Advocacy
The South Carolina Association for Community Economic Development provides members a platform for collaborative advocacy. We support institutional and system changes that will positively impact low wealth communities and the non-profits that serve them. Learn more about our Public Policy Agenda below.
Advocate for Anti-Predator Lending Legislation: Pass Bill S.488
SCACED is part of the SC Fair Lending Alliance advocating for a proposed legislation designed to implement more stringent regulations on payday and installment lenders, specifically focusing on addressing unlawful trade practices within this sector in South Carolina.
Failing to analyze borrower’s ability to fully repay loan
Issuing loans to borrowers unable to repay after required analysis
Mailing unsolicited checks, debit, or credit cards
Renewing loans excessively within specific timeframes
Operating without proper state or local licenses.
Adding additional fees to each loan
Targeted marketing on low-wealth communities
S.488 also seeks to create a database through the consumer finance division of the Board of Financial Institutions to collect data and prevent a consumer for having loans that exceed the limits for refinancing. The bill gives the Attorney General responsibility for enforcing these provisions.