COLUMBIA -- South Carolina Gov. Mark Sanford vetoed a bill Tuesday meant to place restrictions on the payday lending industry. The bill would have capped the amount of each loan at $550. It required a one-day wait between loans for a borrower's first seven consecutive loans, and two days between additional borrowing. It also gave borrowers one day to change their minds and undo a loan. "Boiled down, it is this administration's abiding belief that government's role is not to protect people from their own actions, unless those actions in substantial form impact the lives of others," Sanford said in his veto letter. He said the recession leaves consumers needing the ability to get access to cash to avoid eviction, foreclosure, bankruptcy and having their lights turned off. Sanford also said he opposed singling out the payday lending industry when there are other sources for borrowed money that demand greater regulation. Meanwhile, he noted consumers who borrow from the industry are well aware of how much they're paying for the loans. Advocates for regulations on the industry expected the veto and had met earlier Tuesday to make plans for overriding Sanford's move when the legislature returns to take up Sanford's 10 vetoes. "It's just another sign the governor putting ideology ahead of consumer protections. This one is a no-brainer," Sen. Joel Lourie, D-Columbia, said. The Legislature approved the bill on the session's last day two weeks ago with a 41-4 Senate vote and 102-6 vote in the House. Lourie said that leaves little doubt there are enough votes to override the veto. The bill is the best known of 66 bills Sanford made decisions on Tuesday. Lawmakers return June 16 to consider vetoes.