Unfair Trade Practice - Consumer Loans
This bill did not become law and its session has ended, so it can no longer move. It would have to be reintroduced.
- Stage
- Session ended
- Started in
- Senate
- Sponsors
- 3
- Latest action
- Feb 9, 2023
What it does
A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 39-5-910 SO AS TO PROVIDE THAT IT IS AN UNFAIR TRADE PRACTICE FOR DEFERRED PRESENTMENT LENDERS, CONSUMER LENDERS, SUPERVISED LENDERS, SUPERVISED FINANCIAL ORGANIZATIONS, AND CONSUMER FINANCE COMPANIES TO CHARGE FEES OR INTEREST RATES THAT EXCEED THIRTY-SIX PERCENT ANNUAL PERCENTAGE RATE; BY ADDING SECTION 39-5-920 SO AS TO PROVIDE THAT THE AMOUNT OF THE CONSUMER'S RECOVERY IN AN ACTION PURSUANT TO THIS ARTICLE IS NOT CONTROLLING REGARDING AN AWARD OF ATTORNEY'S FEES; BY ADDING SECTION 39-5-930 SO AS TO PROVIDE THAT A LENDER CANNOT USE CERTAIN CORPORATE STRUCTURES TO CIRCUMVENT THE PROVISIONS CONTAINED IN THIS ARTICLE.
Where it stands
This bill did not become law and its session has ended, so it can no longer move. It would have to be reintroduced.
Introduced (Done)
Committee (Current step)
Floor (Needs attention)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
Reporting that may mention this subject. Possible matches are labeled.
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Where it goes next
While a bill can still move, the questions are about people and money in South Carolina.