South Carolina General Assembly
116th Session, 2005-2006

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H. 4004

STATUS INFORMATION

General Bill
Sponsors: Rep. Howard
Document Path: l:\council\bills\bbm\10833mm05.doc

Introduced in the House on April 27, 2005
Currently residing in the House Committee on Judiciary

Summary: Short-term vehicle secured loan

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   4/27/2005  House   Introduced and read first time HJ-156
   4/27/2005  House   Referred to Committee on Judiciary HJ-156

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/27/2005

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 37-3-413, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO A SHORT-TERM VEHICLE SECURED LOAN, SO AS TO PROVIDE THAT THE SECURED PARTY'S EXCLUSIVE REMEDY IN THE EVENT OF DEFAULT IS REPOSSESSION, BY JUDICIAL PROCESS AND IN THE PRESENCE OF A LAW ENFORCEMENT OFFICER, AND SALE AND TO REQUIRE THE SECURED PARTY TO REMIT THE EXCESS DERIVED FROM THE SALE TO THE BORROWER.

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

SECTION    1.    Section 37-3-413(5) of the 1976 Code, as added by Act 42 of 2003, is amended to read:

"(5)(a)    Except in the event of fraud by the borrower, if a borrower defaults in the repayment of a short-term vehicle secured loan, the lender's sole remedy is to seek possession, pursuant to judicial process and in the presence of a member of law enforcement, and sale of the motor vehicle securing the loan. and the The lender may not pursue the borrower personally in an action for repayment of the loan or for any deficiency after sale.

(b)    Notwithstanding this section, the The lender must return to the borrower any surplus obtained after sale in excess of the amount owed on the loan and reasonable expenses of repossession and sale in accordance with Title 36, Chapter 9."

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

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