reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 2 - Credit Sales › Section 37-2-705. Delinquency charges.

(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.
HISTORY: 1985 Act No. 121, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 2 - Credit Sales › Section 37-2-706. Deposits; delivery charges; pick up charges.

(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.
HISTORY: 1985 Act No. 121, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 2 - Credit Sales › Section 37-2-707. Charge for default of lessee.

Except as specifically provided for in this part, a consumer rental-purchase agreement may not provide for any charges as a result of the default of the lessee. A provision in violation of this section is unenforceable.
HISTORY: 1985 Act No. 121, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 2 - Credit Sales › Section 37-2-708. Use of note as evidence of consumer's obligation.

With respect to a consumer rental-purchase agreement, the lessor may not take a negotiable instrument other than a check dated not later than ten days after its issuance as evidence of the obligation of the consumer.
HISTORY: 1985 Act No. 121, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 2 - Credit Sales › Section 37-2-709. Assignment; claims or defenses.

(1) With respect to a consumer rental-purchase agreement, an assignee of the rights of the lessor is subject to all claims and defenses of the consumer against the lessor arising from the lease of property or services, notwithstanding that the assignee is the holder in due course of a negotiable instrument issued in violation of the provisions prohibiting certain negotiable instruments (Section 37-2-708).
(2) A claim or defense of a consumer specified in subsection (1) may be asserted against the assignee under this section only if the consumer has made a good faith attempt to obtain satisfaction from the lessor with respect to the claim or defense and then only to the extent of the amount owing the assignee with respect to the sale or lease of the property or services as to which the claim or defense arose at the time the assignee has written notice of the claim or defense. Written notice of the claim or defense may be given before the attempt specified in this subsection. For the purposes of this section, written notice is any written notification other than notice on a coupon, billing statement, or other payment medium or materials supplied by the assignee.
(3) An agreement may not limit or waive the claims or defenses of a lessee under this section.
HISTORY: 1985 Act No. 121, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 2 - Credit Sales › Section 37-2-710. Assignment of earnings.

A 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 rental-purchase agreement. 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.
HISTORY: 1985 Act No. 121, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 2 - Credit Sales › Section 37-2-711. Lessee's rights and obligations upon assignment.

The lessee is authorized to pay the original lessor until the lessee receives written notification of assignment of the rights to payment pursuant to a consumer rental-purchase agreement and that payment is to be made to the assignee. A notification which does not reasonably identify the rights assigned is ineffective. If requested by the lessee, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless he does so the lessee may pay the lessor.
HISTORY: 1985 Act No. 121, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 2 - Credit Sales › Section 37-2-713. Lessee's right to return property, continue rental, or purchase property before end of rental-purchase agreement.

In a consumer rental-purchase agreement, at any time after the lessee has made the first periodic payment, the lessee may:
(1) return the rented property to the lessor;
(2) continue making periodic payments or renewals as provided for in the agreement for the remaining term of the agreement; or
(3) purchase the property by tendering fifty-five percent of the difference between the total of scheduled payments and the total amount paid on the account.
HISTORY: 1985 Act No. 121, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 2 - Credit Sales › Section 37-2-714. Lessee's right to reinstatement of rental-purchase agreement.

(1) A lessee who fails to make timely periodic payment or payments has the right to reinstate the original consumer rental-purchase agreement without losing any rights or options previously acquired under the consumer rental-purchase agreement if both of the following apply:
(a) The consumer rental-purchase agreement is not more than sixty days in default.
(b) One periodic payment has been missed and the lessee has surrendered the item to the lessor, if requested by the lessor, during the time in which payments were missed.
(2) As a condition precedent to reinstatement of the consumer rental-purchase agreement, a lessor may charge the outstanding balance of any accrued payments and delinquency charges plus delivery charges allowable by Section 37-2-706(2) if redelivery of the item is necessary.
(3) If reinstatement occurs pursuant to this section, the lessor shall provide the lessee with either the same item leased by the lessee prior to reinstatement or a substitute item of comparable quality and condition. If a substitute item is provided the lessor shall provide the lessee with all the information required by Section 37-2-702.
HISTORY: 1985 Act No. 121, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-102. Scope.

