South Carolina Payday Loans Work For Short Term Cash Needs
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A licensee may defer the presentment or deposit of a check for up to thirty-one days pursuant to the provisions of this section, also the total amount advanced by a licensee to any customer at one time for a payday loan may not exceed five hundred fifty dollars, A licensee may not advance to a customer an amount for a payday loan which causes this limit to be exceeded by the customer. Each check must be documented by a written agreement signed by both the customer and the licensee. The written agreement must contain the name or trade name of the licensee, the transaction date, the amount of the check, and a statement of the total amount of fees charged, expressed both as a dollar amount and as an effective annual percentage rate (APR). The written agreement must authorize expressly the licensee to defer presentment or deposit of the check until a specific date, not later than thirty-one days from the date the check is accepted by the licensee.
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In an effort to better monitor the behavior of the South Carolina Payday Loans community the state has established that a database be put in place to better accomplish this task, for the wellbeing of the citizens of the state. In order to prevent a person from having a payday loan transaction that exceeds the limit in Section 34-39-180(B) and Section 34-39-270(A), the Consumer Finance Division of the Board of Financial Institutions shall implement a common database with real-time access through an internet connection for payday loan providers, as provided in this subsection. The board shall enter into a contract with a single source private vendor to develop and operate the database. By no later than February 1, 2010, the database must be accessible to the board and the payday loan providers to meet the requirements of this chapter and verify if a payday loan transaction is outstanding for a particular person.
South Carolina payday loans
The information provided in the database is limited for the use in determining if a customer is eligible or ineligible to enter into a new payday loan transaction and to describe the reason for the determination of eligibility or ineligibility. This is the sole intended purpose at a base and it is in no way intended for use as an instrument to spy on the personal finances of the citizenry. The state is putting forth a concerted effort to not only protect the people of the state of South Carolina, they are also working to maintain level of integrity in the South Carolina payday loans industry so that it can better serve people of the state. It appears that the legislators of the state are sensitive to the needs of the people and that they realize that payday loans are a very important part of the financial fabric of the state, and that these industry helps many thousands of people to stay on track with their personal finances.