Last week, Mark Sanford, the governor of South Carolina, exercised his veto power on H.3790, a pay day bill that would have made the standard repayment period 120 days instead of the common 14 without increasing the total fees charged by lenders. In addition, an approved H.3790 would have rid South Carolina of both quick unsecured loans and also the post-dated checks used for secured loans. However, S.C. Politics Today reports that the South Carolina House of Representatives has overridden Gov. Sanford’s veto. H.3790 would have also addressed inequity in South Carolina’s mortgage industry regarding licensing fees.
Article Resource: South Carolina House overturns veto of payday loan bill
Mark Sanford was against payday loan-strangling H.3790
In a letter to the state House, Governor Mark Sanford writes regarding his veto of the payday loans bill that
“Although this type of regulation is intended to protect the public, these kinds of laws ultimately decrease the number and type of available financing options and make it harder for new lenders to enter the market. In other words, consumers have fewer choices and the available options become more expensive. … Some people will benefit from payday–style loans and some will not, and we continue to believe that individual consumers are better equipped than a government bureaucracy to know whether a short-term loan is a wise decision in any given circumstance.”
We the people know what’s best for us
A paydayloans or comparable loans with no credit check – whether they’re unsecured personal loans or not – are usually more the domain of credit-strapped consumers, rather than state legislators who are paid considerably a lot more, so it follows the general public should be allowed to choose if the loans work for them. Governor Sanford clearly sees the matter in those terms, even if his state’s legislature doesn’t. At this moment, South Carolina allows payday loan borrowers up to $550 at a time, and only one loan can be active. Loan activity is tracked electronically.
More veto's to be flipped within the Palmetto State
One more stinging veto override delves into Gov. Sanford’s alleged history of impropriety with South Carolina tax dollars. The House nixed Gov. Sanford’s veto of a bill that would “allow info to be made public in a state ethics investigation of the governor when it indicates possible cause that a violation may have occurred,” reports S.C. Politics Today. The vote against Sanford’s veto of the governor investigation bill was a landslide, 102-2 in favor of overturning his veto. Sanford claims he just wanted the bill expanded to consist of all state lawmakers.
Find a lot more info on this topic
thestatecom.typepad.com/ygatoday/2010/06/house-overrides-sanford-on-payday-lending-ethics.html
docs.google.com/viewer?url=http://www.scgovernor.com/NR/rdonlyres/A0AB7D58-484C-49EC-9DD7-856ED2D5D7C3/35671/H3790MortgageLoanOriginator.pdf
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