This chapter applies to consumer loans including supervised loans and, except as provided in Sections 37-3-200 and 37-3-500, restricted loans; in addition part 6 applies to loans other than consumer loans.
HISTORY: 1962 Code Section 8-800.232; 1974 (58) 2879; 1976 Act No. 686 Section 21.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-103. Index of definitions.

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)
HISTORY: 1962 Code Section 8-800.233; 1974 (58) 2879; 1976 Act No. 686 Section 22; 2003 Act No. 42, Section 5.A, eff Jan. 1, 2004.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-104. "Consumer loan" defined.

Except as provided in Section 37-3-105, "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which:
(a) the debtor is a person other than an organization;
(b) the debt is incurred primarily for a personal, family, or household purpose;
(c) either the debt is payable in installments or a loan finance charge is made; and
(d) either the principal does not exceed twenty-five thousand dollars or the debt is secured by an interest in land.
HISTORY: 1962 Code Section 8-800.234; 1974 (58) 2879; 1976 Act No. 686 Section 63; 1982 Act No. 385, Section 25; 1991 Act No. 142, Section 8.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-105. First mortgage real estate loans.

(1) Except as otherwise provided in subsection (2), unless the loan is made subject to this title by agreement (Section 37-3-601), "consumer loan" does not include a loan secured by a first lien or equivalent security interest in real estate.
(2) Loans excluded from the definition of a "consumer loan" pursuant to subsection (1) shall nevertheless be subject to the following provisions:
(a) Civil liability for violation of disclosure (Section 37-5-203);
(b) Voluntary complaint resolution (Section 37-6-117);
(c) Whenever the primary purpose of the credit extended is not to enable the debtor to buy or build a residence on residential real property, the administrative powers in Part 1 of Article 6.
If an origination charge, prepaid finance charge, prepaid points, service, or other prepaid charge substantially exceeds the usual and customary charge for a particular type of loan, the creditor is subject to the provisions of Part 1, Chapter 6, Title 37, notwithstanding that the origination charge, prepaid finance charge, prepaid points, service, or other prepaid charge is properly disclosed as part of the finance charge for purposes of complying with the Federal Truth-in-Lending Act or part or all of the origination charge, prepaid finance charge, prepaid points charge, service, or other prepaid charges are rebatable or refundable upon prepayment or acceleration of the obligation. For the purpose of this paragraph, a creditor is not subject to any liability if the loan finance charge and other fees and charges imposed by the creditor and the collection practices followed in administering or enforcing the loan are usual and customary for the particular type of loan. A charge, collection practice, or administrative procedure that is authorized or required by any state or federal statute or regulation relating to mortgage loans; or in any official manual setting forth the procedures for real estate mortgages issued by any governmental or quasi-governmental organization that purchases, insures, or guarantees such loans, including without limitation, manuals issued by the Federal Housing Administration, Veterans Administration, Farmers Home Administration, Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Corporation, or by any organization that regularly insures mortgages and is authorized to conduct such business in this State, is deemed to be usual and customary.
(3) Loans excluded from the definition of a "consumer loan" pursuant to subsection (1) also are subject to the provisions of Chapter 7, Chapter 10, Chapter 22, and Chapter 23 of this title.
HISTORY: 1962 Code Section 8-800.235; 1974 (58) 2879; 1976 Act No. 686 Section 64; 1982 Act No. 385, Section 26; 1985 Act No. 153, Section 1; 1991 Act No. 142, Section 9; 2009 Act No. 67, Section 4.B, eff January 1, 2010.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-106. "Loan" defined.

