S.C. Code Regs. 28-70 - Filing and Posting Maximum Rate Schedules
A. Every creditor [Section
37-1-301(13)
] other than an assignee of a credit obligation making consumer credit sales
[Section
37-2-104
] in this State, and intending to impose a credit service charge in excess of
18% per annum in this State, and every creditor [Section
37-1-301(13)
] making supervised loans [Section
37-3-501(1)
] or restricted loans [Section
37-3-501(3)
] in this State, shall:
(1) file with the
Department of Consumer Affairs a rate schedule as shown on the Department's
internet website. The original of the rate schedule shall be filed together
with a fee of forty dollars per location, and
(2) post in one conspicuous place in every
place of business in this State in which offers to make consumer credit sales,
supervised loans or restricted loans , a maximum rate schedule issued by the
Department of Consumer Affairs pursuant to Subsection (A)(1). No posted rate
schedule shall contain any statement, stamp of approval, or any language or
symbol which suggests or implies that the posted rate(s) are suggested, or
individually approved by the Department of Consumer Affairs or any other agency
of State or Federal government.
(B) A creditor that has issued seller credit
cards [Section
37-1-301(26)
] or a creditor that has issued lender credit cards or similar arrangements
[Section
37-1-301(16)
] shall not be required to post a required rate schedule for such transactions
in any place of business which is authorized to honor such transactions;
provided that the creditor shall include a conspicuous statement of the maximum
rate it intends to charge for these transactions in the initial disclosure
statement required to be provided for the debtor by the Federal
Truth-In-Lending Act and notifies the debtor of any change in the maximum rate
on or before the effective date of the change; provided further that a creditor
that has issued lender credit cards or similar arrangements shall nevertheless
post the required rate schedule for such transactions at its central office (if
financial transactions with consumers take place at the central office) and
branch offices other than branch offices which are free standing automatic
teller machines.
C.
(1) The rate schedule required to be filed
and posted by Sections A. and B. shall contain a list of the maximum credit
service charges [Section
37-2-109
] (in the case of consumer credit sales) or maximum loan finance charges
[Section
37-3-109
] (in the case of supervised or restricted consumer loans) stated as an annual
percentage rate, determined in accordance with the Federal Truth-In-Lending Act
as amended from time to time, and any regulations promulgated thereunder,
including Regulation Z, as amended from time to time, that the creditor intends
to charge for consumer credit transactions in each of the following categories
of consumer credit:
(a) Unsecured credit sales
or loans;
(b) Secured credit sales
or personal loans, other than those secured by real estate;
(c) Credit sales secured by real estate or
real estate mortgage loans;
(d)
Open-end (revolving) credit;
(e)
All other.
(2) The
creditor may include as many subcategories as it chooses under each of the
specified categories .
(3) If a
creditor with multiple locations wishes to charge different maximum rates for
different locations, a separate maximum rate schedule shall be filed for each
location which charges maximum rates which vary from the schedule filed and
posted for the main or central location.
D. A rate schedule filed shall be effective
for all consumer credit extended the date the maximum rate schedule certificate
is issued by the Administrator or when the creditor complies with all
requirements of
37-2-305
or
37-3-305,
as applicable, whichever is later.
E. A rate schedule filed and posted as
required by Section 37-2-305, Section 37-3-305, and this Regulation shall
remain effective until January 31st of each year. A creditor wishing to change
any of the maximum rates shown on a schedule previously filed and posted or to
add or delete the prescribed categories or subcategories shall file with the
Department of Consumer Affairs a revised schedule together with a fee of forty
dollars per location.
Notes
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