S.C. Code Ann. § 37-6-103 — SC Code / Title 37 / Chapter 6 / Section 37-6-103
SECTION 37-6-103. "Administrator" defined.
Status: in_force

"Administrator" means the officer appointed by the Commission on Consumer Affairs to administer this title (part 5 of this chapter).
S.C. Code Ann. § 37-23-75 — SC Code / Title 37 / Chapter 23 / Article 5 / Section 37-23-75
SECTION 37-23-75. Disclosure; form.
Status: in_force

(A) At the time the borrower receives the loan estimate under the Real Estate Settlement and Procedures Act (RESPA), the Truth In Lending Act (TILA), and regulations adopted pursuant to both acts including, but not limited to, the TILA-RESPA Integrated Disclosure Rule, and before the scheduled closing of a consumer home loan, the broker or mortgage broker of a loan must disclose in writing the amount being earned on the loan. The Department of Consumer Affairs shall provide a disclosure form to include the following: (1) the dollar amount of the yield spread premium and the percentage of the yield spread premium in relation to the loan amount. For purposes of this item, "yield spread premium" is the amount paid to the broker by the lender based on the difference between the interest rate at which the broker originates the loan and the par, or market rate offered by a lender; (2) an itemization of dollar amounts for points, fees, and commissions with a combined total given. A percentage of the combined total should be specified in relation to the loan amount; (3) a dollar amount total of items (1) and (2) and a percentage of the total specified in relation to the total amount of the loan; and (4) for a loan that is an ARM as defined in Section 37-23-20(17), a listing of the schedule when the loan may be reset, for each and every reset, and a listing of the monthly payment that is owed for each change that is allowed by the terms of the contract. If the consumer escrows the insurance and taxes with each monthly payment, it must be reflected in the payment listed. (B) The form must include a signature line for the borrower to acknowledge that he has received the disclosures, the disclosures have been explained to him, he understands them, and he voluntarily enters into the loan transaction. Effect of Amendment 2017 Act No. 93, SECTION 9, in (A), substituted "loan estimate" for "good faith estimate" and inserted ", the Truth In Lending Act (TILA), and regulations adopted pursuant to both acts including, but not limited to, the TILA-RESPA Integrated Disclosure Rule"; and in (A)(2), deleted "37-23-75(A)" preceding "(1) and (2)".
S.C. Code Ann. § 37-20-130 — SC Code / Title 37 / Chapter 20 / Section 37-20-130
SECTION 37-20-130. Initiating law enforcement investigation of identity theft.
Status: in_force

A person who learns or reasonably suspects that the person is the victim of identity theft may initiate a law enforcement investigation by reporting to a local law enforcement agency that has jurisdiction over the person's actual legal residence. The law enforcement agency shall take the report, provide the complainant with a copy of the report, and begin an investigation.
S.C. Code Ann. § 37-11-30 — SC Code / Title 37 / Chapter 11 / Section 37-11-30
SECTION 37-11-30. Licensing of continuing care retirement community.
Status: in_force

(A) A continuing care retirement community must not be operated or advertised, and a reservation deposit or an entrance fee must not be collected unless the appropriate license is obtained first from the department as provided in this chapter and any regulation promulgated pursuant to it. Unless otherwise specified, all references to a license in this chapter include both a preliminary license and a final license. The department shall establish reasonable licensing fees not to exceed the cost of administering this chapter. Licenses issued under this chapter expire on August thirty-first of each year. Licenses may be issued only for the premises and persons named in the application and are not transferable or assignable. (B) Applications for licenses must be in a form and under conditions as may be prescribed by the department and must set forth: (1) the name and business address of the operator and a statement of whether the operator is a partnership, corporation, or other type of legal entity; (2) the names and business addresses of the officers, directors, trustees, managing or general partners, any person having a five percent or greater equity or beneficial interest in the continuing care retirement community, and any person who will be managing the facility on a day-to-day basis, and a description of these persons' interests in or occupations with the operator. The following information on all persons named in response to this item is required: (a) a description of the business experience of the person, if any, in the operation or management of similar facilities; (b) the name and address of any professional service, firm, association, trust, partnership, or corporation in which this person has, or which has in this person, a five percent or greater interest and which is providing or in the future shall provide goods, leases, or services to the facility or to residents of the facility of an aggregate value determined by regulation within any year, including a description of the goods, leases, or services and their probable or anticipated cost to the facility, operator, or residents, or a statement that this cost presently cannot be estimated; (c) a description of any matter in which the person: (i) has been convicted of a felony or pleaded nolo contendere to a felony charge, or held liable or enjoined in a civil action by final judgment, if the felony or civil action involved fraud, embezzlement, fraudulent conversion, or misappropriation of property; or (ii) is subject to a currently effective injunctive or restrictive court order or within the past five years, had a state or federal license or permit suspended or revoked as a result of an action brought by a governmental agency or department; (3) a statement as to the operator's affiliation with a religious, charitable, or other nonprofit organization, the extent of the affiliation, if any, the extent to which the affiliate organization is responsible for the financial and contractual obligations of the operator, and the provision of the Federal Internal Revenue Code, if any, under which the operator or affiliate is exempt from the payment of income tax; (4) the location and description of the physical property of the facility, existing or proposed, and to the extent proposed, the estimated completion date, whether construction has begun, and the contingencies subject to which construction may be deferred; (5) the services provided or proposed to be provided pursuant to contracts for continuing care at the facility, including the extent to which medical care is furnished, and a clear statement of which services are included for specified basic fees for continuing care and which services are made available at or by the facility at extra charge; (6) a description of all fees required of residents, including the entrance fee and periodic charges, if any. The description must include: (a) a statement of the fees charged if the resident marries while at the facility and a statement of the terms concerning the entry of a spouse to the facility and the consequences if the spouse does not meet the requirements for entry; (b) the circumstances under which the resident is permitted to remain in the facility if he has financial difficulties; (c) the terms and conditions under which a contract for continuing care at the facility may be canceled by the operator or by the resident, and the conditions, if any, under which all or a portion of the entrance fee is refunded if the contract is canceled by the operator or by the resident if the resident dies before or following occupancy of a living unit; (d) the conditions under which a living unit occupied by a resident may be made available by the facility to a different or new resident; (e) the manner by which the operator may adjust periodic charges or other recurring fees and the limitations on these adjustments, if any. If the facility is already in operation or if the operator or manager operates one or more similar continuing care locations within this State, tables must be included showing the frequency and average dollar amount of each increase in periodic charges, or other recurring fees at each facility or location for the previous five years, or for all of the years in operation if less than five years; (7) the health and financial conditions required for a person to be accepted as a resident and to continue as a resident once accepted, including the effect of a change in the health or financial condition of a person between the date of entering a contract for continuing care and the date or initial occupancy of a living unit by that person; (8) the provisions that have been made or will be made, if any, to provide reserve funding or security to enable the operator to perform its obligations fully under contracts to provide continuing care at the facility, including the establishment of escrow accounts, trusts, or reserve funds, together with the manner in which these funds will be invested and the names and experience of individuals in the direct employment of the operator who will make the investment decisions; (9) certified financial statements of the operator, including a balance sheet as of the end of the most recent fiscal year and income statements for the three most recent fiscal years of the operator or for all of the years in existence if less than three years. If the operator's fiscal year ended more than one hundred twenty days before the date the application for a license is filed, interim financial statements as of a date not more than ninety days before the date of filing the application must be included but need not be certified; (10) if the continuing care contract provides for services for the life of the person or for more than one year including mutually terminable contracts, a summary of a report of an actuary, updated every two years, that estimates the capacity of the operator to meet its contractual obligation to the residents; (11) if the facility has not begun operations, documentation by the operator that the proposed project is economically feasible, both immediately and long term, and can be accommodated in the patient charge structure without unreasonable increases; (12) the estimated number of residents of the facility to be provided services by the operator pursuant to the contract for continuing care; (13) a copy of the standard form of contract for continuing care used by the operator attached to each disclosure statement; (14) other material information concerning the facility or the operator as the operator wishes to include. (C) In addition to the information required in subsection (B)(1)-(8) and (11)-(14), an application for a preliminary license must set forth: (1) a copy of the reservation agreement used to collect reservation deposits; (2) a copy of the applicant's escrow agreement with a trust institution; and (3) a representative sample of any advertisements used or to be used for the facility. Effect of Amendment 2022 Act No. 197, SECTION 2, rewrote (A), and added (C).
S.C. Code Ann. § 37-6-120 — SC Code / Title 37 / Chapter 6 / Section 37-6-120
SECTION 37-6-120. Automatic renewal provisions unenforceable unless certain conditions are met.
Status: in_force

No automatic renewal provision in a service contract shall be enforceable against the contract holder unless the contract holder was presented written or electronic notification of that automatic renewal provision not less than thirty days nor more than sixty days before the cancellation deadline required by the automatic renewal provision. This notification shall conspicuously disclose: (A) that unless the service contract holder cancels the contract, the contract will automatically renew; (B) the amount that will be charged upon renewal; and (C) methods by which the service contract holder may obtain details of the automatic renewal provision and cancellation procedure, which shall include a toll-free telephone number, electronic email address, a postal address if the seller directly bills the consumer, or another cost-effective, timely, and easy-to-use mechanism for cancellation. Part 2 Notification and Fees
S.C. Code Ann. § 37-29-120 — SC Code / Title 37 / Chapter 29 / Section 37-29-120
SECTION 37-29-120. Appointment of staff and Executive Coordinator; annual budget.
Status: in_force

The chairman of the board is authorized to make all personnel decisions to include the hiring of any necessary staff for the operation of PalmettoPride, including an executive coordinator. The coordinator shall submit an annual budget for the operation of PalmettoPride to the board of directors. The board of directors shall approve, disapprove, amend, or modify the budget recommended by the executive coordinator.
S.C. Code Ann. § 37-20-190 — SC Code / Title 37 / Chapter 20 / Section 37-20-190
SECTION 37-20-190. Requirements for disposition of business records; exceptions.
Status: in_force

(A) When a business disposes of a business record that contains personal identifying information of a customer of a business, the business shall modify, by shredding, erasing, or other means, the personal identifying information to make it unreadable or undecipherable. (B) A business is considered to comply with subsection (A) if it contracts with a person engaged in the business of disposing of records for the modification of personal identifying information on behalf of the business in accordance with subsection (A). (C) This section does not apply to: (1) a bank or financial institution that is subject to and in compliance with the privacy and security provision of the Gramm-Leach-Bliley Act; (2) a health insurer that is subject to and in compliance with the standards for privacy of individually identifiable health information and the security standards for the protection of electronic health information of the Health Insurance Portability and Accountability Act of 1996; or (3) a consumer credit-reporting agency that is subject to and in compliance with the federal Fair Credit Reporting Act.
S.C. Code Ann. § 37-2-210 — SC Code / Title 37 / Chapter 2 / Section 37-2-210
SECTION 37-2-210. Rebate upon prepayment.
Status: in_force

(1) Except as otherwise provided in this section, upon prepayment in full of a precomputed consumer credit sale, refinancing or consolidation entered into after September 28, 1976, the creditor shall rebate to the consumer an amount not less than the unearned portion of the credit service charge computed according to this section. If the rebate otherwise required is less than one dollar, no rebate need be made. (2) Upon prepayment of a consumer credit sale, whether or not precomputed, except a consumer lease or one pursuant to a revolving charge account, the creditor may collect or retain a minimum charge not exceeding fifteen dollars, if the minimum charge was contracted for and the credit service charge earned at the time of prepayment is less than the minimum charge contracted for. (3) In the following subsections these terms have the meanings ascribed to them in subsection (1) of Section 37-2-204: computational period, deferral, deferral period, periodic balance, standard deferral, sum of the balances method, and transaction. (4) If, with respect to a transaction payable according to its original terms in no more than 61 installments, the creditor has made either: (a) no deferral or deferral charge, the unearned portion of the credit service charge is no less than the portion thereof attributable according to the sum of the balances method to the period from the first day of the computational period following that in which prepayment occurs to the scheduled due date of the final installment of the transaction; or (b) a standard deferral and a deferral charge pursuant to the provisions on a standard deferral, the unpaid balance of the transaction includes any unpaid portions of the deferral charge and any appropriate additional charges incident to the deferral, and the unearned portion of the credit service charge is no less than the portion thereof attributable according to the sum of the balances method to the period from the first day of the computational period following that in which prepayment occurs except that the numerator of the fraction is the sum of the periodic balances, after rescheduling to give effect to any standard deferral, scheduled to follow the computational period in which prepayment occurs. A separate rebate of the deferral charge is not required unless the unpaid balance of the transaction is paid in full during the deferral period, in which event the creditor shall also rebate the unearned portion of the deferral charge. (5) In lieu of computing a rebate of the unearned portion of the credit service charge as provided in subsection (4), the creditor: (a) shall, with respect to a transaction payable according to its original terms in more than 61 installments, and a transaction payable according to its original terms in no more than 61 installments as to which the creditor has made a deferral other than a standard deferral; and (b) may, in other cases, recompute or redetermine the earned credit service charge by applying, according to the actuarial method, the annual percentage rate of credit service charge required to be disclosed to the consumer pursuant to law to the actual unpaid balances of the amount financed for the actual time that the unpaid balances were outstanding as of the date of prepayment, giving effect to each payment, including payments of any deferral and delinquency charges, as of the date of the payment. The administrator shall adopt rules to simplify the calculation of the unearned portion of the credit service charge, including allowance of the use of tables or other methods derived by application of a percentage rate which deviates by not more than one-half of one percent from the rate of the finance charge required to be disclosed to the consumer pursuant to law, and based on the assumption that all payments were made as originally scheduled or as deferred. (6) Except as otherwise provided in subsection (5), this section does not preclude the collection or retention by the creditor of delinquency charges (Section 37-2-203). (7) If the maturity is accelerated for any reason and judgment is entered, the consumer is entitled to the same rebate as if payment had been made on the date judgment is entered. (8) Upon prepayment in full of a precomputed consumer credit sale by the proceeds of consumer credit insurance (Section 37-4-103), the consumer or his estate is entitled to the same rebate as though the consumer had prepaid the agreement on the date the proceeds of insurance are paid to the creditor, but no later than 20 business days after satisfactory proof of loss is furnished to the creditor. Part 3 Disclosure and Advertising
S.C. Code Ann. § 37-21-80 — SC Code / Title 37 / Chapter 21 / Section 37-21-80
SECTION 37-21-80. Remedies; injunctions.
Status: in_force

(A) A person who is aggrieved by a violation of this chapter is entitled to initiate an action to enjoin the violation and to recover actual losses in addition to damages in the amount of one thousand dollars for each violation. (B) If the court finds a wilful violation, the court may, in its discretion, increase the amount of the award to an amount not exceeding five thousand dollars for each violation. (C) Notwithstanding another provision of law, in addition to any damages awarded, the person initiating the action for a violation of this chapter may be awarded reasonable attorneys' fees and court costs. (D) An action for damages, attorneys' fees, and costs brought pursuant to this section may be filed in an appropriate circuit court or municipal or magistrates court so long as the amount claimed does not exceed the jurisdictional limits as applicable. An action brought pursuant to this section that includes a request for an injunction must be filed in an appropriate circuit court. (E) It must be a defense to any action brought under this section that the violation was not intentional and resulted from a bona fide error.
S.C. Code Ann. § 37-1-104 — SC Code / Title 37 / Chapter 1 / Section 37-1-104
SECTION 37-1-104. Construction against implicit repeal.
Status: repealed

This title being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.
S.C. Code Ann. § 37-22-110 — SC Code / Title 37 / Chapter 22 / Section 37-22-110
SECTION 37-22-110. Definitions.
Status: in_force

