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The debtor may prepay in full at any time without penalty the debt represented by a personal, family, or household purpose loan agreement that is secured in whole or in part by a first or junior lien on real estate if the aggregate of all sums advanced will not exceed one hundred fifty thousand dollars.
Interest Rates Laws in South Carolina Code SectionSouth Carolina Code of Laws 34-31-20: Legal Rate of InterestLegal Maximum Rate of Interest8.75% (§34-31-20)Penalty for Usury (Unlawful Interest Rate)Usury penalty laws repealed June 25, 1982, but old law may apply to transactions before then (formerly §34-31-50)2 more rows
Application for licensure; information required; identification of managing principal; filing fee; surety bond; issuance of license. (iii) as to which the applicant is the current or proposed managing principal or a current or proposed branch manager.
(26) "Loan originator" means a natural person who, in exchange for compensation or gain or in the expectation of compensation or gain as an employee of a licensed mortgage lender, solicits, negotiates, accepts, or offers to accept applications for mortgage loans, including electronic applications, or includes direct ...
SECTION 37-22-120. Licensing requirements. (2) circulate or use advertising, including electronic means, make a representation or give information to a person which indicates or reasonably implies activity within the scope of this chapter.
South Carolina is one of the states where car title loans are allowed to be given out. Like many states South Carolina does have its own sets of rules and regulations. South Carolina does have some rules in place to help protect borrowers so it may be a good state to look into title loans for.
Each licensee shall submit its mortgage loan log data and the data identified in 12 C.F.R. Part 1003, et seq., in a form determined by the administrator by March thirty-first of each year.
Section 37-22-210 - Commissioner's records; segregated escrow funds; licensee ceasing business activities. (A) The commissioner shall keep a list of all applicants for licensure pursuant to this chapter which includes the date of application, name, and place of residence and whether the license was granted or refused.