S.C. Code Regs. 28-60 - Unearned Finance Charge in "Extended First Payment" Transaction
A. For purposes of this Rule "Extended First
Payment" means that the interval to the due date of the first installment
exceeds the computational period applicable to the transaction. "Computational
period" means (1) the interval between scheduled due dates of installments
under the transaction if the intervals are substantially equal or, (2) if the
intervals are not substantially equal, one month if the smallest interval
between the scheduled due dates of installments under the transaction is one
month or more, and otherwise, one week.
B. With respect to a transaction having an
extended first payment the creditor may not exclude the extra days in the first
interval or the charge for such extra days, in computing the unearned finance
charge when a rebate is required under Sections 2.210 or 3.210 of the Consumer
Protection Code.
C. A creditor who
makes a rebate not in compliance with this Rule in connection with a consumer
credit transaction made after the effective date of this Rule shall be deemed
to have received an excess charge for all purposes of the Consumer Protection
Code.
Notes
Statutory Authority: 1976 Code Sections 37-2-210, 37-3-210, 37-6-506
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.