The following definitions apply in this chapter: (1) "Act as a mortgage broker" means to act, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, by: (i) soliciting, processing, placing, or negotiating a mortgage loan for a borrower from a mortgage lender or depository institution or offering to process, place, or negotiate a mortgage loan for a borrower from a mortgage lender or depository institution, (ii) engaging in tablefunding of a mortgage loan, or (iii) acting as a loan correspondent whether those acts are done by telephone, by electronic means, by mail, or in person with the borrowers or potential borrowers. "Act as a mortgage broker" also includes bringing a borrower and lender together to obtain a mortgage loan or rendering a settlement service as described in 12 U.S.C. 2602(3) and 24 C.F.R. Part 3500.2(b). (2) "Act as a mortgage lender" means to engage in the business of making or servicing a mortgage loan for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, including soliciting, processing, placing, or negotiating a mortgage loan. (3) "Administrator" means the Administrator of the Department of Consumer Affairs (department) or the administrator's designees. (4) "Advertising" means a commercial message in a medium that promotes, either directly or indirectly, a mortgage loan transaction. (5) "Affiliate" means a company that controls, is controlled by, or is under common control with another company, as set forth in the Bank Holding Company Act of 1956 (12 U.S.C. Section 1841, et seq.). For purposes of this item, the term "control" means ownership of all of the voting stock or comparable voting interest of the controlled person. (6) "Board" means the State Board of Financial Institutions as that term is used in Chapter 1, Title 34. (7) "Borrower" means a natural person in whose dwelling a security interest is or is intended to be retained or acquired if that person's ownership interest in the dwelling is or is to be subject to the security interest. (8) "Branch manager" means the natural person who is in charge of and who is responsible for the business operations of a branch office of a licensee. (9) "Branch office" means an office of the licensee that is separate and distinct from the licensee's principal office. (10) "Clerical or support duties" mean administrative functions after the receipt of an application by a licensed mortgage originator or lender, such as gathering information, requesting information, word processing, sending correspondence, or assembling files, and may include: (a) the receipt, collection, and distribution common for the processing or underwriting of a residential mortgage loan; or (b) any communication with a borrower to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include taking a residential mortgage loan application, offering or negotiating loan rates or terms, or counseling consumers about residential mortgage loan rates or terms. (11) "Commissioner" means the designee of the State Board of Financial Institutions for purposes of licensing and regulation of mortgage lenders and mortgage loan originators pursuant to this chapter. (12) "Control", except as provided in item (5), means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. A person is presumed to have "control" of a company if that person: (i) is a director, general partner or executive officer, (ii) directly or indirectly has the right to vote ten percent or more of a class of a voting security or has the power to sell or direct the sale of ten percent or more of a class of voting securities, (iii) in the case of an LLC, is the managing member, or (iv) in the case of a partnership, has the right to receive upon dissolution, or has contributed, ten percent or more of the capital. (13) "Depository institution" has the same meaning as in Section 3 of the Federal Deposit Insurance Act (12 U.S.C. Section 1811, et seq.), and includes a credit union. (14) "Dwelling" means the same as the term in Section 226.2(a)19 of Title 12 of the Code of Federal Regulations and the Federal Reserve Board's Official Staff Commentary to that section. (15) "Employee" means a natural person who has an employment relationship, acknowledged by both the natural person and the mortgage lender, and is treated like an employee for purposes of compliance with the federal income tax laws. (16) "Escrow account" means an account that a mortgage lender establishes or controls on behalf of a borrower to pay taxes, insurance premiums including flood insurance, or other charges with respect to a mortgage loan, including charges that the borrower and mortgage lender have voluntarily agreed that the mortgage lender collects and pays. The definition encompasses an account established for this purpose. For purposes of this item, the term "escrow account" excludes an account that is under the borrower's total control. (17) "Escrow funds" means money entrusted to a mortgage lender by a borrower for the purpose of payment of taxes and insurance or other payments to be made in connection with the servicing of a mortgage loan. (18) "Exempt person" means: (a) an employee of a licensee whose responsibilities are limited to clerical or support duties for the employer and who does not solicit borrowers, accept applications, or negotiate the terms of loans on behalf of the employer; (b) a depository institution or a subsidiary that is wholly owned and controlled by the depository institution and regulated by a federal banking agency or an institution regulated by the Farm Credit Administration. This chapter does not apply to the exempt persons described in this subitem; (c) an officer, registered loan originator, or employee of an exempt person described in subitem (b) of this section when acting in the scope of employment for the exempt person; (d) a person who offers or negotiates terms of a mortgage loan with or on behalf of an immediate family member of the individual; (e) an individual who offers or negotiates terms of a mortgage loan secured by a dwelling that served as the person's residence; (f) an employee whose employment as a processor or underwriter is undertaken pursuant to the direction and supervision of a licensee or exempt person except when the processor or underwriter is working as an independent contractor; (g) an attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a mortgage lender, a mortgage broker, or other mortgage loan originator or by an agent of the mortgage lender, mortgage broker, or other mortgage loan originator; (h) an attorney who works for a mortgage lender, pursuant to a contract, for loss mitigation efforts or third party independent contractor who is HUD-certified, Neighborworks-certified, or similarly certified, who works for a mortgage lender, pursuant to a contract, for loss mitigation efforts; (i) a retailer of manufactured or modular homes or an employee of the retailer if the retailer or employee: (i) does not receive compensation or other gain for engaging in activities described in item (1), (2), or (26) in excess of any compensation or gain received in a comparable cash transaction; (ii) discloses in writing to the consumer any corporate affiliation with any creditor and, if a corporate affiliation exists, the identity of at least one unaffiliated creditor; and (iii) does not directly negotiate with the consumer or lender on loan terms including, but not limited to, rates, fees, and other costs; or (j) any other person deemed exempt pursuant to the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), Section 1508, Title V of the Housing and Economic Recovery Act of 2008, Public Law 110-289, and any regulations promulgated thereunder. (19) "Federal banking agencies" means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. (20) "Financial services or financial services related business" means pertaining to securities, commodities, banking, insurance, consumer lending, or real estate including, but not limited to, acting as or being associated with a bank or savings association, credit union, mortgage lender, mortgage servicer, mortgage broker, real estate broker, real estate salesperson or agent, closing agent, title company, or escrow agent. (21) "Immediate family member" means a spouse, child, sibling, parent, grandparent, or grandchild including stepparents, stepchildren, stepsiblings, and adoptive relationships. (22) "Individual servicing a mortgage loan" means an employee of a mortgage lender licensed in this State, that: (a) collects or receives payments including payments of principal, interest, escrow amounts, and other amounts due on existing obligations due and owing to the licensed mortgage lender for a mortgage loan including, but not limited to, when: (i) the borrower is in default; or (ii) the borrower is in reasonably foreseeable likelihood of default; (b) works with the borrower and the licensed mortgage lender, collects data, and makes decisions necessary to modify, either temporarily or permanently, certain terms of those obligations; or (c) otherwise finalizes collection through the foreclosure process. (23) "Licensee" means a person who is licensed pursuant to this chapter. (24) "Loan commitment" or "commitment" means a statement, written or electronic, by the mortgage lender setting forth the terms and conditions upon which the mortgage lender is willing to make a particular mortgage loan to a particular borrower. (25) "Loan correspondent" means a person engaged in the business of making mortgage loans as a third party originator and who does not engage in all three of the following activities with respect to each mortgage loan: (a) underwrite the mortgage loan written by their employees; (b) approve the mortgage loan; and (c) fund the mortgage loan utilizing an unrestricted warehouse or credit line. A loan correspondent is not a mortgage lender. (26) "Loan originator" means a natural person who, in exchange for compensation or gain or in the expectation of compensation or gain as an employee of a licensed mortgage lender, solicits, negotiates, accepts, or offers to accept applications for mortgage loans, including electronic applications, or includes direct contact with, or informing mortgage loan applicants of, the rates, terms, disclosures, and other aspects of the mortgage loan. The definition of "loan originator" does not include an exempt person described in item (18) or a person solely involved in extensions of credit relating to timeshare plans, as that term is defined in Section 101(53D) of Title 11, United States Code. The definition of loan originator does not apply to an individual servicing a mortgage loan as that term is defined in this chapter until July 31, 2011, unless the United States Department of Housing and Urban Development or a court of competent jurisdiction determines before that time that those individuals servicing mortgage loans are "loan originators" as that term is defined in the SAFE Act pursuant to Section 1508 of Title V of the Housing and Economic Recovery Act of 2008, Public Law 110-289. Solely acquiring and reviewing a credit report does not constitute acting as a loan originator. (27) "Make a mortgage loan" means to close a mortgage loan, advance funds, offer to advance funds, or make a commitment to advance funds to a borrower under a mortgage loan. (28) "Managing principal" means a natural person who meets the requirements of Section 37-22-140(C) and who agrees to be primarily responsible for the operations of a licensed mortgage lender. (29) "Mortgage broker" means a person who acts as a mortgage broker, as that term is defined in item (1). (30) "Mortgage lender" means a person who acts as a mortgage lender as that term is defined in item (2) or engages in the business of servicing mortgage loans for others or collecting or otherwise receiving mortgage loan payments directly from borrowers for distribution to another person. This definition does not include engaging in a tablefunded transaction. (31) "Mortgage loan" means a loan made to a natural person primarily for personal, family, or household use, primarily secured by a mortgage, deed of trust, or other security interest on residential real property or security interest arising under an installment sales contract or equivalent security interest against the borrower's dwelling and: (i) located in South Carolina, (ii) negotiated, offered, or otherwise transacted within this State, in whole or in part, or (iii) made or extended within this State. (32) "Nationwide Mortgage Licensing System and Registry" means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators of licensees licensed pursuant to this chapter. (33) "Nontraditional mortgage product" means a mortgage product other than a thirty-year fixed rate mortgage loan. (34) "Person" means a natural person, partnership, limited liability company, limited partnership, corporation, association, or other group engaged in joint business activities, however organized. (35) "Processor or underwriter" means an employee of a mortgage broker, mortgage lender, or exempt person who performs clerical or support duties at the direction of and subject to the supervision and instruction of a licensee or exempt person and may include direct contact with applicants but does not include soliciting, negotiating, accepting, or offering to accept applications that include personal identifying information as defined in Section 16-13-510(D) for mortgage loans including electronic applications or informing applicants of the rates, terms, disclosures, and other aspects of the mortgage loan. (a) For purposes of this item only, clerical or support duties may include after the receipt of an application: (i) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a mortgage loan, and (ii) communication with a consumer to obtain the information necessary for the processing or underwriting of a mortgage loan, to the extent that the communication does not include offering or negotiating loan rates or terms or counseling consumers about mortgage loans. (b) A person engaging solely in loan processor or underwriter activities may not represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items that the person may or will perform any of the activities of a loan originator. (c) A processor or underwriter who is an independent contractor may not engage in the activities of a processor or underwriter unless the independent contractor processor or underwriter obtains and maintains a license as provided by rule or regulation pursuant to Section 37-22-270. (36) "Registered loan originator" means a natural person who meets the definition of loan originator and is an employee of a depository institution or a subsidiary that is wholly owned and controlled by the depository institution and regulated by a federal banking agency or an institution regulated by the Farm Credit Administration and is registered with and maintains a unique identifier through the Nationwide Mortgage Licensing System and Registry. (37) "Residential real property" means real property located in the State of South Carolina upon which there is located or is to be located one or more single-family dwellings or dwelling units that are to be occupied as the owner's dwelling, and includes real estate and residential manufactured home (land/home) transactions. (38) "RESPA" means the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. Section 2601, et seq., and regulations adopted pursuant to it including, but not limited to, the TILA-RESPA Integrated Disclosure Rule. (39) "Soliciting, processing, placing, or negotiating a mortgage loan" means, for compensation or gain or in the expectation of compensation or gain, either directly or indirectly, accepting or offering to accept an application for a mortgage loan, assisting or offering to assist in the processing of an application for a mortgage loan, soliciting or offering to solicit a mortgage loan, or negotiating or offering to negotiate the terms or conditions of a mortgage loan. (40) "Tablefunding" means a settlement at which a loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. (41) "TILA" means the Truth in Lending Act, 15 U.S.C. Section 1601, et seq., and regulations adopted pursuant to it including, but not limited to, the TILA-RESPA Integrated Disclosure Rule. (42) "Unique identifier" means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry. Editor's Note 2009 Act No. 67 SECTION 7 provides as follows: "Except as otherwise provided herein, this act is effective January 1, 2010, except that the definition of 'mortgage loan originator' does not include an individual servicing a mortgage loan as that term is defined in Section 37-22-110(22) and Section 40-58-20(20) until July 31, 2011." Effect of Amendment 2017 Act No. 93, SECTION 1, in (1), deleted ", as that term is defined in 24 C.F.R. Part 202, et seq.," following "loan correspondent"; in (18), deleted (f), which had related to a natural person who sells residential real estate and who lends or services no more than five purchase money notes secured by mortgages, redesignated accordingly, added (j), relating to any other person deemed exempt pursuant to the SAFE Act, and made nonsubstantive changes; in (22), in (a), inserted "including, but not limited to,"; inserted (25), relating to the definition of "loan correspondent", and redesignated the other subsections accordingly; in (38), substituted "including, but not limited to, the TILA-RESPA Integrated Disclosure Rule" for "by the Department of Housing and Urban Development"; and, in (41), substituted "including, but not limited to, the TILA-RESPA Integrated Disclosure Rule" for "by the Board of Governors of the Federal Reserve System". Effect of Amendment 2022 Act No. 173, SECTION 1, in (18), rewrote (i).
S.C. Code Ann. § 37-11-130 — SC Code / Title 37 / Chapter 11 / Section 37-11-130
SECTION 37-11-130. Waiver of certain requirements for certain retirement communities.
Status: in_force

The department may waive any of the requirements of Section 37-11-30(B) for a continuing care retirement community in operation as of the effective date of this chapter.
S.C. Code Ann. § 37-7-109 — SC Code / Title 37 / Chapter 7 / Section 37-7-109
SECTION 37-7-109. Debt management plan; fee; form for consent of creditors; notice of plan to creditors; presumed consent.
Status: in_force

(A) Upon establishing a debt management plan for a debtor, a licensee may charge and receive a setup fee as established by the department by regulation. If, within forty-five days of establishing the debt management plan, the lack of consent from the debtor's creditors causes the DMP to be no longer suitable for the debtor, the fee must be returned to the debtor and the debtor's account closed. (B) Consent from the debtor's creditors must be recorded on a separate form to be kept in the debtor's file. The form must contain: (1) a list of all the creditors; (2) the manner in which consent was sought; (3) the date of each contact; (4) the name of the person contacted, if available; (5) the response obtained from the person contacted; (6) revised or special conditions or arrangements that condition the consent; and (7) the date on which the required consent was secured. (C) The consent of a creditor may be sought by sending a notice of a debt management plan to a creditor by appropriate means, including by telephone, facsimile, electronic mail, or first class mail. If the creditor does not respond within fourteen days after the sending of the notice, it is presumed that the creditor has given consent. (D) If a payment under the debt management plan is sent to a creditor, acceptance of the payment or plan is presumed seven days after sending the payment.
S.C. Code Ann. § 37-20-161 — SC Code / Title 37 / Chapter 20 / Section 37-20-161
SECTION 37-20-161. Security freezes by consumer reporting agencies for protected consumers.
Status: in_force

(A) For purposes of this section: (1) "Protected consumer" means an individual who is: (a) under the age of sixteen years at the time a request for the placement of a security freeze is made; or (b) an incapacitated person or a protected person for whom a guardian or conservator has been appointed. (2) "Record" means a compilation of information that: (a) identifies a protected consumer; (b) is created by a consumer reporting agency solely for the purpose of complying with this section; and (c) may not be created or used to consider the protected consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living for any purpose listed in Section 37-20-110(3). (3) "Representative" means a person who provides to a consumer reporting agency sufficient proof of authority to act on behalf of a protected consumer. (4) "Security freeze" means: (a) if a consumer reporting agency does not have a file pertaining to a protected consumer, a restriction that: (i) is placed on the protected consumer's record in accordance with this section; and (ii) prohibits the consumer reporting agency from releasing the protected consumer's record except as provided in this section; or (b) if a consumer reporting agency has a file pertaining to the protected consumer, a restriction that: (i) is placed on the protected consumer's consumer report in accordance with this section; and (ii) prohibits the consumer reporting agency from releasing the protected consumer's consumer report or any information derived from the protected consumer's consumer report except as provided in this section. (5) "Sufficient proof of authority" means documentation that shows a representative has authority to act on behalf of a protected consumer and includes: (a) an order issued by a court of law; (b) a lawfully executed and valid power of attorney; or (c) a written, notarized statement signed by a representative that expressly describes the authority of the representative to act on behalf of a protected consumer. (6) "Sufficient proof of identification" means information or documentation that identifies a protected consumer or a representative of a protected consumer and includes: (a) a social security number or a copy of a social security card issued by the social security administration; (b) a certified or official copy of a birth certificate issued by the entity authorized to issue the birth certificate; or (c) a copy of a driver's license, an identification card issued by the motor vehicle administration, or any other government-issued identification. (B) This section does not apply to the use of a protected consumer's consumer report or record by a person specified in Section 37-20-160(K) or (L). (C)(1) A consumer reporting agency shall place a security freeze for a protected consumer if: (a) the consumer reporting agency receives a request from the protected consumer's representative for the placement of the security freeze under this section; and (b) the protected consumer's representative: (i) submits the request to the consumer reporting agency at the address or other point of contact and in the manner specified by the consumer reporting agency; (ii) provides to the consumer reporting agency sufficient proof of identification of the protected consumer and the representative; and (iii) provides to the consumer reporting agency sufficient proof of authority to act on behalf of the protected consumer; (2) if a consumer reporting agency does not have a file pertaining to a protected consumer when the consumer reporting agency receives a request under item (1), the consumer reporting agency shall create a record for the protected consumer. (D) Within thirty days after receiving a request that meets the requirements of item (1), a consumer reporting agency shall place a security freeze for the protected consumer. (E) Unless a security freeze for a protected consumer is removed in accordance with subsection (G) or (I), a consumer reporting agency may not release the protected consumer's consumer report, any information derived from the protected consumer's consumer report, or any record created for the protected consumer. (F) A security freeze for a protected consumer placed under subsection (D) shall remain in effect until: (1) the protected consumer or the protected consumer's representative requests the consumer reporting agency to remove the security freeze in accordance with subsection (G) of this section; or (2) the security freeze is removed in accordance with subsection (I). (G) If a protected consumer or a protected consumer's representative wishes to remove a security freeze for the protected consumer, the protected consumer or the protected consumer's representative shall: (1) submit a request for the removal of the security freeze to the consumer reporting agency at the address or other point of contact and in the manner specified by the consumer reporting agency; and (2) provide to the consumer reporting agency: (a) in the case of a request by the protected consumer: (i) sufficient proof of authority for the protected consumer's representative to act on behalf of the protected consumer is no longer valid; and (ii) sufficient proof of identification of the protected consumer; or (b) in the case of a request by the representative of a protected consumer: (i) sufficient proof of identification of the protected consumer and the representative; and (ii) sufficient proof of authority to act on behalf of the protected consumer. (H) Within fifteen days after receiving a request that meets the requirements of subsection (G), the consumer reporting agency shall remove the security freeze for the protected consumer. (I) A consumer reporting agency may remove a security freeze for a protected consumer or delete a record of a protected consumer if the security freeze was placed or the record was created based on a material misrepresentation of fact by the protected consumer or the protected consumer's representative. (J) A consumer reporting agency must not charge a fee to place a security freeze for a protected consumer. If the protected consumer does not already have a consumer credit file, and the consumer reporting agency must create one in order to place the security freeze, the consumer reporting agency must not charge a fee to create a consumer credit file in order to place the security freeze.
S.C. Code Ann. § 37-6-117 — SC Code / Title 37 / Chapter 6 / Section 37-6-117
SECTION 37-6-117. Administrative responsibilities respecting consumer protection generally.
Status: in_force

In addition to his powers and responsibilities relating to consumer credit transactions the administrator shall: (a) receive complaints of individuals pertaining to any consumer transaction arising out of the production, promotion or sale of consumer goods and services; endeavor to determine the probable basis and merit of such complaint and advise the complainant of such determination; (b) subject to the provisions of Section 37-6-118, refer to the appropriate state or federal agency any complaint which is under the jurisdiction of such agency, for appropriate action. (c) endeavor to bring about a voluntary adjustment of any such complaint not within the jurisdiction of any regulatory or enforcement agency; (d) cooperate with and assist the South Carolina and United States Attorney General and all state and local agencies performing consumer protection functions in carrying out their legal enforcement responsibilities for the protection of consumers; (e) initiate and encourage programs to inform consumers of market practices and schemes which are fraudulent, deceptive or illegal; how to detect and avoid abusive consumer transactions; and of remedies and relief available to consumers; (f) undertake activities to encourage business and industry to maintain high standards of honesty, fair business practices, and public responsibility in the production, promotion and sale of consumer goods and services; (g) study the operation of consumer protection laws and recommend to the Governor and the legislature new laws and amendments to laws which would promote the protection of legitimate interests of consumers within this State; (h) a state agency to which a written consumer complaint is referred pursuant to item (b) shall have the same power and responsibility with respect to such complaint as is provided in items (a), (b) and (d) and shall endeavor to effect a voluntary settlement of any such complaint arising out of a transaction with a person who is subject to the regulatory or enforcement jurisdiction of such agency. (i) with the approval of the Commission on Consumer Affairs, bring an individual action for a consumer who might have a cause of action for damages resulting from the use of or employment by another person of an unfair or deceptive method, act, or practice, as provided in Section 39-5-140, when he considers such action is necessary to protect the consumer's interest, the actual damages sought are two thousand five hundred dollars or less, and either the individual has written evidence that two attorneys licensed to practice law in this State have reviewed the case and have declined to represent the individual in pursuing the cause of action, or an attorney licensed to practice law in this State, after reviewing the facts of the case, in writing has requested that the administrator bring an action on behalf of the consumer under this section; (j) develop a written pamphlet that explains the rights and responsibilities of consumers who obtain from a licensed lender consumer loans under this title and Title 34 for distribution in all licensed consumer loan offices. Such pamphlet shall include the names, addresses, and telephone numbers of state agencies responsible for enforcing the provisions of this title and Title 34. Such pamphlet shall be given to a consumer at the time the initial loan by a licensed lender is made whenever the amount financed is two thousand dollars or less and shall be readily available to all consumers at all times in each licensed consumer loan office. The administrator shall consult with, and seek input from representatives of consumers, the consumer finance industry, and the Director of the Consumer Finance Division of the Board of Financial Institutions. Each licensed lender shall be responsible for reproducing and distributing the pamphlet finally approved and authorized by the administrator. The pamphlet developed under this subsection shall be provided to consumers as of January 1, 1996. The provisions of this subsection do not apply if consumer-industry appeals, arbitration or mediation panels or boards, whose decisions are binding on the participating business, are available in this State for the product or service concerned, provided such business complies with the decision of the panel or board.
S.C. Code Ann. § 37-3-512 — SC Code / Title 37 / Chapter 3 / Section 37-3-512
SECTION 37-3-512. Conduct of business other than making loans.
Status: in_force

