South Carolina Publishes Notice Regarding Dollar Amounts under Consumer Protection Code
The South Carolina Department of Consumer Affairs published a notice in the State Register that there will be no changes to the dollar amounts under the Consumer Protection Code.
Dollar amounts in the Consumer Protection Code are subject to change on July 1 of every even numbered year based on the changes in the Consumer Price Index for December of the prior year. The dollar amounts will not increase in 2016 from the original amount. Pursuant to Section 37-1-109(4), the Administrator is required to announce these changes by publication in the State Register by April 30 of each even numbered year.
The below fees are effective from July 1, 2016 to June 30, 2018 (go to our website and search for the article on the state map which includes the full detailed fee table):
South Carolina Dollar Amounts Under Consumer Protection Code
- Section 2.104(1)(e) Consumer Credit Sale
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 90,000.00
- To 7/1/2016 to 6/30/2018: 90,000.00
- Section 2.106(1)(b) Consumer Lease
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 90,000.00
- To 7/1/2016 to 6/30/2018: 90,000.00
- Section 2.203(1) Delinquency Charge – Sales
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 8.00
- To 7/1/2016 to 6/30/2018: 18.00
- Section 2.203(2) Minimum Delinquency Charge
- Change Dollar Amount From 7.20 7.20
- Section 2.407(1) Security Interest – Sales
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 3,600.00
- To 7/1/2016 to 6/30/2018: 3,600.00
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 1,080.00
- To 7/1/2016 to 6/30/2018: 1,080.00
- Section 2.705(1)(a) Delinquency Charge – Rental Purchase
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 10.40
- To 7/1/2016 to 6/30/2018: 10.40
- Section 2.705(1)(b) Delinquency Charge – Rental Purchase
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 5.60
- To 7/1/2016 to 6/30/2018: 5.60
- Section 3.104(1)(d) Consumer Loans
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 90,000.00
- To 7/1/2016 to 6/30/2018: 90,000.00
- Section 3.203(1) Delinquency Charge – Loans
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 18.00
- To 7/1/2016 to 6/30/2018: 18.00
- Section 3.203(2) Minimum Delinquency
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 7.20
- To 7/1/2016 to 6/30/2018: 7.20
- Section 3.510 Land as Security – Supervised Loan
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 3,600.00
- To 7/1/2016 to 6/30/2018: 3,600.00
- Section 3.511 Maximum Loan Term
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 3,600.00
- To 7/1/2016 to 6/30/2018: 3,600.00
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 1,080.00
- To 7/1/2016 to 6/30/2018: 1,080.00
- Section 3.514 Attorney’s Fees – Supervised Loans
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 3,600.00
- To 7/1/2016 to 6/30/2018: 3,600.00
- Section 5.103(2), (3), (4) Deficiency Judgment
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 5,450.00
- To 7/1/2016 to 6/30/2018: 5,450.00
- Section 10.103 Prepayment Penalty
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 255,000.00
- To 7/1/2016 to 6/30/2018: 255,000.00
- Section 23.80 Prepayment Penalty
- Change Dollar Amount
- From 7/1/2014 to 6/30/2016: 255,000.00
- To 7/1/2016 to 6/30/2018: 255,000.00
Zachary Pearlstein, JD, is a Regulatory Compliance Director with CLA's Mortgage Advisory Division. He joined CLA on January 1, 2014, as part of its acquisition of Bankers Advisory, Inc. Zachary oversees Mortgage Advisory's regulatory compliance team, which focuses on federal and state compliance, fair lending, and the Home Mortgage Disclosure Act (HMDA). He is a graduate of Brandeis University and earned his juris doctor at Suffolk University Law School. He is admitted to the Massachusetts Bar.
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