South Carolina Payday Deferred Presentment Transaction Database Interface
South Carolina Payday Lenders can now use Data Age’s AdvanceMaster system to communicate via the Veritec database interface and comply with state regulatory mandates. Lenders are responsible for maintaining compliance with the current South Carolina Deferred Presentment Services Act published by the South Carolina State Board of Financial Institutions. The automated interface has been designed as a consumer protection mechanism, establishing borrowing limits, governing fees charged and terms of loans. The database interface facilitates up to the minute monitoring of lending activities, thereby eliminating fraud and preventing consumers from out of control borrowing practices.
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