"Loan" includes:
(1) the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor;
(2) the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediately;
(3) the creation of debt pursuant to a lender credit card or similar arrangement; and
(4) the forbearance of debt arising from a loan.
HISTORY: 1962 Code Section 8-800.236; 1974 (58) 2879; 1982 Act No. 385, Section 27.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-107. "Lender"; "precomputed"; "principal" defined.

(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).
HISTORY: 1962 Code Section 8-800.237; 1974 (58) 2879; 1976 Act No. 686 Section 23.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-108. "Revolving loan account" defined.

"Revolving loan account" means an arrangement between a lender and a debtor pursuant to which:
(1) the lender may permit the debtor to obtain loans from time to time;
(2) the unpaid balances of principal and the loan finance and other appropriate charges are debited to an account;
(3) a loan finance charge if made is not precomputed but is computed on the outstanding unpaid balances of the debtor's account from time to time; and
(4) the debtor has the privilege of paying the balances in installments.
HISTORY: 1962 Code Section 8-800.238; 1974 (58) 2879.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-109. "Loan finance charge" defined.

(1) "Loan finance charge" means the sum of:
(a) all charges payable directly or indirectly by the debtor and imposed directly or indirectly by the lender as an incident to the extension of credit, including any of the following types of charges which are applicable: interest or any amount payable under a point, discount or other system of charges, however denominated, premium or other charge for any guarantee or insurance protecting the lender against the debtor's default or other credit loss; and, except as otherwise provided in this section;
(b) charges incurred for investigating the collateral or creditworthiness of the debtor or for commissions or brokerage for obtaining the credit, irrespective of the person to whom the charges are paid or payable, unless the lender had no notice of the charges when the loan was made but excluding fees and charges paid to persons registered as mortgage loan brokers pursuant to Chapter 58 of Title 40. The term does not include charges as a result of default, additional charges (Section 37-3-202), delinquency charges (Section 37-3-203), or deferral charges (Section 37-3-204), or in a consumer loan which is secured in whole or in part by a first or junior lien on real estate, charges incurred for appraising the real estate that is collateral for the loan, if not paid to the creditor or a person related to the creditor.
(2) If a lender makes a loan to a debtor by purchasing or satisfying obligations of the debtor pursuant to a lender credit card or similar arrangement, and the purchase or satisfaction is made at less than the face amount of the obligation, the discount is not part of the loan finance charge.
HISTORY: 1962 Code Section 8-800.239; 1974 (58) 2879; 1976 Act No. 686 Section 24; 1982 Act No. 385, Section 28; 1988 Act No. 614, Section 1.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-205. Loan finance charge on refinancing.

With respect to a consumer loan, refinancing, or consolidation, the lender may by agreement with the debtor refinance the unpaid balance and may contract for and receive a loan finance charge based on the principal resulting from the refinancing at a rate not exceeding that permitted by the provisions on loan finance charge for consumer loans (Section 37-3-201) or the provisions on loan finance charge for supervised loans (Section 37-3-508), whichever is appropriate. For the purpose of determining the loan finance charge permitted, the principal resulting from the refinancing comprises the following:
(1) if the transaction was not precomputed, the total of the unpaid balance and the accrued charges on the date of the refinancing, or, if the transaction was precomputed, the amount which the debtor would have been required to pay upon prepayment pursuant to the provisions on rebate upon prepayment (Section 37-3-210) on the date of refinancing, except that for the purpose of computing this amount no minimum charge (Section 37-3-210) shall be allowed; and
(2) appropriate additional charges (Section 37-3-202), payment of which is deferred.
HISTORY: 1976 Act No. 686 Section 1.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-206. Loan finance charge on consolidation.

