South Carolina Code of Regulations › Chapter 28 - DEPARTMENT OF CONSUMER AFFAIRS › Section 28-70-2.305, 3.305 - Filing and Posting Maximum Rate Schedules

Current through Register Vol. 48, No. 6, June 28, 2024
A. Every creditor
		  [Section 37-1-301(13) ] other than an assignee of a credit obligation making
		  consumer credit sales [Section 37-2-104 ] in this State, and intending to
		  impose a credit service charge in excess of 18% per annum in this State, and
		  every creditor [Section 37-1-301(13) ] making supervised loans [Section
		  37-3-501(1) ] or restricted loans [Section 37-3-501(3) ] in this State, shall
		  on or before July 1, 1982 file with the Department of Consumer Affairs a rate
		  schedule typed upon Appendix A, prepared in the format shown in Appendix B. The
		  original of the rate schedule shall be filed with two copies, which may be
		  legible photostatic copies of the completed Appendix A, together with a fee of
		  $10.00 for each rate schedule filed. If a creditor is not making such loans or
		  credit sales on July 1, 1982, the filing shall be made at least seven days
		  before the creditor begins to make such loans or credit sales.
B. Every creditor [Section 37-1-301(13) ]
		  other than an assignee of a credit obligation, making consumer credit sales
		  [Section 37-2-104 ] and intending to impose a credit service charge in excess
		  of 18% per annum in this State, and every creditor [Section 37-1-301(13) ]
		  making supervised loans [Section 37-3-501(1) ] or restricted loans [Section
		  37-3-501(3) ] in this State, shall on or before July 1, 1982 post in one
		  conspicuous place in every place of business in this State in which offers to
		  make consumer credit sales, supervised loans or restricted loans are extended,
		  a maximum rate schedule with rates that are identical to those listed in the
		  rate schedule filed with the Department of Consumer Affairs pursuant to Section
		  A. The posted rate schedule shall be reproduced in at least fourteen-point
		  type, and the terms "credit service charge," or "loan finance charge" and
		  "annual percentage rate" will be printed in larger size type than other terms
		  in the posted rate schedule.
A creditor that has issued seller credit cards [Section
			 37-1-301(26) ] or a creditor that has issued lender credit cards or similar
			 arrangements [Section 37-1-301(16) ] shall not be required to post a required
			 rate schedule for such transactions in any place of business which is
			 authorized to honor such transactions; 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 for
			 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;
			 provided further that a creditor that has issued lender credit cards or similar
			 arrangements shall nevertheless post the required rate schedule for such
			 transactions at its central office (if financial transactions with consumers
			 take place at the central office) and branch offices other than branch offices
			 which are free standing automatic teller machines.
In the case of a creditor not making such loans or credit sales
			 on July 1, 1982, a schedule shall be posted on or before the date the creditor
			 begins to make such loans or credit sales.
Creditors offering to make consumer credit sales shall include
			 the following statement in the posted rate schedule:
Consumers: All creditors making consumer credit sales in South
			 Carolina are required by law to post a schedule showing the maximum rate of
			 CREDIT SERVICE CHARGES expressed as the FINANCE CHARGE 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.
Creditors offering to make supervised loans or restricted loans
			 shall include the following statement 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.
With the exception of the two statements set forth above (which
			 must be printed verbatim), the creditor is free to develop a format for the
			 posted rate schedule, so long as the requirements of conspicuousness, type size
			 and terminology of Section 37-2-305, Section 37-3-305 and this Regulation are
			 met. No posted rate schedule shall contain any statement, stamp of approval, or
			 any language or symbol which suggests or implies that the posted rate(s) are
			 suggested, or individually approved by the Department of Consumer Affairs or
			 any other agency of State or Federal government.
C. The rate schedule required to be filed and
		  posted by Sections A. and B. shall contain a list of the maximum credit service
		  charges [Section 37-2-109 ] (in the case of consumer credit sales) or maximum
		  loan finance charges [Section 37-3-109 ] (in the case of supervised or
		  restricted consumer loans) stated as an annual percentage rate, determined in
		  accordance with the Federal Truth-In-Lending Act as amended from time to time,
		  and Federal Reserve Board Regulation Z as amended from time to time, that the
		  creditor intends to charge for consumer credit transactions in each of the
		  following categories of consumer credit:
(a)
		  Unsecured credit sales or loans;
(b) Secured credit sales or personal loans,
		  other than those secured by real estate;
(c) Credit sales secured by real estate or
		  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 in accordance with the instructions on
			 the reverse side of Appendix A.
If a creditor with multiple locations wishes to charge different
			 maximum rates for different locations, a separate maximum rate schedule shall
			 be filed for each location which charges maximum rates which vary from the
			 schedule filed and posted for the main or central location.