House members started talking about interest limits on payday lenders Wednesday, prompting the industry to say a cap on their charges will run them out of business.

The bill's sponsor, Myrtle Beach Republican Alan Clemmons, calls the loans "the crack cocaine of the lending industry.''

Clemmons says the industry can survive on the 36 percent annual interest fee cap that the bill sets.

But industry representatives say that will shut them down.

North Carolina and Georgia already ban the loans.