(1) If a debtor owes an unpaid balance to a lender with respect to a consumer loan, refinancing, or consolidation, and becomes obligated on another consumer loan, refinancing, or consolidation with the same lender, the parties may agree to a consolidation resulting in a single schedule of payments. If the previous consumer loan, refinancing, or consolidation was not precomputed, the parties may agree to add the unpaid amount of principal and accrued charges on the date of consolidation to the principal with respect to the subsequent loan. If the previous consumer loan, refinancing, or consolidation was precomputed, the parties may agree to refinance the unpaid balance pursuant to the provisions on refinancing (Section 37-3-205) and to consolidate the principal resulting from the refinancing by adding it to the principal with respect to the subsequent loan. In either case the lender may contract for and receive a loan finance charge based on the aggregate principal resulting from the consolidation at a rate not in excess of that permitted by the provisions on loan finance charge for consumer loans (Section 37-3-201) or the provisions on loan finance charge for supervised loans (Section 37-3-508), whichever is appropriate.
(2) The parties may agree to consolidate the unpaid balance of a consumer loan with the unpaid balance of a consumer credit sale. The parties may agree to refinance the previous unpaid balance pursuant to the provisions on refinancing sales (Section 37-2-205) or the provisions on refinancing loans (Section 37-3-205), whichever is appropriate, and to consolidate the amount financed resulting from the refinancing or the principal resulting from the refinancing by adding it to the amount financed or principal with respect to the subsequent sale or loan. The aggregate amount resulting from the consolidation shall be deemed principal, and the creditor may contract for and receive a loan finance charge based on the principal at a rate not in excess of that permitted by the provisions on loan finance charge for consumer loans (Section 37-3-201) or the provisions on loan finance charge for supervised loans (Section 37-3-508), whichever is appropriate.
HISTORY: 1976 Act No. 686 Section 1.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-207. Conversion to revolving loan account.

The parties may agree to add to a revolving loan account the unpaid balance of a consumer loan, not made pursuant to revolving loan account, or a refinancing, or consolidation thereof, or the unpaid balance of a consumer credit sale, refinancing or consolidation. For the purpose of this section:
(1) the unpaid balance of a consumer loan, refinancing, or consolidation is an amount equal to the principal determined according to the provisions on refinancing (Section 37-3-205); and
(2) the unpaid balance of a consumer credit sale, refinancing, or consolidation is an amount equal to the amount financed determined according to the provisions on refinancing (Section 37-2-205).
HISTORY: 1976 Act No. 686 Section 1.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-208. Advance to perform covenants of debtor.

(1) If the agreement with respect to a consumer loan, refinancing, or consolidation contains covenants by the debtor to perform certain duties pertaining to insuring or preserving collateral and if the lender pursuant to the agreement pays for performance of the duties on behalf of the debtor, the lender may add the amounts paid to the debt. Within a reasonable time after advancing any sums, he shall state to the debtor in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule and, if the duties of the debtor performed by the lender pertain to insurance, a brief description of the insurance paid for by the lender including the type and amount of coverages. No further information need be given.
(2) A loan finance charge may be made for sums advanced pursuant to subsection (1) at a rate not exceeding the rate stated to the debtor pursuant to the provisions on disclosure (Part 3) with respect to the loan, refinancing, or consolidation, except that with respect to a revolving loan account the amount of the advance may be added to the unpaid balance of the debt and the lender may make a loan finance charge not exceeding that permitted by the provisions on loan finance charge for consumer loans (Section 37-3-201) or for supervised loans (Section 37-3-508), whichever is appropriate.
HISTORY: 1976 Act No. 686 Section 1.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-209. Right to prepay.

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.
HISTORY: 1976 Act No. 686 Section 1.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-301. Application of and compliance with Federal Truth in Lending Act.

A person upon whom the Federal Truth in Lending Act imposes duties or obligations shall make or give to the consumer the disclosures, information and notices required of him by that act and in all respects comply with that act.
HISTORY: 1962 Code Section 8-800.261; 1974 (58) 2879.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-302. Receipts; statements of account; evidence of payment.