(1) Except as provided in subsection (2), a restricted lender and a licensee authorized to make supervised loans pursuant to the provisions on authority to make supervised loans (Section 37-3-502) may not engage in the business of selling goods, or permit others to engage in the business of selling goods, at a location where supervised loans are made. In this section, "location" means the entire space in which supervised loans are made and must be separated from any space where goods are sold or leased by walls which may be broken only by a passageway to which the public is not admitted. (2) This section does not apply to (a) occasional sales of property used in the ordinary course of business of the licensee; (b) sales of items of collateral of which the licensee has taken possession; (c) sales of items by a licensee who is also authorized by law to operate as a pawnbroker; or (d) Supervised Financial Organizations. (3) A licensee may not carry on other business for the purpose of evasion or violation of this title at a location where he makes supervised loans.
S.C. Code Ann. § 37-23-60 — SC Code / Title 37 / Chapter 23 / Article 3 / Section 37-23-60
SECTION 37-23-60. Bona fide error; restitution.
Status: in_force

A lender of a high-cost home loan who acts in good faith but through a bona fide unintentional error, notwithstanding the maintenance of procedures reasonably adapted to avoid errors, fails to comply with this article must make restitution to the borrower. Within forty-five days after the discovery of the compliance failure or receipt of written notice of the compliance failure, the lender must notify the borrower and make the necessary adjustments to the loan to make the high-cost home loan satisfy the requirements of Sections 37-23-30, 37-23-40, and 37-23-45. If the harm to the borrower cannot be remedied by compliance with the high-cost loan requirement of Sections 37-23-30, 37-23-40, and 37-23-45, the lender must change the terms of the loan in a manner beneficial to the borrower so that the loan is no longer considered a high-cost home loan subject to the provisions of this article. Examples of a bona fide error include clerical, calculation, computer malfunction and programming, and printing errors. An error of legal judgment with respect to a person's obligations pursuant to this article is not a bona fide error.
S.C. Code Ann. § 37-7-110 — SC Code / Title 37 / Chapter 7 / Section 37-7-110
SECTION 37-7-110. Written contract; contents; required disclosures; cancellation of plan.
Status: reserved

(A) A written contract is required. A service that requires any payment, fee, or other consideration may not be provided by a credit counseling organization for a consumer unless a written and dated contract for the purchase of those services, which meets the requirements of subsections (B) and (C), has been signed by the consumer. This section does not apply to the setup fee described in Section 37-7-109(A). (B) A contract referred to in subsection (A) does not meet the requirements of this subsection unless it includes in writing: (1) the name, address, and phone number of the consumer and licensee; (2) a reasonable estimate of all payments and fees to be made by the consumer to the credit counseling organization over the term of the contract, including a maximum amount; (3) a schedule of payments, including the amount and due date of each payment, that the consumer shall make to the licensee for disbursement to the consumer's creditors, and the terms applicable to any late payment of, or default on, the amount; (4) full and detailed description of the services to be performed by the credit counseling organization including all guarantees of performance and an estimate of the date by which the performance of the services to be performed by the organization are to be completed or the length of the period necessary to perform those services. This period must not exceed five years from the original date of entering the contract; (5) a list of each participating creditor of the consumer to which payments are to be made by the licensee under the debt management plan. At the time of execution of the DMP, a licensee shall have a good faith belief that the creditors listed in the DMP are to participate in the DMP. A licensee shall advise the consumer of changes by the creditor in accepting payments under the DMP within two business days upon learning of the changes. The listing must include the: (a) amount owed to each creditor; (b) amount of each payment; (c) date on which each payment is to be made; and (d) anticipated payoff date for each creditor; (6) a list of each creditor not participating in the DMP; and (7) a conspicuous statement in bold-face type, in immediate proximity to the space reserved for consumer's signature on the contract, that reads as follows: 'You may cancel this contract without penalty or obligation for any reason and at any time by giving ten days' written notice of rescission to the licensee. Once your services are canceled, you are entitled to a refund of all unexpended funds you have paid to the credit counseling organization'. (C) The written contract must also contain a disclosure that the: (1) licensee also may receive compensation from the consumer's creditors for providing credit counseling services to the consumer; (2) licensee may not require, as a condition of entering into a DMP, a consumer to purchase any other product or service, or solicit or offer to sell any other product or service to the consumer during the term of the DMP; (3) licensee may not require a voluntary contribution from a consumer for a service provided by the licensee to the consumer; and (4) consumer may contact the department if the consumer has complaints about the credit counseling services received. The current phone number for the department must be included in the contract. (D) The licensee must cancel a debt management agreement upon consumer request at any time for any reason. A consumer must give at least ten days' notice to the licensee of a request to cancel. A consumer who cancels a debt management agreement is entitled to a full refund of all unexpended funds that the consumer has paid to the licensee.
S.C. Code Ann. § 37-22-270 — SC Code / Title 37 / Chapter 22 / Section 37-22-270
SECTION 37-22-270. Participation in Nationwide Mortgage Licensing System and Registry.
Status: in_force

(A) The commissioner may participate in a Nationwide Mortgage Licensing System and Registry and may: (1) facilitate and participate in the establishment and implementation of the Nationwide Mortgage Licensing System and Registry; (2) enter into agreements and contracts including cooperative, coordinating, and information sharing agreements; (3) contract with third parties to process, maintain and store information collected by the Nationwide Mortgage Licensing System and Registry; (4) authorize the Nationwide Mortgage Licensing System and Registry to collect fingerprints on the commissioner's behalf in order to receive national criminal history background record checks from the FBI to retain for certification purposes and for notification of the commissioner regarding subsequent criminal charges which may be reported to the FBI in accordance with Sections 37-22-140 and 37-22-240; (5) authorize the Nationwide Mortgage Licensing System and Registry to collect credit reports on the commissioner's behalf for all licensees in accordance with Section 37-22-140; (6) require persons that must be licensed by this chapter to utilize the Nationwide Mortgage Licensing System and Registry; (7) require all applicants and licensees to pay all applicable funds provided for in this chapter through the Nationwide Mortgage Licensing System and Registry; (8) provide information to and receive information from the Nationwide Mortgage Licensing System and Registry; (9) authorize a third party to collect funds associated with licensure on behalf of the commissioner; and (10) authorize the Nationwide Mortgage Licensing System and Registry to collect and disburse consumer complaints. (B) Persons required to be licensed pursuant to this chapter must be required to pay all applicable fees to utilize the Nationwide Mortgage Licensing System and Registry and consent to utilizing the Nationwide Mortgage Licensing System and Registry to obtain fingerprint-based criminal history background record checks and credit reports. (C) The commissioner shall provide licensees with written notice sent to the address of record on file with the commissioner through the United States Postal Service the date the Nationwide Mortgage Licensing System and Registry will be available for their use. Licensees shall have one hundred and twenty days from the date the system is available for use to enter all their licensing information into the Nationwide Mortgage Licensing System and Registry. All filings required by the commissioner pursuant to this chapter after the date the system is available for use must be made through the Nationwide Mortgage Licensing System and Registry, except for exempt persons. (D) All licensees licensed through the Nationwide Mortgage Licensing System and Registry must use the unique identifier assigned in all advertising and on all mortgage loan documents. (E) Notwithstanding another provision of law to the contrary, the Nationwide Mortgage Licensing System and Registry is not intended to and does not replace or affect the commissioner's authority to grant, suspend, revoke, or deny a license required pursuant to this chapter. (F) The commissioner shall develop a plan that ensures an orderly transition to the Nationwide Mortgage Licensing System and Registry. This transition plan must address issues of prelicensing education, written examinations, credit reports, and national and state fingerprint-based criminal histories and record checks. Effect of Amendment 2017 Act No. 93, SECTION 8, amended (A)(4), deleting references to SLED.
S.C. Code Ann. § 37-22-160 — SC Code / Title 37 / Chapter 22 / Section 37-22-160
SECTION 37-22-160. Continuing professional education.
Status: in_force

(A) As a condition of license renewal, a licensee must complete at least eight hours of continuing professional education annually, which shall include at least one hour on South Carolina laws and regulations, for the purpose of enhancing professional competence and responsibility. The continuing professional education completed must be reported to the commissioner annually. Documentation of courses completed must be maintained by all licensees. This documentation is subject to inspection by the commissioner for up to two years after the date of course completion. (B) Continuing education credit may be granted only for the year in which the class is taken and may not be granted for the same course in successive years. (C) If a licensee fails to complete the continuing professional education before the license expiration date, his license expires and he shall pay a penalty of not more than one hundred dollars, in addition to other fees or penalties that have accrued, to reinstate the license. (D) All prelicensing education, continuing education, and written examinations must be approved through the Nationwide Mortgage Licensing System and Registry, pursuant to 12 U.S.C. 5101, et seq. before credit can be awarded. Applicants and licensees that successfully complete education or testing approved through the Nationwide Mortgage Licensing System and Registry fulfill the requirements of this State. Effect of Amendment 2017 Act No. 93, SECTION 4, in (A), inserted ", which shall include at least one hour on South Carolina laws and regulations,".
S.C. Code Ann. § 37-22-140 — SC Code / Title 37 / Chapter 22 / Section 37-22-140
SECTION 37-22-140. Application for licensure; information required; identification of managing principal; filing fee; surety bond; issuance of license.
Status: in_force

(A) A person desiring to obtain a license pursuant to this chapter shall make application for licensure to the commissioner on forms prescribed by the commissioner. The application must contain the information the commissioner considers necessary including, but not limited to, the applicant's: (1) name, address, and social security number or, if applicable, Employer Identification Number (EIN); (2) form and place of organization, if applicable; (3) proposed method of and locations for doing business, if applicable; (4) qualifications and business history and, if applicable, the business history of any partner, officer, or director, a person occupying a similar status or performing similar functions, or a person directly or indirectly controlling the applicant, including: (i) a description of any injunction or administrative order by a state or federal authority to which the person is or has been subject, including denial, suspension, or revocation of a financial services or financial services related license or registration; (ii) a conviction, or plea of guilty or nolo contendere to a misdemeanor within the last ten years involving financial services or a financial services related business or any fraud, false statements or omissions, theft or wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, money laundering, breach of trust, or a conspiracy to commit any of these offenses; and (iii) a conviction of, or plea of guilty or nolo contendere to, a felony; (5) financial condition, credit history, and business history, with respect to an application for licensing as a mortgage lender; and credit history and business history, with respect to the application for licensing as a loan originator; and (6) consent to a national fingerprint-based criminal history record check pursuant to Section 37-22-240 and submission of a set of the applicant's fingerprints in a form acceptable to the commissioner. In the case of an applicant that is a corporation, partnership, limited liability company, association, or trust, each natural person who has control of the applicant or who is the managing principal or a branch manager shall consent to a national fingerprint-based criminal history record check pursuant to Section 37-22-240 and submit a set of that natural person's fingerprints pursuant to this item. Refusal to consent to a criminal history record check constitutes grounds for the commissioner to deny licensure to the applicant as well as to any entity: (i) by whom or by which the applicant is employed; (ii) over which the applicant has control; or (iii) as to which the applicant is the current or proposed managing principal or a current or proposed branch manager. (B) In addition to the requirements imposed by the commissioner in subsection (A), each applicant for licensure as a loan originator shall: (1) have attained the age of at least eighteen years; (2) work for a licensed mortgage lender; (3) have satisfactorily completed prelicensing education of at least twenty hours, which shall include at least three hours on South Carolina laws and regulations, and the National Test Component with Uniform State Content approved pursuant to 12 U.S.C. 5101, et seq.; (4) have never had a loan originator license revoked in any governmental jurisdiction; and (5) have not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court: (i) during the ten-year period preceding the date of the application for licensing, or (ii) at any time, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering. (C) In addition to the requirements of subsection (A) of this section, each applicant for licensure as a mortgage lender at the time of application and at all times after that shall comply with the following requirements: (1) If the applicant is a sole proprietor, the applicant shall have at least three years of experience in financial services or financial services related business or other experience or competency requirements as the commissioner may impose. (2) If the applicant is a general or limited partnership, at least one of its general partners shall have the experience described in item (1). (3) If the applicant is a corporation, at least one of its principal officers shall have the experience described in item (1). (4) If the applicant is a limited liability company, at least one of its members or managers shall have the experience described in item (1). (5) Instead of a showing of three years' experience, an applicant may show proof of three years' employment with a federally insured depository institution or a VA-, FHA-, or HUD-approved mortgagee. (D) Each applicant shall identify one person meeting the requirements of subsections (B) and (C) to serve as the applicant's managing principal. (E) Every applicant for initial licensure shall pay a filing fee of one thousand dollars for licensure as a mortgage lender or fifty dollars for licensure as a loan originator, in addition to the actual cost of obtaining credit reports and national fingerprint-based criminal history record checks. If a licensed loan originator changes employment, a new license must be issued and a fee of twenty-five dollars must be paid. (F) A mortgage lender shall post and maintain a surety bond in an amount determined by the commissioner, based on the total dollar amount of mortgage loans subject to regulation by the commissioner pursuant to this act in a calendar year in this State pursuant to the following: (i) dollar volume of mortgage loans from $0 to $49,999,999, surety bond of $50,000, (ii) dollar volume of mortgage loans from $50,000,000 to $249,999,999, surety bond of $100,000, (iii) dollar volume of mortgage loans greater than $250,000,000 surety bond of $150,000. In no case is the surety bond less than fifty thousand dollars. The surety bond must be executed by a surety company authorized by the laws of this State to transact business within this State. The surety bond must be in a form satisfactory to the commissioner, must be executed to the commissioner, and must be for the use of the State for the recovery of expenses, fines, and fees, or any of them, levied pursuant to this chapter and for consumers who have losses or damages as a result of noncompliance with this chapter by the mortgage lender. The full amount of the surety bond must be in effect at all times. The license of a licensee expires upon the termination of the bond by the surety company, unless a new bond is filed with the commissioner before the termination of the previous bond. If the license expires based on bond termination, all licensed activity must cease and the person must apply for a license pursuant to subsection (A). (G) Any sole proprietor, general partner, member or manager of a limited liability company, or officer of a corporation who meets individually the requirements of subsection (B), upon payment of the applicable fee, meets the qualifications for licensure as a loan originator subject to the provisions of subsection (I). (H) Each principal office and each branch office of a licensed mortgage lender at which business is conducted must be licensed pursuant to this chapter and must be issued a separate license. A licensed mortgage lender shall file with the commissioner an application on a form prescribed by the commissioner which identifies the address of the principal office and each branch office and branch manager. The commissioner may license a personal residence of a loan originator as a branch office if it is located more than seventy-five miles from a commercial branch office location. A licensing fee of one hundred fifty dollars must be assessed by the commissioner for each branch office issued a license. (I) If the commissioner determines that an applicant meets the qualifications for licensure and finds that the financial responsibility, character, and general fitness of the applicant are such as to command the confidence of the community and to warrant belief that the business is to be operated honestly, fairly, and efficiently according to the purposes of this chapter and in accordance with all applicable state and federal laws, the commissioner shall issue a license to the applicant. If the commissioner does not make that determination, the commissioner shall refuse to license the applicant and shall notify him of the denial. (J) Issuance of a license does not indicate approval or acceptance of any contract, agreement, or other document submitted in support of the application. A licensee may not represent that its services or contracts are approved by the State or state agency. (K) A person who obtains a license as a mortgage lender, upon notice to the commissioner on a form prescribed by the commissioner, may act as a mortgage broker as defined in Section 37-22-110(1). The commissioner shall provide to the administrator notification of which mortgage lenders also are acting as brokers. A mortgage lender who also acts as a mortgage broker is not required to obtain a license as a mortgage broker pursuant to Chapter 58, Title 40, unless the person acts as a mortgage broker with regard to the majority of mortgage loans reported on the person's Mortgage Call Report filed during the last two quarters of the previous calendar year and the first two quarters of the current calendar year. A mortgage lender acting as a mortgage broker must comply with Sections 40-58-70, 40-58-75, and 40-58-78. (L) Transitional licenses will be granted as authorized by and pursuant to the SAFE Act. (M) If the information contained in a document filed with the commissioner is or becomes inaccurate or incomplete, the licensee promptly shall file a correcting amendment to the information contained in the document. (N) All advertisements of mortgage loans must comply with the Truth in Lending Act, 15 U.S.C. 1601, et seq., and the South Carolina Consumer Protection Code, Title 37. Effect of Amendment 2017 Act No. 93, SECTION 2, amended the section, removing the state fingerprint-based criminal history record check requirement, requiring three hours of prelicensing education on state laws and regulations, allowing licensure of a personal residence under certain circumstances, and allowing for the grant of transitional licenses pursuant to the SAFE Act.
S.C. Code Ann. § 37-7-106 — SC Code / Title 37 / Chapter 7 / Section 37-7-106
SECTION 37-7-106. Grounds for refusal to license, suspension, revocation or refusal to renew.
Status: in_force

The department may refuse to license an applicant or suspend or revoke a license or refuse to renew a license issued pursuant to this chapter if it finds, after notice and a hearing pursuant to the Administrative Procedures Act, that the applicant or his agent has: (1) been convicted of a felony or of an offense involving fraud or dishonest dealing or moral turpitude within the past ten years; (2) violated a provision of this chapter; (3) used fraud or deceit in procuring the issuance of a license or renewal pursuant to this chapter; (4) indulged in a continuous course of unfair conduct; (5) been involved in insolvency, bankruptcy, receivership, or assignment for the benefit of creditors by a licensee; or (6) violated a reasonable rule or regulation made by the department pursuant to this chapter.
S.C. Code Ann. § 37-6-602 — SC Code / Title 37 / Chapter 6 / Section 37-6-602
SECTION 37-6-602. Consumer Advocate; qualifications.
Status: in_force

