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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:
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 (Part 5 of Chapter 9) of the Uniform Commercial Code in 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 (Part 5 of Chapter 9) of the Uniform Commercial Code in Chapter 9 of Title 36."
SECTION 2. This act takes effect upon approval by the Governor.
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