Nearly 128,000 people took out more than 1 million payday loans in South Carolina last year, totaling $402 million. Borrowers paid $60.4 million in fees, according to a report released Wednesday.

The chairman of the South Carolina House Labor Commerce and Industry Committee said the report shows a 2009 state law has stopped the "rampant abuse and misuse" of the two-week loans. That law limited the number of two-week loans to one at a time, up to $550 each, and created an online database to track them.

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