The Consumer Advocate may be the Administrator of Consumer Affairs or he may be appointed by the administrator with the approval of the Commission on Consumer Affairs. The Consumer Advocate must be an attorney qualified to practice in all courts of this State with a minimum of eight years' practice experience. Editor's Note 2018 Act No. 258, SECTION 12, provides as follows: "SECTION 12. This act takes effect upon approval by the Governor and applies to all cases, proceedings, petitions, or matters pending before the Public Service Commission or in any other court or venue on or after the effective date of this act." Effect of Amendment 2018 Act No. 258, SECTION 5, in the second sentence, substituted "eight years' practice experience" for "three years' practice experience" following "this State with a minimum of".
S.C. Code Ann. § 37-4-108 — SC Code / Title 37 / Chapter 4 / Section 37-4-108
SECTION 37-4-108. Refund or credit required; amount.
Status: in_force

(1) Upon prepayment in full of a consumer credit sale or consumer loan by the proceeds of consumer credit insurance, the debtor or his estate is entitled to a refund of any portion of a separate charge for insurance which by reason of prepayment is retained by the creditor or returned to him by the insurer unless the charge was computed from time to time on the basis of the balances of the debtor's account. (2) This chapter does not require a creditor to grant a refund or credit to the debtor if any refund or credit due to the debtor under this chapter amounts to less than two dollars, and except as provided in subsection (1) does not require the creditor to account to the debtor for any portion of a separate charge for insurance because: (a) the insurance is terminated by performance of the insurer's obligation; (b) the creditor pays or accounts for premiums to the insurer in amounts and at times determined by the agreement between them; or (c) the creditor receives directly or indirectly under any policy of insurance a gain or advantage not prohibited by law. (3) Except as provided in subsection (2), the creditor shall promptly make or cause to be made an appropriate refund or credit to the debtor with respect to any separate charge made to him for insurance if (a) the insurance is not provided or is provided for a shorter term than for which the charge to the debtor for insurance was computed; or (b) the insurance terminates prior to the end of the term for which it was written because of prepayment in full or otherwise. (4) A refund or credit required by subsection (3) is appropriate as to amount if it is computed according to a method prescribed or approved by the Director of the Department of Insurance or a formula filed by the insurer with the Director of the Department of Insurance at least thirty days before the debtor's right to a refund or credit becomes determinable, unless the method or formula is employed after the Insurance Commissioner notifies the insurer that he disapproves it. The rule of 78's or sum of the digits method is a proper method of computing refunds.
S.C. Code Ann. § 37-6-511 — SC Code / Title 37 / Chapter 6 / Section 37-6-511
SECTION 37-6-511. Department to maintain file for each creditor of rate schedules filed by creditor; certified copies; fees.
Status: in_force

The Department of Consumer Affairs shall maintain a file for each creditor containing the original and all revised rate schedules filed by the creditor. A certified copy of each filing showing the date and time that it was received shall be sent to the creditor making the filing at the time of its receipt. A fee of ten dollars for each rate schedule filed by a creditor shall be payable to the Department of Consumer Affairs for its services in maintaining the rate schedule files and providing one certified copy of each rate filing to the creditor. Provided, that each creditor shall be required to pay a minimum annual fee of ten dollars. Additional certified copies of a filing shall be provided at a charge of four dollars per copy.
S.C. Code Ann. § 37-2-410 — SC Code / Title 37 / Chapter 2 / Section 37-2-410
SECTION 37-2-410. No assignment of earnings.
Status: in_force

A seller or lessor may not take an assignment of earnings of the buyer or lessee for payment or as security for payment of a debt arising out of a consumer credit sale or a consumer lease. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the buyer or lessee. This section does not prohibit an employee from authorizing deductions from his earnings if the authorization is revocable.
S.C. Code Ann. § 37-2-202 — SC Code / Title 37 / Chapter 2 / Section 37-2-202
SECTION 37-2-202. Additional charges.
Status: in_force

(1) In addition to the credit service charge permitted by this part, a creditor may contract for and receive the following additional charges: (a) official fees and taxes; (b) charges for insurance as described in subsection (2); (c) with respect to open-end credit pursuant to a seller credit card issued by a creditor which entitles the cardholder to purchase or lease goods or services from at least one hundred persons not related to the card issuer, under an arrangement pursuant to which the debts resulting from the purchases or leases are payable to the card issuer: (i) annual charges, payable in advance, for the privilege of using the credit card; and (ii) an over-limit charge not to exceed ten dollars if the balance of the account exceeds the credit limit established pursuant to the agreement between the card issuer and the cardholder plus the lesser of ten percent of the credit limit or one hundred dollars. The over-limit charge authorized by this subitem may not be assessed again against the cardholder unless the account balance has been reduced below the credit limit plus the lesser of ten percent of the credit limit or one hundred dollars and the cardholder's account balance subsequently exceeds the credit limit plus the lesser of ten percent of the credit limit or one hundred dollars; (d) with respect to a debt secured by an interest in land, the following "closing costs," if they are bona fide, reasonable in amount, and not for the purpose of circumvention or evasion of this title: (i) fees or premiums for title examination, abstract of title, title insurance, surveys, or similar purposes; (ii) fees for preparation of a deed, settlement statement, or other documents, if not paid to the creditor or a person related to the creditor; (iii) escrows for future payments of taxes, including assessments for improvements, insurance, and water, sewer and land rents; (iv) fees for notarizing deeds and other documents, if not paid to the creditor or a person related to the creditor; and (v) fees for appraising the real estate that is collateral for a credit sale, if not paid to the creditor or a person related to the creditor; (e) charges for other benefits, including insurance, conferred on the buyer, if the benefits are of value to him and if the charges are reasonable in relation to the benefits, are of a type that is not for credit, and are authorized as permissible additional charges by rule adopted by the administrator. (2) An additional charge may be made for insurance written in connection with the transaction: (a) with respect to insurance against loss of or damage to property, or against liability arising out of the ownership or use of property, if the creditor furnishes a clear, conspicuous, and specific statement in writing to the consumer setting forth the cost of the insurance if obtained from or through the creditor and stating that the consumer may choose the person through whom the insurance is to be obtained; (b) with respect to consumer credit insurance providing life, accident, health, or unemployment coverage, if the insurance coverage is not required by the creditor, and this fact is clearly and conspicuously disclosed in writing to the consumer, and if in order to obtain the insurance in connection with the extension of credit, the consumer, or two of them in the case of joint coverage, gives specific, dated, and separately signed affirmative written indication of his desire to do so after written disclosure to him of the cost of it with a statement similar to the following appearing in caps, underlined, or disclosed in another prominent manner with the consumer signature required by this section: "CONSUMER CREDIT INSURANCE IS NOT REQUIRED TO OBTAIN CREDIT AND WILL NOT BE PROVIDED UNLESS YOU SIGN AND AGREE TO PAY THE ADDITIONAL COST"; and (c) with respect to vendor's single interest insurance, but only (i) to the extent that the insurer has no right of subrogation against the consumer; and (ii) to the extent that the insurance does not duplicate the coverage of other insurance under which loss is payable to the creditor as his interest may appear, against loss of or damage to property for which a separate charge is made to the consumer pursuant to item (a); and (iii) if a clear, conspicuous, and specific statement in writing is furnished by the creditor to the consumer setting forth the cost of the insurance if obtained from or through the creditor and stating that the consumer may choose the person through whom the insurance is to be obtained; and (iv) upon application of the consumer for the insurance or for a transaction in which this coverage may be offered in connection with the purchase of a motor vehicle or with the placement of a motor vehicle as collateral, the following notice printed in no smaller than bold-face 13-point type: "NOTICE: THE INSURANCE COVERAGE YOU ARE PURCHASING IS FOR THE BENEFIT OF THE CREDITOR. IT WILL NOT REIMBURSE YOU FOR DAMAGES TO YOUR VEHICLE, BUT IT MAY PAY THE CREDITOR FOR THE DAMAGES IF YOU CANNOT PAY. YOU HAVE THE RIGHT TO PURCHASE INSURANCE THAT WILL REIMBURSE YOU FOR DAMAGES TO YOUR VEHICLE EITHER THROUGH THE CREDITOR IF OFFERED BY THE CREDITOR OR THROUGH YOUR OWN AGENT." This notice must be signed by the applicant evidencing his acknowledgment of having read the notice, and be separate and apart from any other form used in the application. (3) With respect to an assumption of an existing obligation, the seller may, in addition to the other authorized charges, charge an assumption fee not exceeding the lesser of four hundred dollars or one percent of the unpaid balance of the debt at the time the assumption transaction is consummated whenever the primary collateral securing the credit is real estate or a residential manufactured home and not exceeding the lesser of fifty dollars or one percent of the unpaid balance of the debt at the time the assumption transaction is consummated whenever the primary collateral securing the credit is personal property other than a residential manufactured home.
S.C. Code Ann. § 37-6-108 — SC Code / Title 37 / Chapter 6 / Section 37-6-108
SECTION 37-6-108. Administrative enforcement orders.
Status: in_force

(A) After notice, the administrator may order a creditor, a person acting on his behalf, or a person subject to this title to cease and desist from engaging in violations of this title. A respondent aggrieved by an order of the administrator may request a contested case before the Administrative Law Court in accordance with the Administrative Law Court's rules of procedure. The administrator may obtain an order from the Administrative Law Court for enforcement of his orders as provided in the Administrative Procedures Act and the Administrative Law Court's rules of procedure. The proceeding for enforcement must be initiated by filing a petition with the Administrative Law Court in accordance with the Administrative Law Court's rules of procedure, and copies of the request for a contested case hearing must be served upon all parties of record. (B) The jurisdiction of the Administrative Law Court is exclusive, and its final order may be appealed as provided in Sections 1-23-610 and 1-23-380. (C) A request for a contested case hearing pursuant to this section must be initiated within thirty days after a copy of the order of the administrator is received. If a request is not initiated, the administrator may move for an order from the Administrative Law Court for enforcement of his order upon a showing that the order was issued in compliance with this section, that a request for a contested case hearing was not initiated within thirty days after a copy of the order was received, and that the respondent is subject to the jurisdiction of the Administrative Law Court. (D) For purposes of this section and Sections 37-6-117 and 37-6-118, a violation of the South Carolina Unfair Trade Practices Act arising out of the production, promotion, or sale of consumer goods, services, or interests in land is considered a violation of this title subject to action by the administrator. (E) Unless otherwise specifically provided by law, the following administrative penalties may be levied against persons found to have engaged in violations of this title pursuant to subsection (A): (1) If the violator is found to have violated repeatedly and intentionally a provision of this title, the violator must be fined in an amount not to exceed two thousand five hundred dollars and not to exceed ten thousand dollars for a transaction or occurrence or set of transactions or occurrences which violated multiple provisions of this title. (2) If the violator is shown to have violated a previous lawful order of the tribunal of competent jurisdiction, the violator may be fined in an amount not to exceed five thousand dollars for each violation. (3) The penalties in items (1) and (2) are in addition to any other penalties provided by law or any other remedies provided by law. (F) Notwithstanding the other provisions of this section, a person who violates the provisions of Section 37-2-308 must be punished as follows: (1) for a first violation, the department shall send a written warning to the motor vehicle dealer; (2) for a second violation in a six-month period, the department may charge a five hundred dollar administrative penalty; (3) for a third violation in a six-month period, the department may charge not more than a one thousand dollar administrative penalty; and (4) for a fourth violation in a six-month period, the department may charge not more than a ten thousand dollar administrative penalty. Continued violations of the provisions of Section 37-2-308 may be considered grounds for revocation, suspension, and nonrenewal of a dealer license pursuant to Section 56-15-350. For the purposes of this subsection, a violation is defined as each notice received by the dealer for an offense. Each notice received by the dealer for a related offense serves as a subsequent violation. Additionally, the department must send notices of all offenses to motor vehicle dealers who have violated the provisions of Section 37-2-308 by mail. (G) The Administrative Law Judge may make findings and issue and enforce cease and desist orders regarding unconscionable conduct or unconscionable debt collection pursuant to this section, but the administrative law judge may not award damage, treble damage, or attorney's fee remedies to affected customers in these hearings. Editor's Note 2005 Act No. 128, SECTION 27, provides as follows: "This act takes effect on July 1, 2005, and applies to all licensing and administrative hearings involving the South Carolina Department of Consumer Affairs." Effect of Amendment 2016 Act No. 244, SECTION 10, in (D), substituted "administrator" for "administrator before the Administrative Law Court".
S.C. Code Ann. § 37-2-405 — SC Code / Title 37 / Chapter 2 / Section 37-2-405
SECTION 37-2-405. Balloon payments.
Status: in_force

(1) Except as provided in subsection (2), if any scheduled payment of a consumer credit sale is more than twice as large as the average of earlier scheduled payments, the consumer has the right to refinance, without penalty, the amount of that payment at the time it is due. The terms of the refinancing shall be no less favorable to the consumer than the terms of the original transaction. (2) This section does not apply to: (a) a transaction pursuant to a revolving charge account; (b) a transaction to the extent that the payment schedule is adjusted to the seasonal or irregular income or scheduled payments or obligations of the consumer; (c) a credit transaction to the extent a formula for determining the rate of the credit service charge and any change in the amount of payment upon renegotiation or refinancing is specified in the agreement between the parties or is an alternative mortgage instrument; or (d) a transaction of a class defined by rule of the administrator as not requiring for the protection of the consumer his right to refinance as provided in this section.
S.C. Code Ann. § 37-15-100 — SC Code / Title 37 / Chapter 15 / Section 37-15-100
SECTION 37-15-100. Procedures exempted from application of sections 37-15-40 through 37-15-70.
Status: in_force

Sections 37-15-40 through 37-15-70 do not apply to the sale, purchase, or solicitation or representation in connection therewith of goods from a catalog or of books, recordings, videocassettes, periodicals, and similar goods through a membership group or club that is regulated by the Federal Trade Commission concerning the use of negative option plans by sellers in commerce or through a contractual plan or arrangement, such as a continuity plan, subscription arrangement, or a single sale or purchase series arrangement, under which the seller ships goods to a consumer who has consented in advance to receive the goods, and after examination of the goods, the recipient of the goods is given the opportunity to receive a full refund of charges for the goods or a proportionate refund for an unused portion of the goods, upon return of the goods or the unused portion, undamaged.
S.C. Code Ann. § 37-3-305 — SC Code / Title 37 / Chapter 3 / Section 37-3-305
SECTION 37-3-305. Filing and posting maximum rate schedule.
Status: in_force

(1) Every creditor (Section 37-1-301(13)), other than an assignee of a credit obligation, making supervised or restricted consumer loans (Section 37-3-104) in this State shall on or before the effective date of this section, and in case of a creditor not making supervised consumer loans in this State on that date, on or before the date the creditor begins to make such loans in this State, file a rate schedule with the Department of Consumer Affairs and, except as otherwise provided in this section, post in one conspicuous place in every place of business, if any, in this State in which offers to make consumer loans are extended, a maximum rate schedule issued by the department which contains the items set forth in subsections (2), (3), and (4). A creditor that has issued lender credit cards or similar arrangements (Section 37-1-301(16)) is not required to post a copy of the required rate schedule in any place of business which is authorized to honor such transactions except its central and branch offices other than a branch office that is a free-standing automatic teller machine; provided, that the creditor shall include a conspicuous statement of the maximum rate it intends to charge for these transactions in the initial disclosure statement required to be provided the debtor by the Federal Truth-In-Lending Act and notifies the debtor of any change in the maximum rate on or before the effective date of the change. (2) The rate schedule required to be filed and posted by subsection (1) must contain a list of the maximum rate of loan finance charge (Section 37-3-109) stated as an annual percentage rate, determined in accordance with the Federal Truth-In-Lending Act and Federal Reserve Board Regulation Z, that the creditor intends to charge for consumer credit transactions in each of the following categories of credit: (a) unsecured personal loans; (b) secured personal loans other than those secured by real estate; (c) real estate mortgage loans; (d) open-end (revolving) credit; (e) all other. The creditor may include as many subcategories as it chooses under each of the specified categories, and may, at its option, include a series of rates for different dollar amounts and maturities. A creditor may omit one or more of the categories from the rate schedule if the creditor does not make consumer credit transactions falling within the omitted categories. If a variable rate is applicable to one or more categories or subcategories, the rate schedule must designate the rate as a variable rate and disclose the index for calculating changes in the rate and the cap or other limitation, if any, on any increases or decreases in the rate. (3) The rate schedule that is filed by the creditor shall be reproduced by the department in at least fourteen-point type for posting as required by subsection (1). The terms "Loan Finance Charge" and "Annual Percentage Rate" will be printed in larger size type than the other terms in the posted rate schedule. The following statement shall be included in the posted rate schedule: "Consumers: All supervised and restricted creditors making consumer loans in South Carolina are required by law to post a schedule showing the maximum rate of LOAN FINANCE CHARGES stated as ANNUAL PERCENTAGE RATES that the creditor intends to charge for various types of consumer credit transactions. The purpose of this requirement is to assist you in comparing the maximum rates that creditors charge, thereby furthering your understanding of the terms of consumer credit transactions and helping you to avoid the uninformed use of credit. NOTE: Creditors are prohibited only from granting consumer credit at rates higher than those specified above. A creditor may be willing to grant you credit at rates that are lower than those specified, depending on the amount, terms, collateral and your credit worthiness." (4) A rate schedule filed and posted as required by this section shall be effective until changed in accordance with this subsection. A creditor wishing to change any of the maximum rates shown on a schedule previously filed and posted or to add or delete the prescribed categories or subcategories shall file with the Department of Consumer Affairs together with the required fee specified in subsection (7) and shall post as required by subsection (1) a revised schedule of maximum rates. The revised rate schedule shall be effective on the date issued by the department. The posting or changes in connection with lender credit cards and similar arrangements shall be made in accordance with subsection (1). (5) A creditor shall have no obligation to print the maximum rate schedule in any public advertisement that mentions rates charged by that creditor. (6) The Commission on Consumer Affairs shall promulgate a regulation pursuant to subsection (2) of Section 37-6-506 establishing the filing procedures for and the format of the rate schedules prescribed by this section. (7) Every creditor shall file at least one maximum rate schedule and pay at least one forty-dollar filing fee during each state fiscal year disclosing that creditor's existing maximum rates plus an additional forty dollars for each additional location. This filing and fee required of each creditor is due annually before the thirty-first day of January of each year. If this filing does not change any maximum rates previously filed, the creditor is not required to alter posted maximum rates. If any creditor has not filed a maximum rate schedule with the Department of Consumer Affairs by the thirty-first day of January of the year in which it is due, then on this date the filing is no longer effective and the maximum credit service charge that the creditor may impose on any credit extended after that date may not exceed eighteen percent a year until such time as the creditor files a revised maximum rate schedule that complies with this section. The Department of Consumer Affairs shall retain each fee to offset the cost of administering and enforcing this chapter and Chapter 2. This revenue may be applied to the cost of operations and any unexpended balance carries forward to succeeding fiscal years and must be used for the same purposes. (8) On loans with a cash advance (Section 37-1-301(30)) not exceeding six hundred dollars, a licensed lender may not post a rate which exceeds the maximum charges imposed in Section 34-29-140 as disclosed as an annual percentage rate or that rate filed and posted pursuant to this section, whichever is less. Effect of Amendment 2016 Act No. 244, SECTION 6, in (1), substituted parentheses for brackets surrounding the reference to 37-1-301(13), inserted "a rate schedule" following "file", deleted "certified" preceding "maximum rate", and substituted "issued by the department which contains the items" for "meeting the requirements"; in the undesignated paragraph following (1), substituted parentheses for brackets surrounding the reference to 37-1-301(16); in (3), inserted "by the department" in the first sentence; in (4), deleted ", in duplicate," following "file with the Department of Consumer Affairs", substituted "subsection (7)" for "subsection (6)", deleted the prior third sentence relating to certification and return of the revised schedule, rewrote the prior fourth sentence, now the third sentence, deleting text related to receipt of the certified schedule by the creditor; deleted former (6), related to maintenance of a file for each creditor by the department; redesignated former (7) through (9) as (6) through (8); in (7), deleted "thirty dollars of" following "shall retain" in the second to last sentence; and in (8), substituted parentheses for brackets surrounding the reference to 37-1-301(30).
S.C. Code Ann. § 37-17-55 — SC Code / Title 37 / Chapter 17 / Section 37-17-55
SECTION 37-17-55. Cancelation of membership; disclosures on initial contact; cancellation by customer.
Status: in_force

