Palmetto State News

State Rep. Robert May III (R-Lexington) opposes Senate Bill 910 for its potential to restrict how lenders market their services to households, including which households can be targeted for loans. May is one of many lawmakers engaged in a debate over the possible consequences of S-910 and government intervention in the private sector, with some opponents going so far as questioning the bill's constitutionality. 

Palmetto State News previously reported on the push to pass S-910 by a "network of businesses and advocacy groups—which has cumulatively received more than $380 million in federal grants, loans, and other taxpayer assistance since 1996," according to the Washington Free Beacon.

Self-Help Credit Union and Center for Responsible Lending are among the network lobbying to restrict installment lenders in the state, with North Carolinian Martin Eakes at the helm of both groups which received more than $2 million in funding that traces back to left-wing activist George Soros. 

“It is not surprising that a George Soros backed bill is moving through the South Carolina General Assembly,” May told Palmetto State News.

“Given our history of being ranked the most liberal, Republican controlled, General Assembly in all of America, as determined by CPAC center for Legislative Accountability. The unfortunate reality in South Carolina is that everybody runs as a conservative, but very few people govern as one.”

May said the prevalence of special interest influence in South Carolina politics, where politicians are beholden to lobbyists and campaign donors rather than serving the interests of their constituents, has resulted in corruption.   

“I think what most of your Republicans care about, with the exception of the Freedom Caucus, is if their lobbyists are going to give them money, or lobbyist principles and give them money and, who will fund their bank accounts if they push a particular legislative piece of legislation through,” he said.

“That's the cycle in Columbia is that nine times out of ten politicians are bought and paid for by special interest groups who then fund their campaign. Then the legislator pushes the issue in which those folks who funded their campaign want and the cycle just continues on and on and on.”

May directed his comments at the South Carolina House’s leadership for what he perceives as attempts to limit free speech while prioritizing the desires of special interest groups over constitutional principles. 

A previous report by Palmetto noted that South Carolina's 28th House District candidate Kerri Smith was also the South Carolina President of Self-Help Credit Union, where she's currently leading the lobbying effort for S-910.

“Obviously it's a bill that we're going to fight, when it makes its way over to the House. My reading of the bill is that this would, limit credit options for the folks who need it most,” May said.

“With Ms. Smith particularly it's no surprise that she's pushing this legislation and is head of this particular organization here in South Carolina."

“My understanding is that before Mrs. Trantham decided to retire and not seek reelection, Ms. Smith was recruited by House leadership to try and take out Mrs. Trantham, who's a member of the Freedom Caucus. From what I have heard, this would only confirm, my suspicions and the intel that I've received about her is that she would be bought and paid for by special interests and would be firmly in the pocket of leadership should she be elected.”

Both Smith and House Speaker Cameron Murrell Smith did not respond to requests for comment by Palmetto. 

In a Senate committee hearing last week, State Sen. Wes Climer (R-York) expressed concern over the bill and emphasized the need for thorough revision to prevent unintended consequences and to preserve consumer choice.

“My conclusion as someone who was in the financial service industry is that the net effect of this will be less credit availability for people who need it,” Climer said. “We've heard testimony from lots of other states, from folks who've cited actions that have happened in other states. And I would just submit to you those actions that happened in other states certainly.”

Despite dissenting opinions, support from Sen. Katrina Shealy, and Sen. Ronnie Saab's questions about the appropriate extent of governmental interference in commerce, the committee grappled with the balance between regulation and economic freedom, highlighting the complexities of S-910.