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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 37-3-110 SO AS TO ESTABLISH A MAXIMUM INTEREST RATE FOR CONSUMER LOANS ISSUED BY A CREDIT UNION, BANK, OR OTHER FINANCIAL INSTITUTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Part 1, Chapter 3, Title 37 of the 1976 Code is amended by adding:
"Section 37-3-110. (A) Beginning July 1, 2021, a credit union, bank, or other financial institution may not make a consumer loan to a consumer with an interest rate in excess of:
(1) thirty-six percent each year on the portion of principal that does not exceed five thousand dollars;
(2) twenty-five percent each year on the portion of principal that exceeds five thousand dollars but does not exceed fifteen thousand dollars; or
(3) fifteen percent each year on the portion of principal that exceeds fifteen thousand dollars.
(B) Consumer loans existing before July 1, 2021, may not be extended, refinanced, or consolidated in excess of the interest rate limits established in this section."
SECTION 2. This act takes effect upon approval by the Governor.
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