COLUMBIA, S.C. – The South Carolina House and Senate conference committee reached an agreement in principle on differences between their respective versions of Senate Bill 438, the "South Carolina High-Cost and Consumer Home Loans Act," which curbs predatory lending. The agreement will be distributed to the conference committee members for signature. The South Carolina Credit Union League said it could come up for a vote May 14 in the House. Among the provisions of the agreement, it defines a high-cost loan as one with points and fees in 5% excess of the principle; limits refinancing of a loan to 42 months and requires the new loan to provide reasonable tangible net benefit to the borrower; specifies that borrowers of a high-cost loan must be provided free mandatory counseling; require lenders to act in the best interests of the borrower; limit short-term, vehicle-secured loans to six renewals not to exceed a total of 240 days; limit financing of points and fees on high-cost loans to only 2.5% of those points and fees; prohibit financing of single-premium life insurance.