South Carolina bill S0488 aims to prevent predatory consumer loan practices by establishing a database to track loan transactions and limiting.
South Carolina bill S0488 seeks to combat predatory consumer loan practices by creating a database managed by the Consumer Finance Division of the Board of Financial Institutions. This database will collect data on loan transactions to prevent excessive refinancing. The bill also mandates an analysis of borrowers' ability to repay loans and restricts certain loan practices, such as making a loan within 30 days of the original loan or renewing a loan more than three times within 180 days.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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