(1) The creditor shall deliver or mail to the debtor, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer loan. A periodic statement showing a payment received by mail complies with this subsection.
(2) Upon written request of a debtor, the person to whom an obligation is owed pursuant to a consumer loan, except one pursuant to a revolving loan account, shall provide a written statement of the dates and amounts of payments made 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 shall be provided without charge once during each year of the term of the obligation. If additional statements are requested the creditor may charge not in excess of two dollars for each additional statement.
(3) After a debtor has fulfilled all obligations with respect to a consumer loan, except one pursuant to a revolving loan account, the person to whom the obligation was owed, upon request of the debtor, shall deliver or mail to the debtor written evidence acknowledging payment in full of all obligations with respect to the transaction.
HISTORY: 1976 Act No. 686 Section 25.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-303. Notice to cosigners and similar parties.

(1) A natural person, other than the spouse of the debtor, is not obligated as a cosigner, comaker, guarantor, indorser, surety, or similar party with respect to a consumer loan, unless before or contemporaneously with signing any separate agreement of obligation or any writing setting forth the terms of the debtor's agreement, the person receives a separate written notice that contains a completed identification of the debt he may have to pay and reasonably informs him of his obligation with respect to it.
(2) A clear and conspicuous notice in substantially the following form complies with this section:
NOTICE
You agree to pay the debt identified below although you may not personally receive any property, services, or money. You may be sued for payment although the person who receives the property, services, or money is able to pay. This notice is not the contract that obligates you to pay the debt. Read the contract for the exact terms of your obligation.
IDENTIFICATION OF DEBT YOU MAY HAVE TO PAY
(Name of Debtor) (Name of Creditor) (Date) (Kind of Debt) I have received a copy of this notice. (Date) (Signed)
(3) The notice required by this section need not be given to a seller, lessor, or lender who is obligated to an assignee of his rights.
(4) A person entitled to notice under this section shall also be given a copy of any writing setting forth the terms of the debtor's agreement and of any separate agreement of obligation signed by the person entitled to the notice.
(5) A notice to cosigner which complies with the Federal Trade Commission's Trade Regulation Rule on Credit Practices (16 C.F.R. Section 444) or which complies with a regulation regarding cosigner notices promulgated by any federal agency pursuant to Section 18(f) of the Federal Trade Commission Act, 15 U.S.C. Section 57a(f) (Section 202(a) of the Magnuson-Moss Warranty-Federal Trade Commission Improvement Act, Public Law 93-63F) likewise complies with this section, provided that the notice does not indicate that the creditor may collect any amount or engage in any activity which would be illegal under South Carolina law and the notice contains the following information signed and dated by the co-signer:
IDENTIFICATION OF DEBT YOU MAY HAVE TO PAY
(Name of Debtor) (Name of Creditor) (Date) (Kind of Debt) I have received a copy of this notice. (Date) (Signed)
HISTORY: 1976 Act No. 686 Section 25; 1991 Act No. 142, Section 12; 2004 Act No. 234, Sections 4 and 5, eff May 11, 2004.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-304. Advertising.

(1) A lender may not advertise, print, display, publish, distribute, broadcast, or cause to be advertised, printed, displayed, published, distributed, or broadcast in any manner any statement or representation with regard to the rates, terms, or conditions of credit with respect to a consumer loan that is false, misleading, or deceptive.
(2) Advertising that complies with the Federal Truth in Lending Act does not violate this section.
(3) This section does not apply to the owner or personnel, as such, of any medium in which an advertisement appears or through which it is disseminated.
HISTORY: 1976 Act No. 686 Section 25.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-306. Notice of assumption rights.

