H 3566 General Bill, By Herbkersman, Chalk, Cobb-Hunter, Mitchell, Merrill, 
King, Parks, Dillard, Bedingfield, Haley, Bowers, Frye, Funderburk, Gunn, Hiott, 
Howard, McLeod, Miller, Sandifer, G.M. Smith and Umphlett
 A BILL TO AMEND SECTION 37-2-203, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO DELINQUENCY CHARGES ON CONSUMER CREDIT SALES, SO AS TO
 PROVIDE THAT A CREDIT CARD DELINQUENCY CHARGE OR LATE FEE MAY NOT EXCEED THE
 TOTAL OUTSTANDING ACCOUNT BALANCE.

   02/18/09  House  Introduced and read first time HJ-23
   02/18/09  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-24
   03/03/09  House  Member(s) request name removed as sponsor: Gambrell

TO AMEND SECTION 37-2-203, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DELINQUENCY CHARGES ON CONSUMER CREDIT SALES, SO AS TO PROVIDE THAT A CREDIT CARD DELINQUENCY CHARGE OR LATE FEE MAY NOT EXCEED THE TOTAL OUTSTANDING ACCOUNT BALANCE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 37-2-203 of the 1976 Code, as last amended by Act 234 of 2004, is further amended by adding at the end:

"(6)    Notwithstanding another provision of law, a delinquency charge or late fee assessed on a revolving balance consumer credit card account may not exceed the total outstanding account balance."

SECTION    2.    This act takes effect upon approval by the Governor.