTING FURTHER CONSIDERATION, AND A "NAY" VOTE IS IN SUPPORT OF FURTHER CONSIDERATION. TABLING MOTIONS ARE OFTEN USED TO KILL LEGISLATION.

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