National Payday Advance Group Responds to South Carolina Governor's Veto of HB 3301
June 4, 2009
WASHINGTON, DC – June 4, 2009 – D. Lynn DeVault, Board Chair of the Community Financial Services Association of America, released the following statement in response to Governor Sanford’s veto of HB 3301, payday lending reform legislation:
Payday advances have been debated in the South Carolina legislature for more than three years. Lawmakers carefully weighed the views of consumers, finance experts, and the industry in crafting HB 3301. While the new South Carolina legislation is one of the strictest in the country, it would stabilize our business environment and allow most lenders to continue serving the thousands of South Carolinians who need and value this credit option. If not overridden by the General Assembly, the Governor’s action will eliminate an opportunity to provide consumers with additional protections and our companies with the operating stability they need.
About the Community Financial Services Association of America
The Community Financial Services Association of America (CFSA) is the only national organization dedicated solely to promoting responsible regulation of the payday advance industry and consumer protections through CFSA’s Best Practices. As such, we are committed to working with policymakers, consumer advocates and CFSA member companies to ensure that the payday advance is a safe and viable credit option for consumers. Web Site: http://www.cfsa.net/
