Payday lending bill up for debate in House panel

The House Labor, Commerce and Industry Committee takes up regulations for the industry Tuesday. The bill is on a fast track with most of the House's members signed on as co-sponsors.

By: AP | News Channel 7
Published: February 03, 2009

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COLUMBIA, S.C. (AP) - A bill that's been criticized for being too generous to the payday lending industry is expected to advance.

The House Labor, Commerce and Industry Committee takes up regulations for the industry Tuesday. The bill is on a fast track with most of the House's members signed on as co-sponsors.

The bill prevents consumers from taking out more than one $600 loan at a time and requires the industry to check a database before making loans.

The database would be paid for through fees on the industry. Critics say that borrowers should have to wait a week before taking out a second loan.

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