Topic: Loans With Outstanding Payday Loans - SC Senators Set Payday Loans Limits - CNNMoney.com
NEW YORK (Associated Press) - South Carolina senators agreed Tuesday to limit payday loans to no more than $500 at a time and create a list of borrowers that businesses must check before lending money. The tougher regulations would also double licensing fees for payday lenders, force borrowers to wait seven days after paying off one loan before they could take out another one and ban customers from having more than one outstanding loan at a time. The industry essentially rents money by continually rolling over loans and incurring new finance charges each time for the state’s working poor, said Hawkins, a lawyer involved in a suit against payday lenders. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Intraday data provided by ComStock , an Interactive Data Company and subject to the Terms of Use . Historical, current end-of-day data, and splits data provided by FT Interactive Data . Learn more
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