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Payday lending limit bill

The Senate is considering a bill that would prohibit payday lenders from loaning more than $500 at a time.

The bill also would require payday lenders to check a database of borrowers before issuing a loan.

Supporters say they are not trying to put payday lenders out of business. The industry is essentially banned in Georgia and North Carolina.

Rock Hill Senator Wes Hayes says while the maximum loan amount would be $500, the limit would also be tied to income. Hayes says the bill is intended to protect consumers from a cycle of debt.

Hayes says he would support a ban only if the new rules don't work or the industry ignore them.

Borrowers could not have multiple loans outstanding and would be forced to wait a full day before taking out a new loan.

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