(A) If the discount medical plan organization cancels a membership for any reason other than nonpayment of fees by the customer, the discount medical plan organization shall make prorated reimbursement of all periodic charges to the customer. (B) If the initial contact with the prospective customer is by telephone, disclosures must be made orally and included in the initial written materials that describe the benefits under the discount medical plan provided to the prospective or new customer and disclose that: (1) the plan is not insurance; (2) the range of discounts for medical or ancillary services provided under the plan will vary depending on the type of provider and medical or ancillary service received; (3) unless the discount medical plan organization has an active certificate of authority to act as a third party administrator, the plan does not make payments to providers for the medical or ancillary services received under the discount medical plan; (4) the customer is obligated to pay for all medical or ancillary services, but receives a discount from those providers that have contracted with the discount medical plan organization; and (5) there is a toll-free telephone number and Internet website address for the registered discount medical plan organization for prospective customers and customers to obtain additional information about and assistance on the discount medical plan and up-to-date lists of providers participating in the discount medical plan, and that number and website address. (C) A discount medical plan issued for delivery in this State is returnable or cancelable, within thirty days of the date of delivery of the card or a longer period if provided in the purchase agreement, by the customer or user for any reason, and the customer must receive a full refund of all fees, except nominal fees associated with enrollment costs, that were part of the cost of the card. (1) A discount medical plan organization may not charge or collect a fee including a cancellation fee after a customer or user has given the organization notice of the customer's intention to return or cancel the plan. (2) A discount medical plan organization shall ensure that each customer or user receives with the card a notice stating the terms under which the discount medical plan may be returned or cancelled. A discount medical plan returned or cancelled in accordance with this section is void from the date of purchase.
S.C. Code Ann. § 37-2-705 — SC Code / Title 37 / Chapter 2 / Section 37-2-705
SECTION 37-2-705. Delinquency charges.
Status: in_force

(1) With respect to a consumer rental-purchase agreement, the parties may contract for delinquency charges as follows: (a) For consumer rental-purchase agreements with payment or renewal dates which are monthly or less often than monthly, a delinquency charge not exceeding four dollars may be assessed on any payment not made within five business days after payment is due or return of the property is required. (b) For consumer rental-purchase agreements with payment or renewal date options to renew more frequently than monthly, a delinquency charge not exceeding two dollars may be assessed on any payment not made within three business days after payment is due or the return of the property is required. (2) A delinquency charge on a consumer rental-purchase agreement may be collected only once on any scheduled payment no matter how long it remains in default. A delinquency charge may be collected at the time it accrues or at any time thereafter. No delinquency charge may be assessed against a payment that is timely made even though an earlier delinquency charge has not been paid in full.
S.C. Code Ann. § 37-6-507 — SC Code / Title 37 / Chapter 6 / Section 37-6-507
SECTION 37-6-507. Qualifications of administrator.
Status: in_force

The administrator shall be a person of good moral character, at least thirty years of age, a resident taxpayer of this State, and shall be thoroughly familiar with this title and the consumer transactions to which it pertains. The Commission may also require additional qualifications. The administrator, while serving as such, shall not directly or indirectly be financially interested in or associated with any other person subject to the jurisdiction of the Commission or the administrator thereof. The administrator shall serve at the pleasure of the Commission.
S.C. Code Ann. § 37-4-106 — SC Code / Title 37 / Chapter 4 / Section 37-4-106
SECTION 37-4-106. Unconscionability.
Status: in_force

(1) In applying the provisions of this title on unconscionability (Sections 37-5-108 and 37-6-111) to a separate charge for insurance, consideration shall be given, among other factors, to: (a) potential benefits to the debtor including the satisfaction of his obligations; (b) the creditor's need for the protection provided by the insurance; and (c) the relation between the amount and terms of credit granted and the insurance benefits provided. (2) If consumer credit insurance otherwise complies with this chapter and other applicable law, neither the amount nor the term of the insurance nor the amount of a charge therefor is in itself unconscionable.
S.C. Code Ann. § 37-11-105 — SC Code / Title 37 / Chapter 11 / Section 37-11-105
SECTION 37-11-105. Financial plan in case of insolvency or danger of insolvency; penalty for failure to implement approved plan.
Status: in_force

(A) At any time when the department has reason to believe that the operator is insolvent, is in imminent danger of becoming insolvent, is in a financially unsound or unsafe condition, or that a continuing care retirement community's financial condition is such that it may otherwise be unable to fully perform its obligations pursuant to continuing care contracts, the department in addition to other remedies may require the operator to submit for approval within sixty days a financial plan detailing the method by which the operator proposes to overcome the deficiencies noted by the department. The department shall approve or disapprove the plan within thirty days of the receipt. (B) If the plan is approved, the operator immediately shall implement the plan. (C) If the plan is disapproved or if at any time after approval the department determines that the plan is not being fully implemented, the department may require the operator to obtain new or additional management capability to solve its difficulties. The department must give the reorganized management a reasonable period of time, as determined by the department, to develop a plan which, subject to the approval of the department, will reasonably assure that the operator will meet its responsibilities under the law. The deadlines for action described in this subsection may be extended upon mutual agreement of the operator and the department. (D) Failure to implement the plan may result in suspension or revocation of a license.
S.C. Code Ann. § 37-25-70 — SC Code / Title 37 / Chapter 25 / Section 37-25-70
SECTION 37-25-70. Penalties; contested case hearing; order for enforcement.
Status: in_force

(A) A person who offers to dispense or dispenses contact lenses in violation of this chapter, in addition to another penalty provided by law, is subject to a civil penalty imposed by the Department of Consumer Affairs in an amount not to exceed five thousand dollars for each violation. (B) A person aggrieved by an order of the department may request a contested case hearing before the Administrative Law Court in accordance with the Administrative Law Court Rules of Procedure. The department may obtain an order from the Administrative Law Court for enforcement of the department's orders as provided in the Administrative Procedures Act and the Administrative Law Court Rules of Procedure. The proceeding for enforcement must be initiated by filing a petition with the Administrative Law Court in accordance with the Administrative Law Court Rules of Procedure. A copy of the request for a contested case hearing must be served upon all parties of record.
S.C. Code Ann. § 37-2-706 — SC Code / Title 37 / Chapter 2 / Section 37-2-706
SECTION 37-2-706. Deposits; delivery charges; pick up charges.
Status: in_force

(1) In a consumer rental-purchase agreement, the lessor may contract for and receive an initial nonrefundable fee not to exceed five dollars. Should any security deposit be required by the lessor, the amount and conditions under which it is returned must be disclosed with the disclosures required by Section 37-2-702. (2) In a consumer rental-purchase agreement, the lessor may contract for and receive a delivery charge not to exceed fifteen dollars or, in the event of a consumer rental-purchase agreement covering more than five items, a delivery charge not to exceed forty-five dollars, only if the lessor actually delivers the item to the lessee's dwelling and the delivery charge is disclosed with the disclosures required by Section 37-2-702. The delivery charge may be assessed in lieu of and not in addition to the initial charge in subsection (1). (3) In a consumer rental-purchase agreement, a lessor may contract for and receive a charge for picking up payments from the lessee if the lessor is required or requested to visit the lessee's dwelling to pick up a payment. In a consumer rental purchase agreement with payment or renewal dates which are monthly or less frequent than monthly, this charge may not be assessed more than three times in any six-month period. In consumer rental-purchase agreements with payments or renewal options more frequently than monthly, this charge may not be assessed more than six times in any six-month period. No charge assessed pursuant to this subsection may exceed seven dollars. This charge is in lieu of any delinquency charge assessed for the applicable payment period.
S.C. Code Ann. § 37-3-107 — SC Code / Title 37 / Chapter 3 / Section 37-3-107
SECTION 37-3-107. "Lender"; "precomputed"; "principal" defined.
Status: in_force

(1) Except as otherwise provided "lender" includes an assignee of the lender's right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to events occurring before the assignment. (2) A loan, refinancing, or consolidation is "precomputed" if the debt is expressed as a sum comprising the principal and the amount of the loan finance charge computed in advance. (3) "Principal" of a loan means the total of: (a) the net amount paid to, receivable by, or paid or payable for the account of the debtor; (b) the amount of any discount excluded from the loan finance charge (subsection (2) of Section 37-3-109); and (c) to the extent that payment is deferred: (i) amounts actually paid or to be paid by the lender for registration, certificate of title, or license fees if not included in (a); and (ii) additional charges permitted by this chapter (Section 37-3-202).
S.C. Code Ann. § 37-20-120 — SC Code / Title 37 / Chapter 20 / Section 37-20-120
SECTION 37-20-120. Verification of addresses.
Status: in_force

(A) A consumer credit-reporting agency must give notice to each creditor who uses a consumer report if the agency becomes aware that an application to a card issuer to open a new seller or lender credit card account bears an address for the consumer that is different from the address in its file of the consumer. (B) A seller or lender credit card issuer that mails an offer or solicitation to receive a credit card and, in response, receives a completed application for a seller or lender credit card listing an address that is substantially different from the address on the offer or solicitation shall verify the change of address by contacting the person to whom the solicitation or offer was mailed, or by using other reasonable means of verifying the account holder's identity. (C) When a seller or lender credit card issuer receives a written or oral request for a change of the cardholder's billing address and within a period not to exceed thirty days after the requested address change receives a written or oral request for an additional credit card, the credit card issuer may not mail the requested additional credit card to the new address or activate the requested additional credit card unless the issuer has verified the change of address. (D) This section does not apply to a person that sends or receives address discrepancy notices in compliance with 15 U.S.C. 1681c(h) or regulations promulgated pursuant to it.
S.C. Code Ann. § 37-5-202 — SC Code / Title 37 / Chapter 5 / Section 37-5-202
SECTION 37-5-202. Effect of violations on rights of parties.
Status: in_force

(1) If a creditor has violated any provisions of this title applying to receipts, statements of account, and evidences of payment (Sections 37-2-302 and 37-3-302), notice to cosigners and similar parties (Sections 37-2-302 and 37-3-303), schedule of maximum loan finance charges to be filed and posted (Sections 37-2-305 and 37-3-305), certain negotiable instruments prohibited (Section 37-2-403), assignee subject to claims and defenses (Sections 37-2-404(5) and 37-2-709), security in sales or leases (Section 37-2-407), no assignment of earnings (Sections 37-2-410, 37-3-403 and 37-2-710), referral sales and leases (Section 37-2-411), attorney's fees (Sections 37-2-413 and 37-3-404), limitations on default charges (Sections 37-2-414, 37-2-706, and 37-3-405), authorizations to confess judgment (Sections 37-2-415, 37-2-713, and 37-3-407), consumer rental-purchase disclosure (Section 37-2-702), consumer rental-purchase reinstatement (Section 37-2-714), noncredit term life insurance (Section 37-3-202(2)), lender subject to claims and defenses arising from sales and leases (Section 37-3-410(4)), card issuer subject to claims and defenses (Section 37-3-411(5)), authority to make supervised loans (Section 37-3-502), restrictions on interest in land as security (Section 37-3-510), limitations on the schedule of payments on loan terms for supervised loans (Section 37-3-511), or assurance of discontinuance (Section 37-6-109), the consumer has a cause of action to recover actual damages and also a right in an action other than a class action, to recover from the person violating this title a penalty in an amount determined by the court not less than one hundred dollars nor more than one thousand dollars. With respect to violations arising from sales or loans made pursuant to a revolving charge or a revolving loan account no action pursuant to this subsection may be brought more than two years after the violation occurred. With respect to violations arising from other consumer credit transactions, no action pursuant to this subsection may be brought more than one year after the scheduled or accelerated maturity of the debt. (2) A consumer is not obligated to pay a charge in excess of that allowed by this title and has a right of refund of any excess charge paid. A refund may not be made by reducing the consumer's obligation by the amount of the excess charge, unless the creditor has notified the consumer that the consumer may request a refund and the consumer has not so requested within thirty days thereafter. If the consumer has paid an amount in excess of the lawful obligation under the agreement, the consumer may recover the excess amount from the person who made the excess charge or from an assignee of that person's rights who undertakes direct collection of payments from or enforcement of rights against consumers arising from the debt. (3) If a creditor has contracted for or received a charge in excess of that allowed by this title, or if a consumer is entitled to a refund and a person liable to the consumer refuses to make a refund within a reasonable time after demand, the consumer may recover from the creditor or the person liable in an action other than a class action a penalty in an amount determined by the court not less than one hundred nor more than one thousand dollars. With respect to excess charges arising from sales or loans made pursuant to a revolving charge or revolving loan account, no action pursuant to this subsection may be brought more than two years after the violation or passage of a reasonable time for refund occurs. With respect to excess charges arising from other consumer credit transactions no action pursuant to this subsection may be brought more than one year after the scheduled or accelerated maturity of the debt. For purposes of this subsection, a reasonable time is presumed to be 30 days. (4) Except as otherwise provided, a violation of this title does not impair rights on a debt. (5) If an employer discharges an employee in violation of the provisions prohibiting discharge (Section 37-5-106), the employee within ninety days may bring a civil action for recovery of wages lost as a result of the violation and for an order requiring reinstatement of the employee. Damages recoverable shall not exceed lost wages for six weeks. (6) A creditor is not liable for a penalty under subsection (1) or (3) if he notifies the consumer of a violation before the creditor receives from the consumer written notice of the violation or the consumer has brought an action under this section, and the creditor corrects the violation within sixty days after notifying the consumer. If the violation consists of a prohibited agreement, giving the consumer a corrected copy of the writing containing the violation is sufficient notification and correction. If the violation consists of of an excess charge, correction shall be made by an adjustment or refund. The administrator and any official or agency of this State having supervisory authority over a supervised financial organization shall give prompt notice to a creditor of any violation discovered pursuant to an examination or investigation of the transactions, business, records, and acts of the creditor (Sections 37-3-506, 37-6-105 and 37-6-106). (7) A creditor may not be held liable in an action brought under this section for a violation of this title if the creditor shows by a preponderance of evidence that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid the error. (8) In an action in which it is found that a creditor has violated this title, the court shall award to the consumer the costs of the action and to his attorneys their reasonable fees. In determining attorney's fees, the amount of the recovery on behalf of the consumer is not controlling.
S.C. Code Ann. § 37-6-202 — SC Code / Title 37 / Chapter 6 / Section 37-6-202
SECTION 37-6-202. Notification.
Status: in_force

(1) Persons subject to this part shall file notification with the administrator within thirty days after commencing business in this State, and, thereafter, on or before January thirty-first of each year. The notification shall state: (a) name of the person; (b) name in which business is transacted if different from (a); (c) address of principal office, which may be outside this State; (d) address of all offices or retail stores, if any, in this State at which consumer credit sales, consumer leases, or consumer loans are made, or in the case of a person taking assignments of obligations, the offices or places of business within this State at which business is transacted; (e) if consumer credit sales, consumer leases, or consumer loans are made otherwise than at an office or retail store in this State, a brief description of the manner in which they are made; (f) address of designated agent upon whom service of process may be made in this State (Section 37-1-203); and (2) If information in a notification becomes inaccurate after filing, no further notification is required until the following January thirty-first.
S.C. Code Ann. § 37-10-107 — SC Code / Title 37 / Chapter 10 / Section 37-10-107
SECTION 37-10-107. Certain legal or equitable actions prohibited.
Status: in_force

(1) No person may maintain an action for legal or equitable relief or a defense based upon a failure to perform an alleged promise, undertaking, accepted offer, commitment, or agreement: (a) to lend or borrow money; (b) to defer or forbear in the repayment of money; or (c) to renew, modify, amend, or cancel a loan of money or any provision with respect to a loan of money, involving in any such case a principal amount in excess of fifty thousand dollars, unless the party seeking to maintain the action or defense has received a writing from the party to be charged containing the material terms and conditions of the promise, undertaking, accepted offer, commitment, or agreement and the party to be charged, or its duly authorized agent, has signed the writing. (2) Failure to comply with subsection (1) precludes an action or defense based on any of the following legal or equitable theories: (a) an implied agreement based on course of dealing or performance or on a fiduciary relationship; (b) promissory or equitable estoppel; (c) part performance, except to the extent that the part performance may be explained only by reference to the alleged promise, undertaking, accepted offer, commitment, or agreement; or (d) negligent misrepresentation. (3) Subsections (1) and (2) do not apply to: (a) a loan of money used primarily for personal, family, or household purposes; (b) an agreement or change in the terms of an agreement relating to a line of consumer credit, lender credit card, or similar arrangement; (c) an overdraft on a demand deposit or other bank account; or (d) promissory notes, real estate mortgages, security agreements, guaranty and surety agreements, and letters of credit. (4) In the event of a conflict between this section and any other provision of law of this State relating to the requirement of a signed writing, the provisions of the other provision of law shall control.
S.C. Code Ann. § 37-4-301 — SC Code / Title 37 / Chapter 4 / Section 37-4-301
SECTION 37-4-301. Property insurance.
Status: in_force

(1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless: (a) the insurance covers a substantial risk of loss or damage to property, all or part of which is related to the credit transaction; (b) the amount, terms, and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; and (c) the term of the insurance is reasonable in relation to the terms of credit. (2) The term of the insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity. (3) Any charge for insurance against loss of or damage to property may be subject to a minimum charge of two dollars.
S.C. Code Ann. § 37-17-100 — SC Code / Title 37 / Chapter 17 / Section 37-17-100
SECTION 37-17-100. Request for reinstatement hearing following revocation or denial of renewal.
Status: in_force

