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Lately, South Carolina Gov. Mark Sanford vetoed H.3790, a pay day loan bill that would have stretched the payment period from two weeks to four months (without changing the fees charged). Furthermore, H.3790 would have eliminated short term loan in South Carolina and outlawed the common practice of a customer presenting a lender with a post-dated check. The South Carolina House disagreed with Sanford's move; they overturned his veto. H.3790 would have also addressed inequity in South Carolina's mortgage industry regarding licensing fees.

Resource for this article: South Carolina House overturns veto of pay day bill

Why Mark Sanford said no to payday loan-crippling H.3790

Gov. Sanford explained to the state legislature that his pay day loans bill veto was warranted because

 

"Although this type of regulation is intended to protect the public, these kinds of laws ultimately decrease the number and type of available financing options and make it harder for new lenders to enter the market. In other words, consumers have fewer choices and the available options become more expensive. … Some people will benefit from payday–style loans and some will not, and we continue to believe that individual consumers are better equipped than a government bureaucracy to know whether a short-term loan is a wise decision in any given circumstance."

 

We the individuals know what's best for us

It is common knowledge that state legislators are less likely to need a payday loans no faxing or similar loans with no credit check – unsecured loans or otherwise – than the average credit-constrained consumer, so it is logical that consumers should be allowed to choose for themselves. Governor Sanford clearly sees the matter in those terms, even if his state's legislature does not. Currently, the personal loans regulation in South Carolina limits borrowers to $550 at a time, and they can only have a single active loan|As of now, pay day loans law in South Carolina allows borrowers one loan at a time, up to $550|At this moment, South Carolina allows payday loan borrowers up to $550 at a time, and only one loan {can be active}. This activity is tracked in an electronic database.

Another bill, an additional overturned veto

Another overturned veto ventures into territory of Mark Sanford's alleged history of impropriety with South Carolina taxpayer funds. S.C. Politics Today reports the House cancelled out one more Sanford veto that would have "allowed data to be made public in a state ethics investigation of the governor when it indicates possible cause that a violation may have occurred". The vote against Sanford's veto of the governor investigation bill was a landslide, 102-2 in favor of overturning his veto. Gov. Sanford has said he vetoed it within the first place because he believed it should reference all state lawmakers, not just the governor.

Read more on this topic here

thestatecom.typepad.com/ygatoday/2010/06/house-overrides-sanford-on-payday-lending-ethics.html

docs.google.com/viewer?url=http://www.scgovernor.com/NR/rdonlyres/A0AB7D58-484C-49EC-9DD7-856ED2D5D7C3/35671/H3790MortgageLoanOriginator.pdf

Tags: loans with no credit check, payday lending, payday loan, unsecured loans