South Carolina S 379: A SENATE RESOLUTION TO HONOR AND RECOGNIZE REVEREND ELLA DELORES WHITE FOR HER YEARS OF OUTSTANDING LEADERSHIP AND SERVICE TO THE MOUNT OLIVE BAPTIST CHURCH CONGREGATION AND THE COLUMBIA COMMUNITY.

Bill Text

2025-2026 Bill 379 Text of Previous Version (Feb. 25, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 379

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO PROHIBIT NEW DEFERRED PRESENTMENT LICENSES FROM BEING 
ISSUED; TO PROVIDE THAT NEW DEFERRED PRESENTMENT LOANS AND LOAN RENEWALS MAY 
NOT BE MADE AFTER JUNE 30, 2025; TO PROVIDE THAT OUTSTANDING LOANS AFTER JUNE 
30, 2025 MAY BE SERVICED UNDER A PAYMENT PLAN; TO PROVIDE THAT EXISTING 
DEFERRED-PRESENTMENT LICENSEES MAY TRANSITION WITHIN THE NATIONWIDE MULTISTATE 
LICENSING SYSTEM WITHOUT COST FROM BEING LICENSED AS A DEFERRED PRESENTMENT 
PROVIDER TO BEING LICENSED AS A SUPERVISED LENDER FOR THE REMAINDER OF THE 
EXISTING LICENSING PERIOD; AND TO REPEAL CHAPTER 39 OF TITLE 34.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Notwithstanding 
provisions contained in Chapter 39, Title 34 to the contrary:

 (a) The Board of 
Financial Institutions may not issue new deferred presentment licenses or renew 
expiring deferred presentment licenses as of the effective date of this act.

 (b) A licensee may 
not make any new deferred presentment loans or renew or otherwise extend 
existing deferred presentment loans after June 30, 2025.

 (c) For any 
deferred presentment loan that remains uncollected after June 30, 2025, the 
licensee must allow the customer to enter into an extended payment plan of at 
least four substantially equal installments, at no additional cost, to repay 
the outstanding deferred presentment transaction including any fee due. Each 
plan installment must be due on or after a date on which the customer receives 
regular income. The customer may prepay an extended payment plan in full at any 
time without penalty. The licensee must not charge the customer any interest or 
additional fees during the term of the extended payment plan. The licensee may, 
with each payment under the plan by a customer, provide for the return of the 
customer's prior held check and require a new check for the remaining balance 
under the plan. Alternatively, the licensee may require the customer at the 
time the customer enters into the extended payment plan to provide multiple 
checks, one for each of the scheduled payments in the amount of those payments. 
If the customer fails to pay any extended payment plan installment when due, then 
the customer shall be in default of the payment plan and the licensee 
immediately may accelerate payment on the remaining balance. Upon default, the 
licensee may take action to collect all amounts due.

SECTION 2. Until 
December 31, 2025, existing deferred-presentment licensees may transition 
within the Nationwide Multistate Licensing System without cost from being 
licensed as a deferred presentment provider to being licensed as a supervised 
lender for the remainder of the licensees' existing licensing period.

SECTION 3. On 
December 31, 2025, all deferred presentment licenses are revoked.

SECTION 4. On 
January 1, 2026, Chapter 39, Title 34 of the S.C. Code, related to deferred 
presentment services, is repealed along with all regulations promulgated 
pursuant to Chapter 39, Title 34.

SECTION 5. This act takes effect upon approval 
by the Governor.

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This web page was last updated on February 25, 2025 at 12:35 PM