Pay Day lending bill vetoed by governor

South Carolina Gov. Mark Sanford has vetoed a bill that aimed to place restrictions on the payday lending industry.
   
Sanford’s veto message issued Tuesday evening he was concerned about privacy issues that could come from a new customer database. The governor also said people know what they’re charged for the loans, which are criticized for their interest rates.
   
The bill would have capped the amount of each loan at $550. It required a one-day wait between loans for a borrower’s first seven consecutive loans, and two days between additional loans. It also gave borrowers one day to change their minds and undo a loan.
   
The bill is the best known of 66 bills Sanford made decisions on Tuesday.
   
Lawmakers return June 16 to consider vetoes.