South Carolina General Assembly
107th Session, 1987-1988

Bill 2439

                    Current Status

Bill Number:               2439
Ratification Number:       89
Act Number                 56
Introducing Body:          House
Subject:                   Filing and posting of maximum rate
                           schedules by creditors making consumer credit
                           sales
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A56, R89, H2439)

AN ACT TO AMEND SECTION 37-2-305, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FILING AND POSTING OF MAXIMUM RATE SCHEDULES BY CREDITORS MAKING CONSUMER CREDIT SALES, AND SECTION 37-3-305, RELATING TO THE FILING AND POSTING OF MAXIMUM RATE SCHEDULES BY CREDITORS MAKING CONSUMER LOANS, SO AS TO INCREASE THE FEE REQUIRED TO BE PAID WHEN THE SCHEDULE IS FILED; TO AMEND SECTION 37-6-203, RELATING TO ANNUAL NOTIFICATION FILINGS REQUIRED TO BE MADE UNDER THE CONSUMER PROTECTION CODE, SO AS TO INCREASE THE CERTAIN FEES REQUIRED IN CONJUNCTION WITH THE NOTIFICATION FILINGS; AND TO AMEND SECTION 38-50-120, RELATING TO REGISTRATION OF CLUB REPRESENTATIVES UNDER THE MOTOR CLUB SERVICES ACT, SO AS TO INCREASE THE FEE REQUIRED FOR THIS REGISTRATION.

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

Fees for rate schedules increased

SECTION 1. (A) Section 37-2-305(6) of the 1976 Code is amended to read:

"(6) The Department of Consumer Affairs shall maintain a file for each creditor containing the original and all revised rate schedules by the creditor. A certified copy of each filing showing the date and time that it was received must be sent to the creditor making the filing at the time of its receipt. A fee of twenty dollars for each rate schedule filed by a creditor is payable to the Department of Consumer Affairs for its services in maintaining the rate schedule files and providing one certified copy of each rate filing to the creditor. Additional certified copies of a filing must be provided at a charge of four dollars for each copy."

(B) Section 37-2-305(8) of the 1976 Code is amended to read:

"(8) Every creditor shall file at least one maximum rate schedule and pay at least one twenty-dollar filing fee during each state fiscal year disclosing that creditor's existing maximum rates. If this filing does not change any maximum rates previously filed, the creditor is not required to alter posted maximum rates. If any creditor has not filed a maximum rate schedule with the Department of Consumer Affairs since the beginning of the previous state fiscal year then on July first of the following year the filing is no longer effective and the maximum credit service charge that the creditor may impose on any credit extended after that date may not exceed eighteen percent a year until such time as the creditor files a revised maximum rate schedule that complies with this section."

Fees for rate schedules increased

SECTION 2. (A) Section 37-3-305(6) of the 1976 Code is amended to read:

"(6) The Department of Consumer Affairs shall maintain a file for each creditor containing the original and all revised rate schedules filed by the creditor. A certified copy of each filing showing the date and time it was received must be sent to the creditor making the filing at the time of its receipt. A fee of twenty dollars for each rate schedule filed by a creditor is payable to the Department of Consumer Affairs for its services in maintaining the rate schedule files and providing one certified copy of each rate filing to the creditor. Additional certified copies of a filing must be provided at a charge of four dollars for each copy."

(B) Section 37-3-305(8) of the 1976 Code is amended to read:

"(8) Every creditor shall file at least one maximum rate schedule and pay at least one twenty-dollar filing fee during each state fiscal year disclosing that creditor's existing maximum rates. If this filing does not change any maximum rates previously filed, the creditor is not required to alter posted maximum rates. If any creditor has not filed a maximum rate schedule with the Department of Consumer Affairs since the beginning of the previous state fiscal year then on July first of the following year the filing is no longer effective and the maximum finance charge that the creditor may impose on any credit extended after that date may not exceed eighteen percent a year until such time as the creditor files a revised maximum rate schedule that complies with this section."

Fees for notification filings increased

SECTION 3. Section 37-6-203 of the 1976 Code is amended to read:

"Section 37-6-203. A person required to file notification shall on or before January thirtyfirst of each year pay to the administrator an annual fee of ninety dollars for that year, for each address in this State listed in the notification; provided, that the fee for any one person must be not less than ninety dollars; provided, further, that a person who does not extend credit pursuant to written contracts and a person whose annual gross volume of business does not exceed one hundred fifty thousand dollars is exempt from any fee and from the notification requirements of Section 37-6-202."

Registration fees increased

SECTION 4. Section 38-50-120(e) of the 1976 Code is amended to read:

"(e) The fee to be paid to the Commissioner at the time registration is made and annually on or before April thirtieth for the renewal is twenty dollars."

Time effective

SECTION 5. This act takes effect upon approval by the Governor.