Just lately, South Carolina Gov. Mark Sanford vetoed H.3790, a payday loans no fax bill that would have stretched the payment period from two weeks to four months (without changing the fees charged). Furthermore, H.3790 would have eliminated secured loans in South Carolina and outlawed the common practice of a customer presenting a lender with a post-dated check. Yet as S.C. Politics Today reports, the state House has overturned Mark Sanford’s payday loan-friendly veto. H.3790 would have also addressed inequity in South Carolina’s mortgage industry concerning licensing fees.
Article Source: South Carolina House overturns veto of payday loan bill
Why Mark Sanford said no to payday loan-crippling H.3790
In his correspondence with the legislature, Gov. Sanford explained his pay day bill veto thusly
“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.”
The public knows what works best for them
It is common knowledge that state legislators are less likely to need a paydayloans or similar loans with no credit check – unsecured loans or otherwise – than the average credit-constrained consumer, so it is logical that consumers should be allowed to choose for themselves. If Mark Sanford, a man of privilege, can see that, the legislators should be able to as well. could be active}. This activity is tracked in an electronic database.
A lot more veto’s to be flipped within the Palmetto State
Another overturned veto ventures into territory of Mark Sanford’s alleged history of impropriety with South Carolina taxpayer funds. The House nixed Gov. Sanford’s veto of a bill that would “allow data 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 has gone on record as saying that he vetoed the bill because he wanted the language of that bill expanded to contain all state lawmakers, not just the governor.
Read a lot more on this topic here
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