Payday lending bill appears headed for failure

Lawmakers said Wednesday the chances of them passing a compromise this year are slim, with just four days left on the legislative calendar.

By Associated Press
Published: May 13, 2009

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A move to restrict payday lending appears headed for failure yet again in South Carolina.

Lawmakers said Wednesday the chances of them passing a compromise this year are slim, with just four days left on the legislative calendar.

The House passed a measure earlier this year that industry opponents criticized as too weak. The Senate passed a stronger version last year but hasn't been able to pass anything this year. The bill currently before the Senate calls for a two-day waiting period and a loan limit of $500 with no link to income.

Republican Sen. Larry Martin of Pickens said he thinks that's a good compromise. But the industry's strongest opponents say a weak bill that doesn't adequately protect the state's poorest residents
is not reform.