H 3707

Abstract

A BILL TO AMEND SECTION 40-39-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PAWN TICKET CONTENT REQUIREMENTS, SO AS TO REQUIRE INCLUSION OF CERTAIN LANGUAGE CONCERNING EARLY REDEMPTION OF LOANS AND PRORATION OF LOAN INTEREST; AND TO AMEND SECTION 40-39-100, RELATING TO INTEREST AND CHARGES ON LOANS MADE BY PAWNBROKERS, SO AS TO PROVIDE PAWNBROKERS SHALL PRORATE INTEREST AND CHARGES ON A DAILY BASIS AND MAY NOT IMPOSE ADDITIONAL CHARGES IF PLEDGED GOODS ARE REDEEMED IN WHOLE OR IN PART BEFORE THE EXPIRATION OF ANY THIRTY-DAY PERIOD OR IF THE PLEDGOR AGREES TO REPAY A LOAN IN MONTHLY PERIODIC INSTALLMENTS, AND TO PROVIDE RELATED NOTICE REQUIREMENTS IN MANDATORY POSTED RATE SCHEDULES.