H 2645 General Bill, By S.H. Howard, W.D. Arthur, R.L. Cobb, V.L. Crocker, 
J.E. Kinard and Martin

Similar(H 2440, H 3253)
 A Bill to amend Section 37-1-101, Code of Laws of South Carolina, 1976, to
 rename this Section "The South Carolina Credit Code"; to opt out of the
 Federal Depository Institutions Deregulation and Monetary Control Act of 1980,
 with respect to mortgage loans, agricultural loans, business loans, credit
 sales and interest rates so as to provide that such rates of interest shall be
 governed by South Carolina Law; to amend Sections 37-1-102, as amended,
 37-1-302, and 37-6-104, as amended, so as to provide that credit transactions
 in this State will conform to the Federal Truth-in-Lending Act; to amend
 Section 37-1-201, as amended, so as to prevent a creditor from evading the
 applicability of this Act in a consumer credit transaction with a debtor who
 is a resident of South Carolina by specifying that the laws of another state
 will govern the transaction; to amend Section 37-1-202, as amended, to add a
 new subsection dealing with certain mobile home credit transactions and to add
 a new subsection excluding margin accounts from regulations under this Title;
 to amend Section 37-1-301, as amended, so as to provide for definitions of
 this Act; to amend Section 37-1-303, as amended, so as to index the terms of
 this Act; to amend Sections 37-2-101, 37-2-104, 37-2-111, 37-2-205, 37-2-409,
 37-3-101, 37-3-106, 37-3-502 through 37-3-506, 37-4-101, 37-5-101, 37-5-201,
 as amended, and 37-6-101 so as to make necessary corrections; to amend Section
 37-2-106 to delete the reference in that Section to agricultural loans; to
 amend Section 37-2-109 so as to allow a creditor to exclude an appraisal fee
 from the computation of credit service charges; to amend Section 37-2-202, as
 amended, to provide for charges in certain instances; to amend Section
 37-2-207, as amended, by deleting subsection (5); to add Section 37-2-305 so
 as to provide that a borrower must receive a copy of the consumer credit sale
 agreement in closed-in transactions and to specify the language to be used; to
 amend Section 37-2-405 to delete from that Section the exception for
 agricultural purpose credit sales, to authorize rollover variable rate and
 renegotiable real estate mortgages, and to provide an additional exception for
 transactions except by rule of the administrator; to amend Section 37-3-104,
 as amended, to provide that mortgage loans shall be subject to the consumer
 credit provisions of this Act; to amend Sections 37-3-109 and 37-3-202, as
 amended, to redefine "loan finance charge", delinquency and additional
 charges; to add Section 37-3-305 to provide that a borrower must receive a
 copy of a consumer loan agreement and to provide the language contained
 therein; to amend Section 37-3-402 to regulate balloon payments in consumer
 credit sales transactions; to amend Section 37-3-410, as amended, to make a
 lender subject to the claims and defenses of a consumer when the lender knows
 that the seller or lessor has a history of a substantial number of consumer
 complaints; to amend Section 37-3-501, so as to further provide for the
 definition of a supervised loan; to amend Section 37-3-601, as amended, to
 provide that loans may be classified as consumer loans in certain instances;
 to amend Section 37-3-605, as amended, to provide that there will be no
 restrictions on the rates of charges made on loans that are not be definition
 "consumer loans" upon agreement by the parties; to amend Sections 37-5-110 and
 37-5-111 relating to venue, and to add Section 37-5-113 relating to venue,
 37-5-114, and 37-5-115 relating to notice of consumer's right to cure; to
 amend Section 37-6-104, as amended, so as to delete the references in this
 Section to the Federal Consumer Credit Protection Act; to amend Section
 37-6-105, as amended, delegating administrative enforcement of this Act to the
 agency having general supervisory authority over a supervised financial
 organization; to repeal Sections 37-6-416, 34-13-10 through 34-13-40,
 34-13-120, 34-25-110 through 34-25-140, 34-31-30, 34-31-31, 34-31-40,
 34-31-50, 34-31-60, 34-31-70, 34-31-80, 34-31-90, 34-31-100, 56-17-10, through
 56-17-100, Act 7 of 1979, Act 220 of 1979, Act 379 of 1980, Sections 29-3-60,
 29-3-210 through 29-3-240, and 38-9-240; to amend Section 29-3-40 relating to
 priority of certain advancements by mortgage; to amend Section 35-1-1560
 relating to rights and remedies; to repeal Section 2 of Act 411 of 1980 and
 Section 8 of Act 433 of 1980; to amend Section 34-1-110, as amended, to
 provide that the State Board of Financial Institutions may authorize
 state-chartered consumer finance companies to engage in the same activities as
 federally-chartered consumer finance companies, and to delete the proviso
 which prohibits the State Board of Financial Institutions from authorizing
 state-chartered finance companies to charge the same rates as
 federally-chartered finance companies; to amend Section 34-5-90 so as to
 prohibit a bank conservator from borrowing money; to amend Section 34-31-20,
 as amended, relating to the legal interest rate on judgments; to amend Section
 36-9-404, as amended, so as to require a secured party to file a termination
 statement if the secured party has collected a termination statement free from
 the debtor; to amend Section 40-39-100 relating to charges on loans by
 pawnbrokers; to designate certain Sections of Articles 3 and 5 of Act 1241 of
 1974 as Sections of the 1976 Code.
   03/31/81  House  Introduced and read first time HJ-1517
   03/31/81  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-1519