Advance America Statement on S.C. Legislature's Passage of Short-Term Credit Reform
May 21, 2009SPARTANBURG, S.C., May 21 - Jamie Fulmer, Director of Public Affairs, Advance America, released the following statement on the South Carolina General Assembly's approval of H. 3301:
"Advance America appreciates the efforts of the General Assembly to find common ground on this complex issue and we recognize that the compromise developed during the legislative process represents a careful balance. The result will likely be one of the most restrictive laws in the country. Unfortunately, some short-term lenders may be forced to close as a result of this new law, and others will be significantly impacted.
"Still, the votes in both Houses preserved the right of South Carolinians to choose a regulated cash advance as a sensible, reliable and transparent avenue for managing unexpected financial difficulties. We are pleased that a reform approach was approved - rather than a ban on cash advances - and that this legislation includes measures that will help consumers who misuse credit or otherwise have trouble repaying their debt obligations."
About Advance America
Founded in 1997, Advance America, Cash Advance Centers, Inc. (NYSE: AEA) is the country's leading provider of cash advance services, with 2,740 centers and 82 limited licensees in 33 states, the United Kingdom and Canada. The Company offers convenient, less-costly credit options to consumers whose needs are not met by traditional financial institutions. The Company is a founding member of the Community Financial Services Association of America (CFSA), whose mission is to promote laws that provide substantive consumer protections and to encourage responsible industry practices.
