Reference is to Printer's Date 4/26/18-H.
Amend the bill, as and if amended, by appropriately numbered SECTIONS to read:
/ SECTION ___. Section 40-39-80(B)(1) of the 1976 Code, as added by Act 262 of 2016, is amended to read:
"(1) The pawn
ticket for a pledge or purchase transaction must satisfy the
requirements of the Truth in Lending Act and Regulation Z, must
identify whether the transaction is a pawn or purchase, and at a
minimum must include:
(a)
the name and address of the pledgor or seller;
(b)
the date of birth of the pledgor or seller;
(c)
the driver's license number or other state or federal
government-issued photographic identification number of the
pledgor or seller;
(d)
the transaction date;
(e)
the transaction maturity date;
(f)
the amount financed or purchase price;
(g)
the finance charge;
(h)
the total of payments;
(i)
the annual percentage rate;
(j)
the words, 'You are
entitled to redeem goods pledged for a loan at any time, in
whole or in part, and a pawnbroker must prorate your interest
obligation and refund excess payments accordingly';
(jk)
a statement of the pledgor or seller that the
pledgor or seller is the lawful owner of the pledged or sold
property;
(kl) the name
and business address of the pawnbroker; and
(lm)
a complete and accurate description of the pledged
or purchased goods including any applicable:
(i)
brand name;
(ii)
model number;
(iii)
manufacturer's serial number, if issued by the
manufacturer and not intentionally defaced, altered or
removed;
(iv)
size;
(v)
color, as apparent to the untrained eye, not applicable to
diamonds;
(vi)
precious metal type, weight, and content, if known or
indicated;
(vii)
gemstone color and shape, as apparent to the untrained
eye, and number of stones;
(viii)
type of action, caliber or gauge, number of barrels,
barrel length and finish if the item is a firearm; and
(ix)
any other unique markings, numbers, names, or
letters."
SECTION ___. Section 40-39-100 of the 1976 Code, as last amended by Act 262 of 2016, is further amended to read:
"Section 40-39-100.
(A)(1) A pawnbroker may charge
interest on loans not exceeding the following amounts:
(1a) at the
rate of two dollars and fifty cents per thirty-day period for
each ten dollars loaned for the first fifty dollars loaned;
(2b) at the
rate of two dollars per thirty-day period for each ten dollars
loaned on that portion of the loan exceeding fifty dollars but
not exceeding one hundred dollars;
(3c) at the
rate of one dollar and fifty cents per thirty-day period for
each ten dollars loaned on that portion of the loan exceeding
one hundred dollars but not exceeding two hundred dollars;
(4d) at the
rate of one dollar per thirty-day period for each ten dollars
loaned on that portion of the loan exceeding two hundred dollars
but not exceeding one thousand dollars;
(5e) at the
rate of fifty cents per thirty-day period for each ten dollars
loaned on that portion of the loan exceeding one thousand
dollars but not exceeding the maximum amount in subsection
(C).
(2)
If a pledgor redeems pledged goods, in whole or
in part, before the expiration of any thirty-day period or
agrees to repay a loan in monthly periodic installments before
the expiration of any thirty-day period, a pawnbroker:
(a)
shall prorate interest owed for the month and
finance charges owed for the month from the first day of the
month through the date of the redemption or agreement, to
include the date of redemption or agreement;
(b)
shall, based on the proration in subitem (a),
refund any received interest or finance charges that exceed the
prorated amounts owed for the period of time beginning with the
first day of the month through the date of the redemption or
agreement, to include the date of redemption or agreement;
(c)
may not impose an additional charge or other
fee, or charge interest, for the remaining portion of the
thirty-day period after redemption.
(B) No pawnbroker
may separate or divide a pawn transaction into two or more
transactions for the purpose or with the effect of obtaining a
total pawn interest rate in excess of that authorized for an
amount financed equal to the total of the amounts financed in
the resulting transactions.
(C) No pawnbroker may
make a loan in excess of fifteen thousand dollars. Every
pawnbroker shall post the rates in a form which is prescribed by
the administrator. The following statement must be included in
the posted rate schedule:
'Consumers: All pawnbrokers operating in
South Carolina are required by law to post a schedule showing
the maximum rate of LOAN FINANCE CHARGES stated as dollars for
each ten dollars for each thirty-day period that the pawnbroker
intends to charge for various types of pawn transactions. The
purpose of this requirement is to assist you in comparing the
maximum rates that pawnbrokers charge, thereby furthering your
understanding of the terms of pawn transactions and helping you
to avoid the uninformed use of credit.
NOTE: Pawnbrokers are prohibited only from
granting credit at rates higher than those specified above. A
pawnbroker may be willing to grant you credit at rates that are
lower than those specified, depending on the amount, terms,
collateral, and your credit worthiness.
NOTE: You are entitled to redeem goods
pledged for a loan at any time, in whole or in part, and a
pawnbroker must prorate your interest obligation and refund
excess payments accordingly. The purpose of this requirement is
to enable you to repay your loan early without penalty and
without paying interest on repaid loan money.'" /
Renumber sections to conform.
Amend title to conform.