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Print This StorySanford Signs Predatory Lending Bill
Law Helps Protect Borrowers From High-Interest Loans
POSTED: 3:27 p.m. EDT June 3, 2003
COLUMBIA, S.C. -- South Carolina now has a law to protect people from unfair high-interest loans.
Gov. Mark Sanford signed the Predatory Lending bill into law Tuesday.
Under the new law, lenders can't make high-cost loans that hurt low-income and elderly borrowers.
The law requires anyone attempting to obtain a higher-than-market interest rate loan to attend a free credit counciling session.
The law also outlaws the practice of "flipping", or repeated refinancing of loans when the borrower has trouble making the payments.
Copyright 2003 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
