(A) In order to prevent a person from having a deferred presentment transaction that exceeds the limit in Section 34-39-180(B) and Section 34-39-270(A), the Consumer Finance Division of the Board of Financial Institutions shall implement a common database with real-time access through an internet connection for deferred presentment providers, as provided in this subsection. The board shall enter into a contract with a single source private vendor to develop and operate the database. By no later than February 1, 2010, the database must be accessible to the board and the deferred presentment providers to meet the requirements of this chapter and verify if a deferred presentment transaction is outstanding for a particular person. Deferred presentment providers shall submit the person's data to the database provider before entering into a deferred presentment transaction and once a deferred presentment transaction has been paid in full, in a format the board requires by regulation, including the drawer's name, social security number, or employment authorization alien number, address, driver's license number, amount of the transaction, date of transaction, the date that the transaction is closed, and additional information required by the board. The database provider may impose the database verification fee authorized by Section 34-39-270(H) for data required to be submitted by a licensee. The board may adopt procedures to administer and enforce the provisions of this section and to ensure that the database is used by licensees in accordance with this section.
(B) The information provided in the database is limited for the use in determining if a customer is eligible or ineligible to enter into a new deferred presentment transaction and to describe the reason for the determination of eligibility or ineligibility.
HISTORY: 2009 Act No. 78, Section 1, eff June 16, 2009.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 39 - Deferred Presentment Services
Section 34-39-110. Short title.
Section 34-39-120. Definitions.
Section 34-39-130. Licensure requirements.
Section 34-39-140. Applicability of chapter; exceptions.
Section 34-39-150. Application for licensure.
Section 34-39-160. Qualifications for licensure.
Section 34-39-175. Deferred presentment transaction database.
Section 34-39-180. Restrictions and requirements for deferred presentment or deposit of check.
Section 34-39-190. Maintenance of books, accounts, and records; examination.
Section 34-39-200. Limitations on activities by persons required to be licensed by chapter.
Section 34-39-210. Suspension or revocation of license.
Section 34-39-220. Orders to cease and desist violations of chapter; hearing.
Section 34-39-230. Civil penalties; repayment of unlawful or excessive fees.
Section 34-39-240. Wilful violations; referral for criminal prosecution.
Section 34-39-260. Promulgation of regulations.
Section 34-39-280. Extended payment plans.
Section 34-39-290. Annual report and meeting concerning data.