The chance to reach an agreement on payday lending regulation is about 50-50 says Richland Senator Joel Lourie.Lourie, along with York Republican Wes Hayes and Darlington’s Gerald Malloy, are pushing for tougher rules on these short-term, higher-interest loans.
“We were advocating seven days last year. Clearly, we’re not going to get anything close to that,” says Lourie,”but at the end of the day what we’ve got to have is some kind of distance between loans.
“Secondly, we want to make sure that people can only borrow one loan at a time, so they can’t walk into a payday lender on one street and borrow a couple of hundred dollarsand then go down the street and do the same. And some form of a database managed by the state to prohibit that is essential in any legislation,” he says.
Lourie’s third requirement would be what he calls a reasonable cap on how much someone can borrow.
“They just can’t walk in and borrow unlimited amounts of funds that they are incapable of paying off,” he adds.
Despite a tougher line on the industry, Lourie is key in negotiating a compromise. He says Tuesday will probably be the last day to make that happen.
Their top priority this week, says Lourie, is dealing quickly with budget vetos that they expect from Governor Mark Sanford.