If a registration is revoked or renewal is denied, the affected discount medical plan organization may request a reinstatement hearing after a minimum of one year. The department may reinstate or renew the registration only if the cause of the nonrenewal or revocation has been corrected.
S.C. Code Ann. § 37-3-407 — SC Code / Title 37 / Chapter 3 / Section 37-3-407
SECTION 37-3-407. Authorization to confess judgment prohibited.
Status: in_force

A debtor may not authorize any person to confess judgment on a claim arising out of a consumer loan. An authorization in violation of this section is void.
S.C. Code Ann. § 37-2-401 — SC Code / Title 37 / Chapter 2 / Section 37-2-401
SECTION 37-2-401. Scope.
Status: in_force

This part applies to consumer credit sales and consumer leases.
S.C. Code Ann. § 37-4-303 — SC Code / Title 37 / Chapter 4 / Section 37-4-303
SECTION 37-4-303. Liability insurance.
Status: in_force

A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability rising out of the ownership or use of property related to the credit transaction.
S.C. Code Ann. § 37-5-115 — SC Code / Title 37 / Chapter 5 / Section 37-5-115
SECTION 37-5-115. Stay of enforcement of or relief from default judgment.
Status: in_force

Except as otherwise set forth in this section, at any time after entry of a default judgment in favor of a creditor and against a consumer in an action arising from a consumer credit transaction, the court which rendered judgment, for cause including lack of jurisdiction to render the judgment, and upon motion of a party or its own motion, with notice as the court may direct, may stay enforcement of or relieve the consumer from the judgment by order upon just and equitable conditions; provided, however, that whenever the motion is based on the mistake, inadvertence, surprise or excusable neglect of the consumer, the motion must be filed within one year after the date the judgment is entered in the abstract of judgments pursuant to Section 15-35-520.
S.C. Code Ann. § 37-13-60 — SC Code / Title 37 / Chapter 13 / Section 37-13-60
SECTION 37-13-60. Promulgation of regulations by Department of Consumer Affairs.
Status: in_force

The Department of Consumer Affairs may promulgate regulations governing: (1) the conduct of the business of sublease arranging; (2) licensing requirements of sublease arrangers; (3) forms for use by sublease arrangers; (4) maximum fees and charges which may be charged by sublease arrangers; (5) performance bond or other guaranty requirements from sublease arrangers; (6) notification requirements to interested parties notifying them of a sublease under this chapter.
S.C. Code Ann. § 37-20-160 — SC Code / Title 37 / Chapter 20 / Section 37-20-160
SECTION 37-20-160. Security freezes on consumer files; request for replacement personal identification number or password; consumer reporting agency duties and responsibilities; exceptions.
Status: in_force

(A) On written request sent by certified mail or electronic mail that includes proper identification provided by a consumer, the consumer's attorney-in-fact, or the consumer's legal guardian, if the consumer has not been a victim of identity theft or if the consumer has reason to believe that he is the victim of financial identity fraud, as evidenced by a copy of a valid police report, investigative report, or complaint made pursuant to Section 16-13-510, a consumer reporting agency shall place a security freeze on the consumer's consumer file not later than the fifth business day after the date the agency receives the request. (B) On written request for a security freeze from a consumer pursuant to subsection (A), a consumer reporting agency shall disclose to the consumer the process of placing, removing, and temporarily lifting a security freeze and the process for allowing access to information from the consumer's consumer file for a specific requester or period while the security freeze is in effect. (C) A consumer reporting agency, not later than the tenth business day after the date the agency receives the request for a security freeze shall: (1) send a written confirmation of the security freeze to the consumer; and (2) provide the consumer with a unique personal identification number or password to be used by the consumer to authorize a removal or temporary lifting of the security freeze. (D) A consumer may request in writing a replacement personal identification number or password. The request must comply with the requirements for requesting a security freeze pursuant to subsection (A). The consumer reporting agency, not later than the third business day after the date the agency receives the request for a replacement personal identification number or password, shall provide the consumer with a new unique personal identification number or password to be used by the consumer instead of the number or password that was provided earlier. (E) If a security freeze is in place, a consumer reporting agency shall notify the consumer in writing of a change in the consumer file to the consumer's name, date of birth, social security number, or address not later than thirty calendar days after the date the change is made. The agency shall send notification of a change of address to the new address and former address. This section does not require notice of an immaterial change, including a street abbreviation change or correction of a transposition of letters or misspelling of a word. (F) A consumer reporting agency shall notify a person who requests a consumer report if a security freeze is in effect for the consumer file involved in that report and the consumer report may not be released without express authorization by the consumer. (G)(1) On a request by a consumer electronically, in writing, or by telephone and with proper identification provided by a consumer, including the consumer's personal identification number or password provided pursuant to subsection (C)(2), a consumer reporting agency shall remove a security freeze not later than the third business day after the date the agency receives the request at a point designated by the agency to receive the request. (2)(a) On a request by a consumer electronically or by telephone and with proper identification provided by a consumer, including the consumer's personal identification number or password provided pursuant to subsection (C)(2), a consumer reporting agency, within fifteen minutes of receiving the request, shall lift the security freeze temporarily for a: (i) certain properly designated period; or (ii) certain properly identified requester. (b) It is not a violation of this item if the consumer reporting agency is prevented from timely lifting the freeze by an act of God, a fire, a storm, an earthquake, an accident, or other event beyond the agency's control. (H) A consumer reporting agency may develop procedures involving the use of a telephone, a facsimile machine, the Internet, or another electronic medium to receive and process a request from a consumer pursuant to this section. (I) A consumer reporting agency shall remove a security freeze placed on a consumer file if the security freeze was placed due to a material misrepresentation of fact by the consumer. The consumer reporting agency shall notify the consumer in writing before removing the security freeze pursuant to this subsection. (J) A consumer reporting agency may not charge a fee for a freeze, removal of a freeze, temporary lifting of a freeze, or reinstatement of a freeze. (K) A security freeze does not apply to the use of a consumer report provided to: (1) a state or local governmental entity, including a law enforcement agency or court or private collection agency, if the entity, agency, or court is acting pursuant to a court order, warrant, subpoena, or administrative subpoena; (2) a child support agency acting to investigate or collect child support payments or acting pursuant to Title IV-D of the Social Security Act (42 U.S.C. Section 651, et seq.); (3) the Department of Social Services acting to investigate fraud; (4) the Department of Revenue acting to administer state tax laws; (5) a local official authorized to investigate or collect delinquent amounts owed to a public entity; (6) a person for the purposes of prescreening as provided by the Fair Credit Reporting Act (15 U.S.C. Section 1681, et seq.), as amended; (7) a person with whom the consumer has an account or contract or to whom the consumer has issued a negotiable instrument, or the person's subsidiary, affiliate, agent, assignee, prospective assignee, subcontractor, or private collection agency, for purposes related to that account, contract, or instrument; (8) a subsidiary, affiliate, agent, assignee, or prospective assignee of a person to whom access has been granted pursuant to subsection (G)(2); (9) a person who administers a credit file monitoring subscription service to which the consumer has subscribed; (10) a person for the purpose of providing a consumer with a copy of the consumer's report on the consumer's request; (11) a depository financial institution for checking, savings, and investment accounts; (12) an insurance company for the purpose of conducting its ordinary business; or (13) a consumer reporting agency that: (a) acts only to resell credit information by assembling and merging information contained in a database of another consumer reporting agency or multiple consumer reporting agencies; and (b) does not maintain a permanent database of credit information from which new consumer reports are produced. (L) The requirement of this section to place a security freeze on a consumer file does not apply to: (1) a check service or fraud prevention service company that issues consumer reports: (a) to prevent or investigate fraud; or (b) for purposes of approving or processing negotiable instruments, electronic funds transfers, or similar methods of payment; (2) a deposit account information service company that issues consumer reports related to account closures caused by fraud, substantial overdrafts, automated teller machine abuses, or similar negative information regarding a consumer to an inquiring financial institution for use by the financial institution only in reviewing a consumer request for a deposit account with that institution; or (3) a consumer reporting agency's database or file that consists of information concerning, and used for, one or more of the following, but not for credit granting purposes: (a) criminal record information; (b) fraud prevention or detection; (c) personal loss history information; and (d) employment, tenant, or individual background screening. (M) A consumer reporting agency shall honor a security freeze placed on a consumer file by another consumer reporting agency. (N) If a third party requests access to a consumer report on which a security freeze is in effect, this request is in connection with an application for credit or another use, and the consumer does not allow his credit report to be accessed, the third party may treat the application as incomplete. The presence of a security freeze on the file of a consumer must not be considered an adverse factor in the consumer's creditworthiness, credit standing, or credit capacity. (O) The provisions of this section are cumulative, and an action taken pursuant to this section is not an election to take that action to the exclusion of other action authorized by law.
S.C. Code Ann. § 37-7-121 — SC Code / Title 37 / Chapter 7 / Section 37-7-121
SECTION 37-7-121. Regulations.
Status: in_force

The department may promulgate regulations necessary to effectuate the purposes of this chapter.
S.C. Code Ann. § 37-3-203 — SC Code / Title 37 / Chapter 3 / Section 37-3-203
SECTION 37-3-203. Delinquency charges.
Status: in_force

(1) With respect to a consumer loan including an open-end consumer loan pursuant to a lender credit card or similar arrangement, and any refinancings or consolidations of all such consumer loans, the parties may contract for a delinquency charge on any installment not paid in full within ten days after its due date, as originally scheduled or as deferred, in an amount, not exceeding five dollars which is not more than five percent of the unpaid amount of the installment. (2) Notwithstanding subsection (1) the lender may contract for and receive a minimum delinquency charge not to exceed forty percent of five dollars as adjusted pursuant to Section 37-1-109. The lender may contract for such a minimum charge even though the charge exceeds five percent of the unpaid amount of the installment. (3) A statement in the agreement between the lender and the debtor to the effect that the lender may charge the maximum delinquency charge (or late charge) authorized by law entitles the creditor to impose a delinquency charge in the dollar amount specified in subsections (1) and (2) as adjusted pursuant to Section 37-1-109 at the time the delinquency charge is imposed, subject to the five percent of the unpaid amount of the installment limitation, if applicable. (4) A delinquency charge under this section may be collected only once on an installment however long it remains in default. No delinquency charge may be collected with respect to a deferred installment unless the installment is not paid in full within ten days after its deferred due date. A delinquency charge may be collected at the time it accrues or at any time thereafter. (5) A delinquency charge pursuant to this section must not be collected on a payment that is otherwise a full installment payment for the applicable period and is paid on its due date or within ten days after its due date if the only delinquency is attributable to a late fee or a delinquency charge assessed on an earlier installment. It is the intent of the legislature that in construing this subsection, the courts be guided by interpretations to 16 C.F.R. 444.4 and 12 C.F.R. 227.15, as amended from time to time, relating to late charges, given by the Federal Trade Commission, Federal Reserve Board, and the Federal Courts. (6) If two installments or parts thereof of a precomputed consumer loan are in default for ten days or more, the lender may elect to convert the loan from a precomputed loan to one in which the loan finance charge is based on unpaid balances. In this event, he shall make a rebate pursuant to the provisions on rebate upon prepayment (Section 37-3-210) as if the date of prepayment were one day before the maturity date of a delinquent installment, and thereafter may make a loan finance charge as authorized by the provisions on loan finance charge for consumer loans by lenders not supervised lenders [Section 37-3-201(1)] or finance charge for consumer loans by supervised lenders [Section 37-3-201(2)], whichever is appropriate. The amount of the rebate must not be reduced by the amount of any permitted minimum charge (Section 37-3-210). If the creditor proceeds under this subsection, any delinquency or deferral charges made with respect to installments due on or after the maturity date of the first delinquent installment must be rebated, and no further delinquency or deferral charges may be made.
S.C. Code Ann. § 37-2-105 — SC Code / Title 37 / Chapter 2 / Section 37-2-105
SECTION 37-2-105. "Goods"; "merchandise certificate"; "services"; "sale of goods"; "sale of services"; "sale of an interest in land"; "precomputed" defined.
Status: in_force

(1) "Goods" includes goods not in existence at the time the transaction is entered into and merchandise certificates, but excludes money, chattel paper, documents of title, and instruments. (2) "Merchandise certificate" means a writing issued by a seller not redeemable in cash and usable in its face amount in lieu of cash in exchange for goods or services. (3) "Services" includes (a) work, labor, and other personal services, (b) privileges with respect to transportation, hotel and restaurant accommodations, education, entertainment, recreation, physical culture, hospital accommodations, funerals, cemetery accommodations, and the like, and (c) insurance provided by a person other than the insurer. (4) "Sale of goods" includes any agreement in the form of a bailment or lease of goods if the bailee or lessee agrees to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the goods involved and it is agreed that the bailee or lessee will become, or for no other or a nominal consideration has the option to become, the owner of the goods upon full compliance with his obligations under the agreement. (5) "Sale of services" means furnishing or agreeing to furnish services and includes making arrangements to have services furnished by another. (6) "Sale of an interest in land" includes a lease in which the lessee has an option to purchase the interest and all or a substantial part of the rental or other payments previously made by him are applied to the purchase price. (7) A sale, refinancing, or consolidation is "precomputed" if the debt is expressed as a sum comprising the amount financed and the amount of the credit service charge computed in advance.
S.C. Code Ann. § 37-6-204 — SC Code / Title 37 / Chapter 6 / Section 37-6-204
SECTION 37-6-204. Notification; persons making consumer rental-purchase agreements.
Status: in_force

In lieu of the notification requirements of Section 37-6-202, persons engaged in this State in making consumer rental-purchase transactions shall: (1) File notification with the administrator within thirty days after commencing business in this State, and, thereafter, on or before January thirty-first of each year. The notification must state: (a) name of the person; (b) name in which business is transacted if different from (a); (c) address of principal office, which may be outside this State; (d) an indication that the creditor engages in the business of making consumer rental-purchase agreements; (e) address of all offices or stores, if any, in this State at which consumer rental-purchase transactions are made, or in the case of a person taking assignments of obligations, the offices or places of business within this State at which business is transacted; (f) an indication of which addresses listed in subitems (c) and (e) engage in making consumer credit sales or cash sales of merchandise in addition to consumer rental-purchase agreements; (g) if consumer rental-purchase transactions are made otherwise than at an office or retail store in this State, a brief description of the manner in which they are made; (h) address of designated agent upon whom service of process may be made in this State (Section 37-1-203); and (2) If information in a notification becomes inaccurate after filing, no further notification is required until the following January thirty-first. Part 3 Council of Advisors on Consumer Credit
S.C. Code Ann. § 37-6-512 — SC Code / Title 37 / Chapter 6 / Section 37-6-512
SECTION 37-6-512. Advisory committee of persons with cognizable handicaps.
Status: in_force

The Administrator of the Department of Consumer Affairs acting as the Consumer Advocate may appoint an advisory committee of persons with cognizable handicaps to provide advice to the Consumer Advocate in regard to protecting the rights of consumers with these types of handicaps with particular attention to the manner in which consumers with these handicaps interact with those entities regulated by the Public Service Commission. Nothing herein shall require the Consumer Advocate to take a position or undertake an action that is contrary to his general duty to protect and represent the interests of the general public and consumers. Part 6 Division of Consumer Advocacy
S.C. Code Ann. § 37-3-101 — SC Code / Title 37 / Chapter 3 / Section 37-3-101
SECTION 37-3-101. Short title.
Status: in_force

This chapter shall be known and may be cited as South Carolina Consumer Protection Code - Loans.
S.C. Code Ann. § 37-22-120 — SC Code / Title 37 / Chapter 22 / Section 37-22-120
SECTION 37-22-120. Licensing requirements.
Status: in_force

(A) Without first obtaining a license pursuant to this chapter it is unlawful for a person, other than an exempt person, doing business in this State to: (1) act as a mortgage lender or, directly or indirectly, engage in the business of a mortgage lender under any name or title; or (2) circulate or use advertising, including electronic means, make a representation or give information to a person which indicates or reasonably implies activity within the scope of this chapter. (B) It is unlawful for a person to employ, compensate, or appoint as its agent a loan originator unless the loan originator is licensed as a loan originator pursuant to this chapter. An exempt person is not subject to this subsection. (C) The license of a loan originator is not effective during a period that the person is not employed by a mortgage lender licensed pursuant to this chapter. (D) If a loan originator ceases to be employed by a mortgage lender licensed pursuant to this chapter, the loan originator and the mortgage lender by whom that person is employed promptly shall notify the commissioner in writing. The mortgage lender's notice must include a statement of the specific reason or reasons for the termination of the loan originator's employment. The reason for termination is confidential information and must not be released to the public. (E) A loan originator must not be employed simultaneously by more than one mortgage lender licensed pursuant to this chapter. (F) Independent contractors, except for exempt persons, must be licensed separately. Processors and underwriters who are independent contractors must be licensed as provided in Section 37-22-110(34)(c).
S.C. Code Ann. § 37-5-302 — SC Code / Title 37 / Chapter 5 / Section 37-5-302
SECTION 37-5-302. Disclosure violations.
Status: in_force

A person is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding five thousand dollars, or to imprisonment not exceeding one year, or both, if he wilfully and knowingly (1) gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of the Federal Truth in Lending Act, (2) uses any rate table or chart, the use of which is authorized by the provisions of the Federal Truth in Lending Act, in a manner which consistently understates the annual percentage rate determined according to those provisions; or (3) otherwise fails to comply with any requirement of the provisions on disclosure of the Federal Truth in Lending Act. The criminal liability of a person under this section is in lieu of and not in addition to his criminal liability under the Federal Truth in Lending Act; no prosecution of a person with respect to the same violation may be maintained pursuant to both this section and the Federal Truth in Lending Act.
S.C. Code Ann. § 37-15-80 — SC Code / Title 37 / Chapter 15 / Section 37-15-80
SECTION 37-15-80. Civil actions to enforce chapter; costs.
Status: in_force

A consumer who suffers loss by reason of a violation of this chapter may bring a civil action to enforce the provisions and, if successful in the action, shall recover reasonable attorney's fees and court costs incurred by bringing the action.
S.C. Code Ann. § 37-3-513 — SC Code / Title 37 / Chapter 3 / Section 37-3-513
SECTION 37-3-513. Application of other provisions.
Status: in_force

Except as otherwise provided, all provisions of this title applying to consumer loans apply to supervised loans.
S.C. Code Ann. § 37-6-503 — SC Code / Title 37 / Chapter 6 / Section 37-6-503
SECTION 37-6-503. Quorum; meetings.
Status: in_force

A majority of the members shall constitute a quorum. The Commission shall meet monthly on such date as it may designate and may meet at such other times as it may deem necessary, or when called by the chairman or by a majority of its members, and shall counsel and advise with the administrator on any and all phases of the operations and functions of the Department.
S.C. Code Ann. § 37-7-122 — SC Code / Title 37 / Chapter 7 / Section 37-7-122
SECTION 37-7-122. Use of application and renewal fees.
Status: in_force

