COLUMBIA, S.C. – Gov. Mark Sanford signed in to law June 3 a bill to curb predatory lending practices. S. 438 went in to effect immediately upon the governor's signing. Among the provisions of the new law, it: defines a high-cost loan as a loan with points and fees that exceed 5% of the principle; limit refinancing of a loan to 42 months, and requires the new loan to provide a reasonable tangible net benefit to the borrower; requires lenders to accept fiduciary responsibility for the loans; and prohibits financing of single-premium credit life insurance. Credit union representatives, including South Carolina Credit Union League President John Franklin, and Steve Fowler, EVP of Governmental Affairs and Public Relations, were on hand for the bill signing.
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