South Carolina MAKING EXTORTIONATE EXTENSIONS OF CREDIT

State:
South Carolina
Control #:
SC-FEDDC-JURY-18-892-CR
Format:
Word
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Description

Official Pattern Jury Instructions for Criminal Cases in Federal District Court of South Carolina. All converted to Word format. Please see the official site for addional information. http://www.scd.uscourts.gov/pji/

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FAQ

In South Carolina, the statute of limitations for most types of consumer and business debt is three years. Residents of South Carolina have several rights when it comes to paying off debt and it is important to understand each one to avoid being taken advantage of by debt collectors.

SECTION 37-5-104. No garnishment. With respect to a debt arising from a consumer credit sale, a consumer lease, a consumer loan, or a consumer rental-purchase agreement, regardless of where made, the creditor may not attach unpaid earnings of the debtor by garnishment or like proceedings.

Section 37-10-102 of the South Carolina Consumer Protection Code requires a creditor to ascertain and comply with the consumer's preference as to the legal counsel the consumer wants to hire to conduct the transaction.

"(2) Extortionate credit transactions are characterized by the use, or the express or implicit threat of the use, of violence or other criminal means to cause harm to person, reputation, or property as a means of enforcing repayment.

(1) With respect to a secured or unsecured consumer credit transaction payable in two or more installments, after a consumer has been in default for ten days for failure to make a required payment and has not voluntarily surrendered possession of goods that are collateral, a creditor may give the consumer the notice

More info

Making extortionate extensions of credit. (a) Whoever makes any extortionate extension of credit, or conspires to do so, shall be fined under this title or imprisoned not more than 20 years, or both.Whoever makes any extortionate extension of credit, or conspires to do so, shall be fined under this title or imprisoned not more than 20 years, or both. Making an extortionate extension of credit is a federal felony under U.S.C. 892 and has potentially severe consequences. A. Any person who makes or conspires or attempts to make an extortionate extension of credit is guilty of a third degree felony. (1) A person who knowingly makes an extortionate extension of credit is guilty of a class B felony. 1 extortionate means to collect extensions of credit or to 2 punish the nonrepayment thereof. (d) "Extension of credit" means to make or renew a loan of money or any agreement for forbearance to enforce the collection of such loan. An extortionate extension of credit involves the threat of force or harm when collecting on a loanalso called loan sharking. Extortionate extensions of credit.

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South Carolina MAKING EXTORTIONATE EXTENSIONS OF CREDIT