All application and renewal fees collected by the department may be retained by the department and used to implement the provision of this chapter.
S.C. Code Ann. § 37-6-406 — SC Code / Title 37 / Chapter 6 / Section 37-6-406
SECTION 37-6-406. Publication of rules.
Status: in_force

(1) The Secretary of State shall compile, index, and publish all effective rules adopted by the administrator. Compilations shall be supplemented or revised as often as necessary. (2) Compilations shall be made available upon request to agencies and officials of this State free of charge and to other persons at prices fixed by the Secretary of State to cover mailing and publication costs.
S.C. Code Ann. § 37-23-20 — SC Code / Title 37 / Chapter 23 / Article 1 / Section 37-23-20
SECTION 37-23-20. Definitions.
Status: in_force

For purposes of this chapter: (1) "Affiliate" means a company that controls, is controlled by, or is under common control with another company, as described in the Bank Holding Company Act of 1956 (12 U.S.C. Section 1841, et seq.), as amended. (2) "Annual percentage rate" means the annual percentage rate for the loan calculated according to the provisions of the federal Truth-in-Lending Act (15 U.S.C. Section 1601, et seq.) and the regulations promulgated under it by the Federal Reserve Board, both as amended. (3) "Broker" or "mortgage broker" means a person or organization in the business of soliciting, processing, placing, or negotiating mortgage loans for others or offering to process, place, or negotiate mortgage loans for others. A broker or mortgage broker also includes a person or organization who brings borrowers or lenders together to obtain mortgage loans or renders a settlement service as described in 24 C.F.R. Part 3500.2(a)(16)(ii). (4) "Consumer home loan" means a loan in which: (a) the borrower is a natural person; (b) the debt is incurred by the borrower primarily for personal, family, or household purposes; and (c) the loan is secured by a mortgage on real estate upon which is located or is to be located a structure designed principally for occupancy of from one to four families and that is or is to be occupied by the borrower as the borrower's principal dwelling. (5) "Conventional conforming discount points" means loan discount points knowingly paid by the borrower for the purpose of reducing, and which in fact result in a bona fide reduction of, the interest rate applicable to the loan, so long as the home loan has an annual percentage rate that does not exceed the conventional mortgage rate by more than one percentage point. (6) "Conventional mortgage rate" means the required net yield for a ninety-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, whichever is greater. (7) "Conventional prepayment penalty" means a prepayment penalty or fee that may be collected or charged in a home loan and that is authorized by law other than by this chapter, provided the home loan (a) does not have an annual percentage rate that exceeds the conventional mortgage rate by more than two percentage points; and (b) does not permit prepayment fees or penalties that exceed two percent of the amount prepaid. (8) "Flipping" a consumer home loan means the making of a consumer home loan that refinances within forty-two months an existing consumer home loan of the borrower when the new loan does not have a reasonable, tangible net benefit to the borrower, considering all the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances. (a) A rebuttable presumption of reasonable, tangible, net benefit to the borrower occurs when including, but not limited to, the following: (i) at the time the home loan is consummated, the borrower's total monthly debts, including amounts due under the home loan, do not exceed fifty percent of the borrower's monthly income as verified by tax returns, payroll receipts, or other third-party income verification; (ii) the borrower's monthly payment to pay the new consolidated debt is a minimum of twenty percent lower than the total of all monthly obligations being financed, taking into account costs and fees; (iii) there is a beneficial change for the borrower in the duration of the loan; (iv) the borrower receives a reasonable amount of cash in excess of and in relation to the cost and fees as part of the refinancing; (v) the borrower's note rate of interest is reduced by at least two percent; (vi) there is a change from an adjustable rate loan to a fixed rate loan, taking into account costs and fees and the costs can be recouped within two years; or (vii) the borrower is able to recoup the costs of refinancing the loan within two years and reduces the interest rate by two points or the length of term by a minimum of five years. (b) The home loan refinancing transaction is presumed to be a flipping if a home loan refinances an existing home loan that was consummated as a special mortgage originated, subsidized, or guaranteed by or through a state, tribal, or local government or a nonprofit organization, which either bears a below-market interest rate at the time the loan was originated or has nonstandard payment terms beneficial to the borrower, such as payments that vary with income, are limited to a percentage of income, or are not required at all under specified conditions, and if, as a result of the refinancing, the borrower loses one or more of the benefits of the special mortgage. (9) "High-cost home loan" means: (a) a loan, other than an open-end credit plan or a reverse mortgage transaction, in which the: (i) principal amount of the loan does not exceed the conforming loan size limit for a single-family dwelling as established from time to time by the Federal National Mortgage Association; (ii) borrower is a natural person; (iii) debt is incurred by the borrower primarily for personal, family, or household purposes; (iv) loan is secured by either a security interest in a residential manufactured home, as defined in Section 37-1-301(24) which is to be occupied by the borrower as the borrower's principal dwelling, or a mortgage on real estate upon which there is located or there is to be located a structure designed principally for occupancy from one to four families and which is or is to be occupied by the borrower as the borrower's principal dwelling; and (v) terms of the loan exceed one or more of the thresholds as defined in item (15); or (b) an adjustable rate mortgage at the fully indexed rate assuming a fully amortizing repayment schedule that would exceed one or more of the thresholds as defined in item (15). (10) "Lender" includes, but is not limited to, a mortgage broker originating a loan in a tablefunded loan transaction in which the broker is identified as the original payee of the note. (11) "Obligor" means each borrower, co-borrower, cosigner, or guarantor obligated to repay a loan. (12) "Originator" or "loan originator" means an employee of a mortgage broker or mortgage lender whose primary job responsibilities include direct contact with or informing loan applicants of the rates, terms, disclosure, or other aspects of the mortgage. It does not mean an employee whose primary job responsibilities are clerical in nature, such as processing the loan. (13) "Points and fees" means: (a) items required to be disclosed pursuant to Sections 226.4(a) and 226.4( b) of Title 12 of the Code of Federal Regulations, as amended, except interest or the time-price differential; (b) charges for items listed in Section 226.4(c)(7) of Title 12 of the Code of Federal Regulations, as amended from time to time, but only if the lender receives direct or indirect compensation in connection with the charge or the charge is paid to an affiliate of the lender; otherwise, the charges are not included within the meaning of the phrase "points and fees"; (c) compensation paid directly by the borrower to a mortgage broker not otherwise included in subitem (a) or (b); (d) the maximum prepayment fees and penalties that may be charged or collected pursuant to the terms of the loan documents. Interest that may accrue in advance of payment in full of a loan made under a local, state, or federal government-sponsored mortgage insurance or guaranty program, including a Federal Housing Administration program, is not considered a prepayment fee or penalty; (e) premiums or other charges paid at or before closing for credit life, accident, health, or loss-of-income insurance or debt-cancellation coverage that provides for cancellation of all or part of the consumer's liability in the event of the loss of life, health, or income or in the case of accident. This subsection does not apply after January 1, 2005; and (f) "points and fees" does not include: (i) taxes, filing fees, recording, and other charges and fees actually paid or to be paid to public officials for determining the existence of or for perfecting, releasing, or satisfying a security interest; (ii) bona fide and reasonable fees actually paid to a person, other than a lender or an affiliate of the lender or to the mortgage broker or an affiliate of the mortgage broker, who has received no direct or indirect compensation for the following: fees for tax payment services, fees for flood certification, fees for pest infestation and flood determinations, appraisal fees, fees for inspections performed before closing, credit reports, surveys, attorney's fees if the borrower has the right to select the attorney, notary fees, escrow charges, and flood insurance premiums not otherwise included pursuant to subitem (a); (iii) premiums for insurance against title defects. Premiums for insurance against loss of or damage to property or against liability arising out of the ownership or use of property may be excluded from the points and fees if the insurance coverage may be obtained from a person of the borrower's choice and this fact is disclosed and if the coverage is obtained from or through the lender or its affiliate, the premium for the initial term of insurance coverage is disclosed. If the term of insurance is less than the term of the transaction, the term of insurance must be disclosed also. The premium may be disclosed on a unit-cost basis only in open-end credit transactions, closed- end credit transactions by mail or telephone pursuant to Section 226.17(g) of Title 12 of the Code of Federal Regulations, and certain closed-end credit transactions involving an insurance plan that limits the total amount of indebtedness subject to coverage; (iv) commissions and other compensation paid to licensed real estate brokers and agents; (v) fees or charges payable or paid by a party in connection with a local, state, or federal government-sponsored mortgage insurance or guaranty program including, but not limited to, Federal Housing Administration, Veterans Administration, South Carolina Housing Finance and Development Authority programs, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank, or price adjustment; (14) "Table-funded transaction" means a settlement at which a mortgage loan is funded by an advance of loan funds to a lender who closes the loan in his name followed by an assignment of the loan from the person identified as the lender in the loan documents to the person advancing the initial loan funds. (15) "Threshold" means either (A) or (B) in a loan transaction, whichever is applicable: (A) without regard to whether the loan transaction is a " residential mortgage transaction" as the term " residential mortgage transaction" is defined in Section 226. 2(a)(24) of Title 12 of the Code of Federal Regulations, as amended, the annual percentage rate of the loan at the time the loan is consummated is such a rate that the loan is considered to be a "mortgage" pursuant to Section 152 of the Home Ownership and Equity Protection Act of 1994 (Pub. Law 103-25, [15 U.S.C. Section 1602(aa)]), as amended, and regulations adopted pursuant to it by the Federal Reserve Board, including Section 226.32 of Title 12 of the Code of Federal Regulations, as amended, except with regard to a mortgage or loan secured by a nonreal estate manufactured housing lien, the term "threshold" means the annual percentage rate of the nonreal estate secured manufactured housing lien at the time the mortgage or loan is consummated exceeds by more than ten percentage points the yield on United States Treasury securities having comparable periods of maturity as of the fifteenth day of the month immediately preceding the month in which the application of the extension of credit is received by the lender; (B) the total points and fees payable by the borrower at or before the loan closing exceed: (i) five percent of the total loan amount if the total loan amount is twenty thousand dollars or more; (ii) the lesser of eight percent of the total loan amount or one thousand dollars if the total loan amount is less than twenty thousand dollars; or (iii) three percent of the total loan amount for nonreal estate secured manufactured housing transactions if the total loan amount in the nonreal estate secured housing transaction is twenty thousand dollars or more; (C) except that the following discount points and prepayment fees and penalties are excluded from the calculation of the total points and fees payable by the borrower: (i) up to and including two conventional conforming discount points payable by the borrower in connection with the loan transaction, but only if the interest rate from which the loan's interest rate is discounted does not exceed by more than one percentage point the required net yield for a ninety-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, whichever is greater; or (ii) up to and including one conventional conforming discount point payable by the borrower in connection with the loan transaction, but only if the interest rate from which the loan's interest rate is discounted does not exceed by more than two percentage points the required net yield for a ninety-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, whichever is greater; (iii) a conventional prepayment penalty. (16) "Total loan amount" means the same as the term " total loan amount" means in Section 226.32 of Title 12 of the Code of Federal Regulations and must be calculated in accordance with the Federal Reserve Board's Official Staff Commentary to that section. (17) An adjustable rate mortgage (ARM) is a mortgage in which the interest rate and monthly payment may vary over time.
S.C. Code Ann. § 37-20-170 — SC Code / Title 37 / Chapter 20 / Section 37-20-170
SECTION 37-20-170. Disputes as to accuracy of consumer records; penalties for wilful or negligent violations; attorney fees; civil damages and injunctive relief.
Status: in_force

(A) If a consumer disputes the accuracy of an item in the consumer's records with a consumer reporting agency, the consumer may give notice in writing to the consumer reporting agency specifying in what manner the report is inaccurate and the consumer reporting agency shall reinvestigate the inaccuracy at no charge to the consumer, provide the consumer with sufficient evidence that the information is true and accurate information as it relates to that consumer, and record the current status of the disputed information. The consumer reporting agency shall provide forms for that notice and shall assist a consumer in preparing the notice when requested. (B) Within thirty days after receiving a notice of inaccuracy, a consumer reporting agency shall deny or admit the inaccuracy to the consumer in writing. If the consumer reporting agency denies the inaccuracy, the consumer reporting agency shall include the following information with the written results of the reinvestigation: (1) the basis for the denial; (2) a copy of the consumer's file that is based on the consumer's file as revised as a result of the reinvestigation, including the business name and address of any furnisher of information who was contacted in connection with that information and, if reasonably available, the telephone number of the furnisher; (3) a notice that, if requested by the consumer, the consumer reporting agency shall provide the consumer with a description of the procedure used by the consumer reporting agency to determine the accuracy and completeness of the information; and (4) sufficient evidence that the information is true and accurate information as it relates to that consumer. (C) If the consumer reporting agency admits that the item is inaccurate, it shall correct the item in its records and, on request by the consumer, it shall inform any person who within the last six months has previously received a report containing that inaccurate information. (D) In addition to all other penalties that may be imposed, a consumer credit-reporting agency or other person that knowingly and wilfully violates a provision of this chapter is liable for three times the amount of actual damages or three thousand dollars for each incident, whichever is greater, as well as reasonable attorney's fees and costs. (E) In addition to all other penalties that may be imposed, a consumer credit-reporting agency or other person that negligently violates this chapter is liable for the greater of actual damages or one thousand dollars for each incident, as well as reasonable attorney's fees and costs. (F) In addition to the damages assessed pursuant to subsections (D) and (E), if the injury is to the consumer's creditworthiness, credit standing, credit capacity, character, general reputation, employment options, or eligibility for insurance, and results from the failure to take inaccurate information off of a credit report and the failure is not corrected by the consumer credit-reporting agency within ten days after the entry of a judgment for damages, the assessed damages must be increased to one thousand dollars each day until the inaccurate information is removed from the consumer's record. (G) A consumer seeking damages pursuant to this section also may institute a civil action to enjoin and restrain future acts constituting a violation of this chapter. (H) The remedial provisions of this chapter are cumulative of and in addition to any other action at law and any action taken by the Department of Consumer Affairs pursuant to Chapter 6. (I) This section is not intended, and must not be construed, to confer liability on a person who acts reasonably and who does not act wilfully or negligently.
S.C. Code Ann. § 37-30-100 — SC Code / Title 37 / Chapter 30 / Section 37-30-100
SECTION 37-30-100. Purpose of chapter.
Status: in_force

(A) The purpose of this chapter is to provide a framework within which guaranteed asset protection (GAP) waivers are defined and may be offered within this State. (B) This chapter does not apply to: (1) an insurance policy offered by an insurer under Title 38; or (2) a debt cancellation or debt suspension contract being offered by any national or state-chartered bank or federal or state-chartered credit union in compliance with 12 C.F.R. Part 37, or 12 C.F.R. Part 721, or any other federal law. (C) GAP waivers governed under this chapter are not insurance and are exempt from the provisions of Title 38, as are persons administering, marketing, selling, or offering to sell GAP waivers to borrowers. (D) GAP waivers only may be offered in conjunction with a loan that is unrelated to the purchase of a motor vehicle if: (1) the consumer loan has an original repayment term of more than twelve months; and (2) the principal loan amount is greater than four thousand dollars. Editor's Note 2015 Act No. 31, SECTION 3, provides as follows: "SECTION 3. This act takes effect upon approval by the Governor and applies to all GAP waivers which become effective one hundred eighty days after the effective date."
S.C. Code Ann. § 37-3-403 — SC Code / Title 37 / Chapter 3 / Section 37-3-403
SECTION 37-3-403. No assignment of earnings.
Status: in_force

(1) A lender may not take an assignment of earnings of the debtor for payment or as security for payment of a debt arising out of a consumer loan. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the debtor. This section does not prohibit an employee from authorizing deductions from his earnings if the authorization is revocable. (2) A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to him secured by an assignment of earnings.
S.C. Code Ann. § 37-3-413 — SC Code / Title 37 / Chapter 3 / Section 37-3-413
SECTION 37-3-413. Short-term vehicle secured loans; notice to borrower.
Status: in_force

(1) A "short-term vehicle secured loan" means a nonpurchase money consumer loan with an original repayment term of less than one hundred and twenty days and secured by a motor vehicle. It does not include a loan made by a supervised financial organization. (2) A short-term vehicle secured loan must be for an original period of at least one month. A lender may allow the loan to be renewed no more than six additional periods, not to exceed two hundred forty days, with each period equal to the length of the original period. A short-term vehicle secured loan may not accrue interest after the maturity of the sixth renewal period. After the maturity of the final renewal period, the borrower may repay the remaining principal, without additional interest, in six equal monthly installments. For the purposes of this section, a renewal is an extension of a short-term vehicle secured loan for an additional period without changes in the terms of the loan other than a reduction in its principal. Accrued interest must not be capitalized or added to the principal of the loan at the time of a renewal. Fees must not be charged, other than the lien recording fee in the exact amount of the governmental entity's charge. (3) Before making a short-term vehicle secured loan, a lender shall form a good faith belief that the borrower has the ability to repay the loan, considering the borrower's, and any coborrower's, employment, monthly income, and other monthly expenses compared to the loan's repayment obligation for the original term and permitted renewals. The lender is considered to comply with this subsection if the lender obtains from the borrower, on a form separate from the loan agreement, a signed statement that the information the borrower has provided regarding employment, income, and expenses is true and correct and that, given the information, the borrower believes he has the ability to repay the loan. (4) A lender may not make a short-term vehicle secured loan in a principal amount greater than the fair market retail value of the motor vehicle securing the loan, as determined by common industry appraisal guides. If the motor vehicle securing the loan is not listed in common appraisal guides, the lender shall use his best judgment to determine the value. (5) Except in the event of fraud by the borrower, if a borrower defaults in the repayment of a short-term vehicle secured loan, the lender's sole remedy is to seek possession and sale of the motor vehicle securing the loan and the lender may not pursue the borrower personally in an action for repayment of the loan or for any deficiency after sale. Notwithstanding this section, the lender must return to the borrower any surplus obtained after sale in excess of the amount owed on the loan and reasonable expenses of repossession and sale in accordance with Chapter 9, Title 36. (6) In a short-term vehicle secured loan agreement the lender shall provide a: (a) notice, placed conspicuously above the borrower's signature and in at least fourteen point type, as follows: "THIS IS A HIGHER INTEREST LOAN. YOU SHOULD GO TO ANOTHER SOURCE IF YOU HAVE THE ABILITY TO BORROW AT A LOWER RATE OF INTEREST. YOU ARE PLACING YOUR VEHICLE AT RISK IF YOU DEFAULT ON THIS LOAN."; and (b) right of rescission provision entitling the borrower to repay the principal amount borrowed without interest or other cost at any time until the close of business on the business day following the date the original loan was executed. (7) A lender making short-term vehicle secured loans may not advertise or offer a rate of interest that is lower in the original period of the loan if that rate increases in later renewals. Part 5 Supervised Loans
S.C. Code Ann. § 37-3-103 — SC Code / Title 37 / Chapter 3 / Section 37-3-103
SECTION 37-3-103. Index of definitions.
Status: in_force

