South Carolina Code of Regulations › Chapter 28 - DEPARTMENT OF CONSUMER AFFAIRS › Section 28-40 - Consumer Rental-Purchase

Current through Register Vol. 48, No. 6, June 28, 2024
A. Definitions.
		  Definitions shall be those contained in S.C. Code Ann. 37-2-701 (1976 as
		  amended).
B. Recordkeeping
(1) All books, agreement and records, and all
		  other sources of information with regard to the business of providing consumer
		  rental-purchase services must at all reasonable times be available for
		  inspection by the Department of Consumer Affairs for the purpose of assuring
		  that the business is being transacted in accordance with the law and applicable
		  regulations. Failure to provide or allow access to all books, agreements and
		  records and all other sources of information with regard to the business of
		  providing consumer rental-purchase services will be regarded as a violation of
		  the South Carolina Consumer Protection Code.
(2) All locations must maintain a copy of all
		  agreements for consumer rental-purchase services for as long as such agreements
		  are in effect and for a period of one (1) year thereafter. Agreements for each
		  calendar year must be filed in alphabetical order by the consumer's last name.
		  If the center uses numbered agreements, a numerical sequence file may be used
		  instead of an alphabetical file. If a business providing consumer
		  rental-purchase services has two or more locations, records may be consolidated
		  at a principal office in this State. The Department of Consumer Affairs must be
		  given written notice prior to the enactment of a policy of consolidation of
		  records.
(3) Records of Payment --A
		  written record of any payment on an agreement must be made immediately upon
		  receipt. Payments received must be posted on the business day received to the
		  payment record. The payment record must show at least the following
		  information:
(a) Name or number of
		  account;
(b) The date (month, day,
		  year) of payment;
(c) The actual
		  amount received and itemized as applied to:
(i) periodic payment including taxes to
		  lessor necessary to acquire ownership of the property;
(ii) delinquency charges;
(iii) initial non-refundable fee;
(iv) security deposit;
(v) delivery charge;
(vi) payment pick up charge;
(vii) any other fees allowed by the
		  rental-purchase statute.
(4) Records Maintained on Electronic Data
		  Processing (EDP) Systems.
(a) Filing of
		  Description of Systems and Programs --Records and account systems maintained in
		  whole or in part by electronic data processing may be used in lieu of the
		  books, files and records required by these regulations if they contain
		  equivalent information. Each such system must receive prior written approval
		  from the Department. Lessors seeking such approval must file a complete and
		  detailed written description of the system proposed to be utilized, including
		  user instructions and an enumeration of all features that do not meet the
		  requirements of the regulations and a full explanation as to how the equivalent
		  information is maintained with the proposed system. User instructions must
		  provide a clear and concise section of procedures which must be followed to
		  operate the system as contemplated by the Department in approving the
		  system.
(b) Filing of Amendments
		  --All changes to a lessor's electronic data processing system must be filed
		  with the Department at least 14 days in advance of use by a lessor.
(c) Withdrawal of Approval by the Department
		  --If based on examinations and practical experience with an EDP system and its
		  records, the Department finds that such system and records do not provide
		  reasonable access to information required in B(1) and (3) above, approval may
		  be withdrawn by the Department.
(5) Advertisements --All advertisements by a
		  lessor must contain the name and an office address of the entity, which must
		  conform to a name and address on record with the Department of Consumer
		  Affairs.