Legislature overrides payday lending rules

The payday lending industry will face new regulations after the Legislature overrode Gov. Mark Sanford’s veto.

The Senate overrode the veto with a 39-3 vote Tuesday, hours after the House did the same with a 105-4 vote.

While the House vote came without debate, Sen. Kevin Bryant of Anderson tried to rally support to sustain Sanford’s veto. He said a database the regulations creates to track how many loans people have would be abused.

Sanford said consumers need access to loans as he vetoed regulations that limit people to a single $550 loan at any time by creating a database lenders would have to check. Consumers would have to wait a day between loans for the first seven and then two days for additional loans.