(1) Every creditor engaged in this State in making consumer loans pursuant to a lender credit card or similar arrangement shall:
(a) file on or before January thirty-first of each year with the Department of Consumer Affairs for every lender card plan it offers to South Carolina residents the disclosures required for credit and charge card applications and solicitations by the Federal Truth-In-Lending Act, Federal Reserve Board Regulation Z, Section 226.5a(b), 12 C.F.R. Section 226.5a(b), and any amendments or replacements thereto. The disclosures required by this section must be based on fees and charges and other terms in effect as of December thirty-first of the prior year. The required disclosures may be filed by providing one or more actual applications or solicitations used by the creditor which contain the required disclosures on one or more of the model forms in Appendix G of Federal Reserve Board Regulation Z. The annual filing fee for each creditor is twenty dollars, payable at the time the disclosures are filed regardless of the number of filings; and
(b) file with the Department of Consumer Affairs current figures on the disclosures required by item (a) within thirty days after receiving a written request for this information from the administrator. No filing fee may be imposed for this information request.
(2) Failure to file the disclosures required by this section and any errors in these disclosures does not affect the validity of any transaction or the maximum rates or charges in any transaction made by the creditor but the creditor is subject to the administrative remedies in Part 1 of Chapter 6.
HISTORY: 1982 Act No. 385, Section 34; 1991 Act No. 142, Section 14.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-308. Manufactured home loan disclosure; material terms.

(A) An estimate of the disclosures required by Section 37-3-301 is required in connection with a loan for the purchase, refinance, or consolidation of a loan secured by a borrower-occupied manufactured home not less than two days before the consummation of the transaction as defined in 12 C.F.R. Section 226.2(a)(13). The estimated disclosure must be accompanied by the itemization of the amount financed. With respect to a loan secured by real property, the disclosures required by the Federal Real Estate Settlement Procedures Act are applicable.
(B) If the lender turns down the applicant for the credit sale before making the disclosures, the disclosures as provided in subsection (A) are not required.
(C)(1) If the lender determines that a material term of the loan sale must change, then the lender shall redisclose the estimated disclosures to conform to the changed terms and the transaction must not be consummated until one day after the redisclosure.
(2) A material term of the credit sale includes:
(a) the number of payments of the transaction;
(b) a feature of the transaction causing it to be an alternative mortgage transaction as defined in 12 U.S.C. Section 3802(1) when the transaction as previously disclosed was not an alternative mortgage transaction;
(c) a term or fee in the transaction or combination of terms or fees causing the annual percentage rate to vary more than one quarter of one percent of the annual percentage rate previously disclosed; or
(d) any insurance premiums, prepaid finance charges, third-party fees, or preparation charges that vary from the previously disclosed insurance premiums, prepaid finance charges, third-party fees, or preparation charges by lesser than five hundred dollars in the aggregate or one percent of the estimated amount disclosed pursuant to subsection (A).
HISTORY: 2003 Act No. 42, Section 3.B, eff Jan. 1, 2004, and applying to loans for which the loan applications were taken on or after that date.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-402. Balloon payments.

(1) Except as provided in subsection (2), if any scheduled payment of a consumer loan 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 loan 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 loan finance 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.
HISTORY: 1962 Code Section 8-800.272; 1974 (58) 2879; 1982 Act No. 385, Section 35; 1989 Act No. 144, Section 4.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-403. No assignment of earnings.

(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.
HISTORY: 1962 Code Section 8-800.273; 1974 (58) 2879.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-404. Attorney's fees.

(1) Except as provided by the provisions on limitations on attorney's fees as to certain supervised loans (Section 37-3-514), with respect to a consumer loan the agreement may provide for the payment by the debtor of reasonable attorney's fees not in excess of fifteen percent of the unpaid debt after default and referral to an attorney not a salaried employee of the lender. A provision in violation of this section is unenforceable.
(2) With respect to a consumer loan that is secured in whole or in part by a lien on real estate the provisions of Section 37-10-102(a) apply whenever the lender requires the debtor to purchase insurance or pay any attorney's fees in connection with examining the title and closing the transaction.
HISTORY: 1962 Code Section 8-800.274; 1974 (58) 2879; 1976 Act No. 686 Section 26; 1982 Act No. 385, Section 36; 1984 Act No. 355, Section 6.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-405. Charges as a result of default prohibited except as authorized by title.

Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer loan may not provide for charges as a result of default by the debtor other than those authorized by this title. A provision in violation of this section is unenforceable. This section does not prohibit or limit delinquency or deferral charges.
HISTORY: 1976 (59) 1792; 1976 Act No. 686 Section 68.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-406. Notice of assignment.

The debtor is authorized to pay the original lender until he receives notification of assignment of rights to payment pursuant to a consumer loan and that payment is to be made to the assignee. A notification which does not reasonably identify the rights assigned is ineffective. If requested by the debtor, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless he does so the debtor may pay the original lender.
HISTORY: 1962 Code Section 8-800.276; 1974 (58) 2879.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-407. Authorization to confess judgment prohibited.

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.
HISTORY: 1962 Code Section 8-800.277; 1974 (58) 2879.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-408. Change in terms of revolving loan accounts.

(1) Whether or not a change is authorized by prior agreement, a creditor may change the terms of a revolving loan account applying to any balance incurred before or after the effective date of the change. If the change increases the rate of the loan finance charge or of additional charges, alters the method of determining the balance upon which charges are made so that increased charges may result, or imposes or increases minimum charges, the change is effective with respect to a balance incurred before the effective date of the change only if the debtor after receiving disclosure of the change agrees to it in writing or the creditor delivers or mails to the debtor one written disclosure of the change at least thirty days before the effective date. The written disclosure must state that if the consumer does not want to continue the revolving account under the new terms the creditor will terminate the account and permit the consumer to pay the existing balance under the terms in effect before the change in terms on the written request of the consumer sent to the creditor at the address provided in the disclosure. The disclosure also must state that the consumer may apply for another revolving account on the new terms.
(2) A disclosure provided for in subsection (1) is mailed to the debtor when mailed to him at his address used by the creditor for mailing him periodic billing statements.
(3) If a creditor attempts to change the terms of a revolving loan account as provided in subsection (1) without complying with this section, any additional cost or charge to the debtor resulting from the change is an excess charge and is subject to the remedies available to the debtor (Section 37-5-202) and to the administrator (Section 37-6-113).
HISTORY: 1962 Code Section 8-800.278; 1974 (58) 2879; 1976 Act No. 686 Section 27; 1980 Act No. 433, Section 5; 1989 Act No. 144, Section 2.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-409. Use of multiple agreements.

A lender may not use multiple agreements with intent to avoid disclosure of an annual percentage rate pursuant to the provisions on disclosure and advertising (Part 3). The excess amount of loan finance charge provided for in agreements in violation of this section is an excess charge for the purposes of the provisions on the effect of violations on rights of parties (Section 37-5-202) and the provisions on civil actions by administrator (Section 37-6-113).
HISTORY: 1962 Code Section 8-800.279; 1974 (58) 2879.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-411. Card issuer subject to claims and defenses.

(1) This section neither limits the liability of nor imposes liability on a card issuer as a manufacturer, supplier, seller, or lessor of property or services sold or leased pursuant to the credit card. This section may subject a card issuer to claims and defenses of a cardholder against a seller or lessor arising from sales or leases made pursuant to the credit card.
(2) A card issuer is subject to claims and defenses of a cardholder against the seller or lessor arising from the sale or lease of property or services by a seller or lessor licensed, franchised, or permitted by the card issuer or a person related to the card issuer to do business under the trade name or designation of the card issuer or a person related to the card issuer, to the extent of the original amount owing to the card issuer with respect to the sale or lease of the property or services as to which the claim or defense arose.
(3) Except as otherwise provided in this section, a card issuer, including a lender credit card issuer, is subject to all claims and defenses of a cardholder against the seller or lessor arising from the sale or lease of property or services pursuant to the credit card:
(a) if the original amount owing to the card issuer with respect to the sale or lease of the property or services as to which the claim or defense arose exceeds $50.00;
(b) if the residence of the cardholder and the place where the sale or lease occurred are in the same state or within 100 miles of each other;
(c) if the cardholder has made a good faith attempt to obtain satisfaction from the seller or lessor with respect to the claim or defense; and
(d) to the extent of the amount owing to the card issuer with respect to the sale or lease of the property or services as to which the claim or defense arose at the time the card issuer has written notice of the claim or defense. Written notice of the claim or defense may be given before the attempt specified in item (c). For the purposes of this section, written notice is any written notification other than notice on a coupon, billing statement or other payment medium or material supplied by the creditor which sets forth or otherwise enables the assignee to identify the name and account number (if any) of the debtor.
(4) For the purpose of determining the amount owing to the card issuer with respect to a sale or lease pursuant to a revolving loan account or a revolving charge account, payments received for the account are deemed to have been applied first to the payment of loan finance charges or credit service charges in the order of their entry to the account and then to the payment of debts in the order in which the entries of the debts are made to the account.
(5) An agreement may not limit or waive the claims or defenses of a cardholder under this section.
HISTORY: 1976 Act No. 686 Section 29.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-412. Variable interest rate real estate mortgage loans.

