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, allowing customers to repay their debts in at least four equal installments without incurring additional costs or interest. The bill also allows existing deferred-presentment licensees to transition to being licensed as supervised lenders without any fees until December 31, 2025.

Furthermore, the bill stipulates that all deferred presentment licenses will be revoked on December 31, 2025, and that Chapter 39 of Title 34, which governs deferred presentment services, will be repealed along with any related regulations on January 1, 2026. This legislative change is intended to phase out deferred presentment lending practices in South Carolina, promoting more consumer-friendly repayment options for those with outstanding loans. The act will take effect upon the Governor's approval.