S.C. Code § 37-2-101
Short title
This chapter shall be known and may be cited as South Carolina Consumer Protection Code - Credit Sales.
South Carolina Code Title 37, Chapter 2 — Credit Sales
South Carolina · statute · S.C. Code tit. 37, ch. 2 · 68 active provisions
S.C. Code § 37-2-102
Scope
This chapter applies to consumer credit sales, including home solicitation sales, and consumer leases; Sections 37-2-307 and 37-2-308 of Part 3 apply to the sale of motor vehicles; in addition, Part 6 applies to other than consumer credit sales and Part 7 applies to consumer rental-purchase agreements.
S.C. Code § 37-2-103
Index of definitions in chapter
The following definitions apply to this title and appear in this chapter as follows: "Amount financed" - Section 37-2-111 "Cash price" - Section 37-2-110 "Consumer credit sale" - Section 37-2-104 "Consumer lease" - Section 37-2-106 "Credit service charge" - Section 37-2-109 "Goods" - Section 37-2-105(1) "Home solicitat…
S.C. Code § 37-2-104
"Consumer credit sale" defined
(1) Except as provided in subsection (2), "consumer credit sale" is a sale of goods, services, or an interest in land in which: (a) credit is granted by a person who regularly engages as a seller in credit transactions of the same kind; (b) the buyer is a person other than an organization; (c) the goods, services, or i…
S.C. Code § 37-2-105
"Goods"; "merchandise certificate"; "services"; "sale of goods"; "sale of services"; "sale of an interest in land"; "precomputed" defined
(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 c…
S.C. Code § 37-2-106
"Consumer lease" defined
(1) "Consumer lease" means a lease of goods: (a) which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under a lease primarily for a personal, family or household purpose; (b) in which the amount payable under the lease does not exceed twenty-five thousand…
S.C. Code § 37-2-107
"Seller" defined
Except as otherwise provided, "seller" includes an assignee of the seller's right to payment but use of the term does not in itself impose on an assignee any obligation of the seller with respect to events occurring before the assignment.
S.C. Code § 37-2-108
"Revolving charge account" defined
"Revolving charge account" means an arrangement between a seller and a buyer pursuant to which: (1) the seller may permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card; (2) the unpaid balances of amounts financed arising from purchases and the credit servic…
S.C. Code § 37-2-109
"Credit service charge" defined
"Credit service charge" means the sum of: (1) all charges payable directly or indirectly by the buyer and imposed directly or indirectly by the seller as an incident to the extension of credit, including any of the following types of charges which are applicable: time price differential, service, carrying or other char…
S.C. Code § 37-2-110
"Cash price" defined
Except as the administrator may otherwise prescribe by rule, the "cash price" of goods, services, or an interest in land means the price at which goods, services, or interest in land are offered for sale by the seller to cash buyers in the ordinary course of business, and may include: (1) applicable sales, use, and exc…
S.C. Code § 37-2-111
"Amount financed" defined
"Amount financed" means the total of the following items to the extent that payment is deferred: (1) the cash price of the goods, services or interest in land, less the amount of any down payment whether made in cash or in property traded in; (2) the amount actually paid or to be paid by the seller pursuant to an agree…
S.C. Code § 37-2-201
Credit service charge for consumer credit sales
(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 eith…
S.C. Code § 37-2-202
Additional charges
(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…
S.C. Code § 37-2-203
Delinquency charges
(1) With respect to a consumer credit sale including an open-end consumer credit sale pursuant to a seller credit card, and any refinancings or consolidations of all such credit sales, the parties may contract for a delinquency charge on any installment not paid in full within ten days after its due date, as originally…
S.C. Code § 37-2-204
Deferral charges
(1) In this section and in the provisions on rebate upon prepayment (Section 37-2-210) the following defined terms apply with respect to a precomputed consumer credit sale: (a) "Computational period" means (i) the interval between scheduled due dates of installments under the transaction if the intervals are substantia…
S.C. Code § 37-2-205
Credit service charge on refinancing
With respect to a consumer credit sale, refinancing, or consolidation, the seller may by agreement with the buyer refinance the unpaid balance and may contract for and receive a credit service charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on…
S.C. Code § 37-2-206
Credit service charge on consolidation
If a buyer owes an unpaid balance to a seller with respect to a consumer credit sale, refinancing, or consolidation, and becomes obligated on another consumer credit sale, refinancing, or consolidation with the same seller, the parties may agree to a consolidation resulting in a single schedule of payments pursuant to…
S.C. Code § 37-2-207
Credit service charge for revolving charge accounts
(1) With respect to a consumer credit sale made pursuant to a revolving charge account, the parties to the sale may contract for the payment by the buyer of a credit service charge not exceeding that permitted in this section but, if they do not so contract in writing no charge shall be made. (2) A charge may be made i…
S.C. Code § 37-2-208
Advances to perform covenants of buyer
(1) If the agreement with respect to a consumer credit sale, refinancing, or consolidation contains covenants by the buyer to perform certain duties pertaining to insuring or preserving collateral and the seller pursuant to the agreement pays for performance of the duties on behalf of the buyer, the seller may add the…
S.C. Code § 37-2-209
Right to prepay
Subject to the provisions on rebate upon prepayment (Section 37-2-210), the buyer may prepay in full the unpaid balance of a consumer credit sale refinancing or consolidation at any time without penalty.
S.C. Code § 37-2-210
Rebate upon prepayment
(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 t…
S.C. Code § 37-2-301
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.
S.C. Code § 37-2-302
Receipts; statement of account; evidence of payment
(1) The creditor shall deliver or mail to the consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credit sale. A periodic statement showing a payment received by mail complies with this subsection. (2) Upon written request of a consumer, the person t…
S.C. Code § 37-2-303
Notice to cosigner and similar parties
(1) A natural person, other than the spouse of the consumer, is not obligated as a cosigner, comaker, guarantor, indorser, surety, or similar party with respect to a consumer credit sale, unless before or contemporaneously with signing any separate agreement of obligation or any writing setting forth the terms of the d…
S.C. Code § 37-2-304
Advertising
(1) A seller or lessor 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 credit sale that…
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