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A187, R214, H3140

STATUS INFORMATION

General Bill
Sponsors: Rep. W.D. Smith
Document Path: l:\council\bills\nbd\11089ab07.doc

Introduced in the House on January 9, 2007
Introduced in the Senate on March 27, 2007
Last Amended on March 22, 2007
Passed by the General Assembly on February 21, 2008
Governor's Action: March 31, 2008, Signed

Summary: Consumer credit sales

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/13/2006  House   Prefiled
  12/13/2006  House   Referred to Committee on Judiciary
    1/9/2007  House   Introduced and read first time HJ-78
    1/9/2007  House   Referred to Committee on Judiciary HJ-78
   3/21/2007  House   Committee report: Favorable with amendment Judiciary HJ-3
   3/22/2007  House   Amended HJ-27
   3/22/2007  House   Read second time HJ-27
   3/22/2007  House   Unanimous consent for third reading on next legislative 
                        day HJ-28
   3/22/2007          Scrivener's error corrected
   3/23/2007  House   Read third time and sent to Senate HJ-3
   3/27/2007  Senate  Introduced and read first time SJ-5
   3/27/2007  Senate  Referred to Committee on Banking and Insurance SJ-5
   2/14/2008  Senate  Committee report: Favorable Banking and Insurance SJ-33
   2/19/2008  Senate  Read second time SJ-9
   2/21/2008  Senate  Read third time and enrolled SJ-62
   3/27/2008          Ratified R 214
   3/31/2008          Signed By Governor
    4/2/2008          Copies available
    4/2/2008          Effective date 03/31/08
    4/7/2008          Act No. 187

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/13/2006
3/21/2007
3/22/2007
3/22/2007-A
2/14/2008

(A187, R214, H3140)

AN ACT TO AMEND SECTION 37-5-103, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RESTRICTIONS ON DEFICIENCY JUDGMENTS IN CONSUMER CREDIT SALES, SO AS TO CORRECT CROSS-REFERENCES TO THE UNIFORM COMMERCIAL CODE.

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

Restrictions on deficiency judgments, consumer credit sales

SECTION    1.    Section 37-5-103(3) and (4) of the 1976 Code is amended to read:

"(3)    If the seller repossesses or voluntarily accepts surrender of goods that were not the subject of the sale but in which he has a security interest to secure a debt arising from a sale of goods or services or a combined sale of goods and services and the cash price of the sale was $1,500 or less, the consumer is not personally liable to the seller for the unpaid balance of the debt arising from the sale, and the seller's duty to dispose of the collateral is governed by the provisions on disposition of collateral in the Commercial Code, Chapter 9 of Title 36.

(4)    If the lender takes possession or voluntarily accepts surrender of goods in which he has a purchase money security interest to secure a debt arising from a consumer loan in which the lender is subject to claims and defenses arising from sales and leases (Section 37-3-410) and the net proceeds of the loan paid to or for the benefit of the consumer were $1,500 or less, the consumer is not personally liable to the lender for the unpaid balance of the debt arising from that loan and the lender's duty to dispose of the collateral is governed by the provisions on disposition of collateral in the Commercial Code, Chapter 9 of Title 36."

Time effective

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

Ratified the 27th day of March, 2008.

Approved the 31st day of March, 2008.

This web page was last updated on Monday, October 10, 2011 at 1:33 P.M.