With respect to a consumer loan which is secured in whole or in part by a lien on real estate under which the aggregate of all sums advanced or contemplated by the parties in good faith to be advanced will not exceed one hundred thousand dollars, the rate of the loan finance charge shall be a fixed nonvariable rate unless the creditor makes the transaction in accordance with any regulation governing alternative mortgages promulgated by the State Board of Financial Institutions or a federal regulatory agency.
HISTORY: 1984 Act No. 355, Section 7.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-502. Authority to make supervised loans.

Unless a person is a supervised financial organization or has first obtained a license from the State Board of Financial Institutions authorizing him to make supervised loans, he shall not engage in the business of
(1) making supervised loans; or
(2) taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans.
HISTORY: 1976 Act No. 686 Section 2; 1982 Act No. 385, Section 39.
2023 South Carolina Code of Laws › Title 37 - Consumer Protection Code › Chapter 3 - Loans › Section 37-3-504. Revocation or suspension of license.

(1) The State Board of Financial Institutions may issue to a person licensed to make supervised loans an order to show cause why his license should not be revoked or suspended for a period not in excess of 6 months. The order shall state the place for a hearing and set a time for the hearing that is no less than 10 days from the date of the order. After the hearing the Board shall revoke or suspend the license if it finds that:
(a) the licensee has repeatedly and wilfully violated this title or any rule or order lawfully made pursuant to this title; or
(b) facts or conditions exist which would clearly have justified the Board in refusing to grant a license had these facts or conditions been known to exist at the time the application for the license was made.
(2) No revocation or suspension of a license is lawful unless prior to institution of proceedings by the State Board of Financial Institutions notice is given to the licensee of the facts or conduct which warrant the intended action, and the licensee is given an opportunity to show compliance with all lawful requirements for retention of the license.
(3) If the State Board of Financial Institutions finds that probable cause for revocation of a license exists and that enforcement of this title requires immediate suspension of the license pending investigation, it may, after a hearing upon 5 days' written notice, enter an order suspending the license for not more than 30 days.
(4) Whenever the State Board of Financial Institutions revokes or suspends a license, it shall enter an order to that effect and forthwith notify the licensee of the revocation or suspension. Within five days after the entry of the order it shall deliver to the licensee a copy of the order and the findings supporting the order.
(5) Any person holding a license to make supervised loans may relinquish the license by notifying the State Board of Financial Institutions in writing of its relinquishment, but this relinquishment shall not affect his liability for acts previously committed.
(6) No revocation, suspension, or relinquishment of a license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any debtor.
(7) The State Board of Financial Institutions may reinstate a license, terminate a suspension, or grant a new license to a person whose license has been revoked or suspended if no fact or condition then exists which clearly would have justified the Board refusing to grant a license.
HISTORY: 1976 Act No. 686 Section 2; 1982 Act No. 385, Section 39.