The bill S. 379 introduced in the South Carolina General Assembly aims to prohibit the issuance of new deferred presentment licenses and to halt new deferred presentment loans and loan renewals after June 30, 2025. It mandates that any outstanding loans after this date must be serviced under a payment plan consisting of at least four equal installments, with no additional costs or interest charged to the customer. The bill also allows existing deferred-presentment licensees to transition to a supervised lender license without cost until December 31, 2025, after which all deferred presentment licenses will be revoked.

Additionally, the bill includes the repeal of Chapter 39 of Title 34, which pertains to deferred presentment services, effective January 1, 2026. This legislative change reflects a significant shift in the regulation of payday loans in South Carolina, aiming to protect consumers from high-interest loans and promote more manageable repayment options. The act will take effect upon approval by the Governor.