The following definitions apply to this title and appear in this chapter as follows: "Consumer Loan"—Section 37-3-104 "Lender"—Section 37-3-107(1) "Loan"—Section 37-3-106 "Loan finance charge"—Section 37-3-109 "Loan primarily secured by an interest in land"—Section 37-3-105 "Precomputed"—Section 37-3-107(2) "Principal"—Section 37-3-107(3) "Restricted Lender"—Section 37-3-501(4) "Restricted Loan"—Section 37-3-501(3) "Revolving loan account"—Section 37-3-108 "Short-term vehicle secured loan"—Section 37-3-413(1) "Supervised Lender"—Section 37-3-501(2) "Supervised Loan"—Section 37-3-501(1)
S.C. Code Ann. § 37-2-601 — SC Code / Title 37 / Chapter 2 / Section 37-2-601
SECTION 37-2-601. Sales subject to title by agreement of parties.
Status: in_force

The parties to a sale other than a consumer credit sale may agree in a writing signed by the parties that the sale is subject to the provisions of this title applying to consumer credit sales. If the parties so agree the sale is a consumer credit sale for the purposes of this title.
S.C. Code Ann. § 37-2-201 — SC Code / Title 37 / Chapter 2 / Section 37-2-201
SECTION 37-2-201. Credit service charge for consumer credit sales.
Status: in_force

(1) With respect to a consumer credit sale, including a sale pursuant to a revolving charge account, a seller may contract for and receive a credit service charge not exceeding that permitted by this section. (2) The credit service charge, calculated according to the actuarial method, may not exceed the greater of either of the following: (a) any rate filed and posted pursuant to Section 37-2-305, or (b) eighteen (18%) percent per year on the unpaid balances of the amount financed. (3) This section does not limit or restrict the manner of contracting for the credit service charge, whether by way of add-on, discount, or otherwise, so long as the rate of the credit service charge does not exceed that permitted by this section. If the sale is precomputed: (a) the credit service charge may be calculated on the assumption that all scheduled payments will be made when due, and (b) the effect of prepayment is governed by the provisions on rebate upon prepayment (Section 37-2-210). (4) For the purposes of this section, the term of a sale agreement commences with the date the credit is granted or, if goods are delivered or services performed ten days or more after that date, with the date of commencement of delivery or performance. Differences in the lengths of months are disregarded and a day may be counted as one thirtieth of a month. Subject to classifications and differentiations the seller may reasonably establish, a part of a month in excess of fifteen days may be treated as a full month if periods of fifteen days or less are disregarded and that procedure is not consistently used to obtain a greater yield than would otherwise be permitted. (5) Subject to classifications and differentiations the seller may reasonably establish, he may make the same credit service charge on all amounts financed within a specified range. A credit service charge so made does not violate subsection (2) if (a) when applied to the median amount with each range, it does not exceed the maximum permitted by subsection (2), and (b) when applied to the lowest amount within each range, it does not produce a rate of credit service charge exceeding the rate calculated according to paragraph (a) by more than eight percent of the rate calculated according to paragraph (a). (6) Notwithstanding subsection (2), the seller may contract for and receive a minimum credit service charge of not more than five dollars when the amount financed does not exceed seventy-five dollars, or seven dollars and fifty cents when the amount financed exceeds seventy-five dollars. (7) Notwithstanding subsection (2), if a seller can demonstrate with competent evidence that: (a) any failure to post rates properly filed under Section 37-2-305 was a result of a bona fide error or excusable neglect; (b) the rates were properly posted when the error or neglect was discovered or brought to the seller's attention; and (c) that no other failure to post rates has been brought to the seller's attention by the Department of Consumer Affairs or by consumers within the previous forty-eight month period, then the maximum rate of credit service charges assessable by the seller is the rate properly filed with the Department of Consumer Affairs, provided, however, the seller that has failed or neglected to post rates is subject to a civil penalty of up to $5,000.00 payable to the Department of Consumer Affairs.
S.C. Code Ann. § 37-2-406 — SC Code / Title 37 / Chapter 2 / Section 37-2-406
SECTION 37-2-406. Restriction on liability in consumer lease.
Status: in_force

The obligation of a lessee upon expiration of a consumer lease may not exceed three times the average payment allocable to a monthly period under the lease. This limitation does not apply to charges for damages to the leased property or for other default.
S.C. Code Ann. § 37-22-190 — SC Code / Title 37 / Chapter 22 / Section 37-22-190
SECTION 37-22-190. Prohibited activities; violation of state or federal law.
Status: in_force

(A) In addition to the activities prohibited by other provisions of state or federal law, it is unlawful for a person licensed pursuant to this chapter, in the course of a mortgage loan origination, to: (1) misrepresent or conceal the material facts or make false promises likely to influence, persuade, or induce an applicant for a mortgage loan or a mortgagor to take a mortgage loan, or to pursue a course of misrepresentation through agents or otherwise; (2) refuse improperly or fail to issue a satisfaction of a mortgage pursuant to Section 29-3-310; (3) fail to account for or deliver to a person entitled to receive funds, documents, or other things of value obtained in connection with a mortgage loan including money provided by a borrower for a real estate appraisal or a credit report, which the mortgage lender or loan originator is not entitled to retain under the circumstances; (4) pay, receive, or collect in whole or in part any commission, fee, or other compensation for a mortgage loan origination in violation of this chapter including any unlicensed person other than an exempt person; (5) charge or collect a fee or rate of interest or to make or service a mortgage loan with terms or conditions or in a manner contrary to the provisions of this chapter; (6) advertise mortgage loans including rates, margins, discounts, points, fees, commissions, or other material information including material limitations on the loans, unless the person is able to make the mortgage loans available as advertised to qualified applicants; (7) fail to disburse funds in good faith and in accordance with a written commitment or agreement to make a mortgage loan that has been accepted by the borrower; (8) engage in a transaction, practice, or course of business in connection with the making or servicing of, or purchase or sale of, a mortgage loan that is not in good faith or fair dealing, that is unconscionable, as set forth in Section 37-5-108, or that constitutes a fraud upon a person; (9) fail to pay reasonable fees within a reasonable time to a licensed third party for services that are: (a) requested from the third party in writing by the mortgage lender or an employee of the mortgage lender; and (b) performed by the third party in connection with the origination or closing of a mortgage loan for a customer or mortgage lender; (10) influence or attempt to influence through coercion, extortion, or bribery, the development, reporting, result, or review of a real estate appraisal sought in connection with a mortgage loan. This item does not prohibit a mortgage lender or servicer from asking the appraiser to do one or more of the following: (a) consider additional appropriate property information; (b) provide further detail, substantiation, or explanation for the appraiser's value conclusion; or (c) correct errors in the appraisal report; (11) fail to comply with the mortgage loan servicing transfer, escrow account administration, or borrower inquiry response requirements imposed by Sections 6 and 10 of the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. Section 2605 and Section 2609, and regulations adopted pursuant to them and state law; (12) fail to provide within a reasonable time, upon written request of a borrower, a payment history statement in a form easily understood by the borrower including payment dates and amounts and charges within the twelve months preceding the month in which the request is received and the total amount unpaid as of the end of the period covered by the statement. The statement must be provided without charge once during each year of the term of the obligation. If additional statements are requested, the borrower may be charged a reasonable fee, not to exceed five dollars for each additional statement; (13) take a security interest in a borrower's principal dwelling where the amount of the mortgage loan is less than five thousand dollars; (14) fail to provide disclosures as required by state or federal law or collect any fee before providing required disclosures; (15) fail to comply with this chapter or other state or federal law including rules and regulations applicable to business regulated by this chapter; (16) falsely advertise or misuse names in violation of 18 U.S.C. Section 709 or state law; or (17) use any trade name or insignia of membership in an organization of which the licensee is not a member or advertise falsely through any material including, but not limited to, business card, stationery, or signage concerning a designation or certification of special education, credentials, trade organization membership, or business. (B) A violation of a state or federal law applicable to a business covered by this chapter is a violation of this chapter and may be enforced by the commissioner. Effect of Amendment 2017 Act No. 93, SECTION 5, in (A)(11), deleted "by the Secretary of the Department of Housing and Urban Development and" following "regulations adopted pursuant to them".
S.C. Code Ann. § 37-15-70 — SC Code / Title 37 / Chapter 15 / Section 37-15-70
SECTION 37-15-70. Payment of excessive shipping or handling charges as precondition of receipt of gift or prize prohibited.
Status: in_force

(A) It is unlawful to notify a person that the person will receive a gift, prize, or item of value and that as a condition of receiving the gift, prize, or item of value the person will be required to pay for or purchase or lease, including rent, any goods or services, if: (1) the shipping charges exceed: (a) the cost of postage or the charge of a delivery service, in the business of delivering goods of like size, weight, and kind, for shipping the gift, prize, or item of value from the geographic area in which the gift, prize, or item of value is being distributed; or (b) the exact amount for shipping the gift, prize, or item of value paid to an independent fulfillment house or an independent supplier, either of which is in the business of shipping goods for shippers other than the offeror of the gift, prize, or item of value; or (2) the handling charge exceeds the lesser of five dollars or the actual cost of handling. (B) This section applies to all offers of prizes, gifts, or items of value covered by this chapter.
S.C. Code Ann. § 37-22-240 — SC Code / Title 37 / Chapter 22 / Section 37-22-240
SECTION 37-22-240. Criminal background checks.
Status: in_force

Using the information supplied by the commissioner, the applicant must undergo a national criminal record check, supported by fingerprints, by the Federal Bureau of Investigation (FBI). The results of these criminal record checks must be reported to the commissioner. The Nationwide Mortgage Licensing System and Registry is authorized to retain the fingerprints for certification purposes and for notification of the commissioner regarding subsequent criminal charges which may be reported to the FBI. The commissioner shall keep all information pursuant to this section privileged, in accordance with applicable state and federal guidelines. Effect of Amendment 2017 Act No. 93, SECTION 7, rewrote the section, removing certain requirements and authorizing the Nationwide Mortgage Licensing System and Registry to retain fingerprints for certain purposes.
S.C. Code Ann. § 37-10-102 — SC Code / Title 37 / Chapter 10 / Section 37-10-102
SECTION 37-10-102. Attorney's fees and other charges on mortgage loans for personal, family or household purposes.
Status: in_force

Whenever the primary purpose of a loan that is secured in whole or in part by a lien on real estate is for a personal, family or household purpose: (a) The creditor must ascertain prior to closing the preference of the borrower as to the legal counsel that is employed to represent the debtor in all matters of the transaction relating to the closing of the transaction and except in the case of a loan on property that is subject to the South Carolina Horizontal Property Act (Section 27-31-10, et seq.) the insurance agent to furnish required hazard and flood property insurance in connection with the mortgage and comply with such preference. The creditor may comply with this section by: (1) including the preference information on or with the credit application so that this information shall be provided on a form substantially similar to a form distributed by the administrator; or (2) providing written notice to the borrower of the preference information with the notice being delivered or mailed no later than three business days after the application is received or prepared. If a creditor uses a preference notice form substantially similar to a form distributed by the administrator, the form is in compliance with this section. The creditor may require the attorney or agent to provide reasonable security to the creditor by way of mortgage title insurance in a company acceptable to the creditor and to comply with reasonable closing procedures. If title insurance is made a condition of the loan at any point during the negotiations, it must remain a condition all the time thereafter regardless of which attorney ultimately closes the transaction. Any legal fees other than for examination and certification of the title, the preparation of all required documents, and the closing of the transaction required or incurred by the creditor in connection with the transaction is the responsibility of the creditor regardless of which party pays for the title work, document preparation, and closing. (b) The creditor may contract and receive the following additional charges in a transaction in which the creditor authorizes a transferee of the real estate that serves as security for the transaction to assume the original debtor's obligation - (i) except as otherwise provided in subparagraph (iii), the additional charges authorized by Section 37-3-202; (ii) the charge for any credit report on the debtor required by the creditor, if not paid to the creditor or a person related to the creditor; and (iii) a nonrefundable assumption fee in an amount not exceeding the lesser of four hundred dollars or one percent of the unpaid balance of the loan at the time the assumption transaction is consummated.
S.C. Code Ann. § 37-1-201 — SC Code / Title 37 / Chapter 1 / Section 37-1-201
SECTION 37-1-201. Territorial application.
Status: in_force

(1) Except as otherwise provided in this section, this title applies to consumer credit transactions made in this State. For purposes of this title, a consumer credit transaction is made in this State if: (a) a signed writing evidencing the obligation or offer of the consumer is received by the creditor in this State; or (b) the creditor induces the consumer who is a resident of this State to enter into the transaction by offering or advertising in this State by any means, including, but not limited to, face-to-face solicitation, mail, brochure, print, radio, television, Internet, or any other electronic means. (2) With respect to consumer credit transactions entered into pursuant to open-end credit this title applies if the consumer's communication or indication of his intention to establish the arrangement is received by the creditor in this State. If no communication or indication of intention is given by the consumer before the first transaction, this title applies if the creditor's communication notifying the consumer of the privilege of using the arrangement is mailed or personally delivered in this State. (3) The subdivision on limitations on creditors' remedies (Part 1) of the chapter on remedies and penalties (Chapter 5) applies to actions or other proceedings brought in this State to enforce rights arising from consumer credit transactions or extortionate extensions of credit, wherever made. (4) A consumer credit transaction to which this title does not apply entered into with a person who is a resident of this State at the time of the transaction is valid and enforceable in this State to the extent that it is valid and enforceable under the laws of the jurisdiction applicable to the transaction. A creditor may not enforce rights against the consumer with respect to the provisions of agreements which violate the provisions on limitations on agreements and practices (Part 4) of the chapter on credit sales (Chapter 2) or of the chapter on loans (Chapter 3). (5) Except as provided in subsections (3), (4), and (8), a consumer credit transaction made in another jurisdiction is valid and enforceable in this State according to its terms to the extent that it is valid and enforceable under the laws of the jurisdiction applicable to the transaction. (6) For the purposes of this title, the residence of a consumer is the address given by him as his residence in a writing signed by him in connection with a credit transaction. Until he notifies the creditor of a new or different address, the given address is presumed to be unchanged. (7) For purposes of this section: (a) "Consumer" means the buyer, lessee, or debtor to whom credit is granted in a consumer credit transaction. (b) "Consumer credit transaction" means a consumer credit sale or consumer loan or a refinancing or consolidation thereof, a consumer lease, or a consumer rental-purchase agreement. (c) "Creditor" means the person who grants credit in a consumer credit transaction or, except as otherwise provided, an assignee of a creditor's right to payment, but use of the term does not in itself impose on an assignee any obligation of his assignor. In the case of credit granted pursuant to a credit card, the "person who grants credit" is the card issuer and not another person honoring the credit card. (d) "Open-end credit" means an arrangement pursuant to which: (i) a creditor may permit a consumer, from time to time, to purchase or lease on credit from the creditor or pursuant to a credit card, or to obtain loans from the creditor or pursuant to a credit card, (ii) the amounts financed and the finance and other appropriate charges are debited to an account, (iii) the finance charge, if made, is computed on the account periodically, and (iv) the consumer has the privilege of paying in full or in installments. (8) With respect to a consumer credit sale or consumer loan to which this title does not otherwise apply, if, pursuant to solicitation in this State, a consumer who is a resident of this State sends a signed writing evidencing the obligation or offer of the consumer to a creditor in another state and receives the goods or services purchased or the cash proceeds of the loan in this State: (a) the creditor may not contract for or receive charges exceeding those permitted by this title; (b) the provisions on Powers and Functions of Administrator (Part 1 of Chapter 6 of this title) shall apply as though the consumer credit sale or consumer loan were entered into in this State. (9) Notwithstanding other provisions of this section: (a) except as provided in subsection (3), this title does not apply if the consumer is not a resident of this State at the time of a consumer credit transaction and the parties have agreed that the law of his residence applies; (b) this title applies if the consumer is a resident of this State at the time of a consumer credit transaction and the parties have agreed that the law of his residence applies. (10) Each of the following agreements or provisions of an agreement by a consumer who is a resident of this State at the time of a consumer credit transaction is invalid with respect to the transaction: (a) that the law of another jurisdiction apply; (b) that the consumer consents to be subject to the process of another jurisdiction; (c) that the consumer appoints an agent to receive service of process; (d) that fixes venue; (e) that the consumer consents to the jurisdiction of the court that does not otherwise have jurisdiction. (11) The following provisions of this title specify the applicable law governing certain cases: (a) applicability (Section 37-6-102) of the Part on Powers and Functions of Administrator (Part 1) of the Chapter on Administration (Chapter 6); (b) applicability (Section 37-6-201) of the Chapter on Notification and Fees (Part 2) of the Chapter on Administration (Chapter 6). Effect of Amendment 2016 Act No. 244, SECTION 1, in (1)(b), expanded how a creditor may induce a consumer to enter into a transaction.
S.C. Code Ann. § 37-15-90 — SC Code / Title 37 / Chapter 15 / Section 37-15-90
SECTION 37-15-90. Violation of this chapter is unfair trade practice.
Status: in_force

A violation of this chapter constitutes a prohibited practice under the provisions of the Unfair Trade Practices Act and is subject to any of the enforcement provisions of that act.
S.C. Code Ann. § 37-6-407 — SC Code / Title 37 / Chapter 6 / Section 37-6-407
SECTION 37-6-407. Petition for adoption of rules.
Status: in_force

An interested person may petition the administrator requesting the promulgation, amendment, or repeal of a rule. The administrator shall prescribe by rule the form for petitions and the procedure for their submission, consideration, and disposition. Within thirty days after submission of a petition, the administrator either shall deny the petition in writing, stating his reasons for the denials, or shall initiate rule-making proceedings in accordance with the provisions on procedure for adoption of rules (Section 37-6-404).
S.C. Code Ann. § 37-3-209 — SC Code / Title 37 / Chapter 3 / Section 37-3-209
SECTION 37-3-209. Right to prepay.
Status: in_force

Subject to the provisions on rebate upon prepayment (Section 37-3-210), the debtor may prepay in full the unpaid balance of a consumer loan, refinancing, or consolidation at any time without penalty.
S.C. Code Ann. § 37-1-302 — SC Code / Title 37 / Chapter 1 / Section 37-1-302
SECTION 37-1-302. Definition of "Federal Consumer Credit Protection Act".
Status: in_force

In this title "Federal Consumer Credit Protection Act" means the Consumer Credit Protection Act (Public Law 90-321: 82 Stat. 146), as amended from time to time, and includes regulations issued under the act. Title I of the Federal Consumer Credit Protection Act is referred to throughout this title as the "Federal Truth-in-Lending Act". Effect of Amendment 2016 Act No. 244, SECTION 3, substituted "under the act" for "from time to time by the Board of Governors of the Federal Reserve System"; and made other nonsubstantive changes.