Democrats could be in a combative mood today when they meet House Republicans to clash over pay day lending reform.
Expect a number of amendments, to begin with, aimed at countering the effects of a bill being pushed by Speaker Bobby Harrell, R-Charleston, which limits the number of loans a consumer may take out to one at a time, but fails to cap interest rates pay day lenders may charge borrowers.
The House bill also fails to provide for a cooling off period between loans, and doubles to $600 the amount a consumer may borrow.
"I am disappointed we are all geared up to vote for a bill that has no cap on interest rates," said Rep. William Clyburn, D-Aiken.
"For me, this is a farce," said Rep. Chris Hart, D-Richland. "It does nothing to regulate this industry."
Democrats also complained that Republicans were unwilling to pass legislation regarding the industry last year, but have taken a different position this session, with a bill that detractors contend is an "industry" bill, meaning it leans in favor of lenders at the expense of cash-strapped consumers.
Democrats want an interest cap to loans not to exceed 36 percent