Sanford to try to veto payday lending rules

Tuesday, June 16, 2009 8:05 AM
Last updated 8:36 AM
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COLUMBIA — Those payday lending regulations the Legislature approved overwhelmingly would be scuttled if Gov. Mark Sanford can muster enough votes to sustain his veto.

Mr. Sanford has to get a third of the Senate's and House's votes to have his veto stand today as the Legislature returns to take up 10 vetoes from a stack bills passed in May during a recession-shortened legislative session.

The payday lending regulations cleared the Senate with a 41-4 vote and the House, 102-6.

The governor said consumers need access to loans as he vetoed regulations that limit people to a single $550 loan at any time by creating a database lenders would have to check. Consumers would have to wait a day between loans for the first seven and then two days for additional loans.

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