Printed Page 3290, May 30
| Printed Page 3310, May 30
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Printed Page 3290, May 30
| Printed Page 3310, May 30
| (c) investigate how higher education opportunities are currently provided to South Carolina students by examining the structures of higher education institutions at all levels;
(d) address any other matters the committee considers necessary or appropriate.
(e) solicit topics of inquiry from all public and private institutions in the State and the Commission on Higher Education.
(3) At least one staff person shall be transferred to the committee from the Legislative Audit Council and from the State Reorganization Commission for the duration of the study. The study committee shall use this staff in conjunction with other professional staff. Legislative staff of the committee shall be the lead staff and the staff transferred to the committee from the Legislative Audit Council, and the State Reorganization Commission shall support the lead legislative staff. Upon completion of the workplan of the study and if the committee determines that more staff are needed to ensure a timely report and so requests, one additional professional staff person must be transferred from the Legislative Audit Council and from the State Reorganization Commission. The Commission on Higher Education and the staff of the public institutions of higher education shall cooperate fully with the committee including providing staff support and other in-kind resources as requested by the committee.
(4) The committee shall conclude its work and issue its final report by February 1, 1996, which shall serve as the decennial report of the Commission on Higher Education. The final report shall be submitted to the House Education and Public Works Committee and the Senate Education Committee, and must be considered the first report required by the Decennial section of the commission's Master Assessment plan, and upon submission of its final report, the committee shall be dissolved.
(5) Members of the committee shall receive the usual mileage, subsistence, and per diem paid by law to members of the General Assembly to be paid from approved accounts of both houses.
SECTION 6. The terms of the present members of the State Commission on Higher Education shall expire on July 1, 1996, at which time the members of the commission selected in the manner provided by this act shall take office. The present members of the commission who
SECTION 7. This act takes effect upon approval by the Governor./
Renumber sections to conform.
Amend title to conform.
/s/Nikki Setzler /s/Ronald Townsend
/s/James Bryan /s/David Wright
/s/Samuel Stilwell, /s/Rita Allison,
On the part of the Senate.On the part of the House.
, and a message was sent to the House accordingly.
S. 602 -- Senators Short, Jackson, Gregory and Giese: A BILL TO AMEND SECTION 34-29-100, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RECORDS AND REPORTS OF RESTRICTED LENDERS, BY ADDING INFORMATION REQUIRED TO BE REPORTED IN THE ANNUAL REPORT MADE BY RESTRICTED LENDERS; TO AMEND SECTION 34-29-140 OF THE 1976 CODE, RELATING TO CHARGES PERMITTED TO RESTRICTED LENDERS, SO AS TO REVISE THE FINANCE CHARGES AND TO PROVIDE LIMITATIONS ON LOAN RENEWALS; TO AMEND SECTION 37-1-301 OF THE 1976 CODE, RELATING TO DEFINITIONS UNDER THE CONSUMER PROTECTION CODE, SO AS TO ADD A DEFINITION FOR "DEBT COLLECTOR"; TO AMEND SECTION 37-1-303 OF THE 1976 CODE, RELATING TO THE INDEX OF DEFINITIONS IN TITLE 37, SO AS TO ADD "DEBT COLLECTOR"; TO AMEND SECTION 37-3-201 OF THE 1976 CODE, RELATING TO LOAN FINANCE CHARGES FOR SUPERVISED LOANS, SO AS TO PROVIDE THAT SUPERVISED LOANS NOT EXCEEDING SIX HUNDRED DOLLARS SHALL BE MADE IN ACCORDANCE WITH SECTION 34-29-140 RELATING TO FINANCE CHARGES FOR RESTRICTED LOANS; TO AMEND SECTION 37-3-305 OF THE 1976 CODE, RELATING TO THE POSTING AND FILING OF MAXIMUM RATE SCHEDULES BY SUPERVISED LENDERS, SO AS TO PROVIDE THAT FOR LOANS NOT EXCEEDING SIX HUNDRED DOLLARS, A RATE MAY NOT
On motion of Senator SHORT, with unanimous consent, the Report of the Committee of Conference was taken up for immediate consideration.
Senator SHORT spoke on the report.
On motion of Senator SHORT, with unanimous consent, Free Conference Powers were granted.
Whereupon, the PRESIDENT appointed Senators SHORT, JACKSON and GREGORY to the Committee of Free Conference on the part of the Senate and a message was sent to the House accordingly.
On motion of Senator SHORT, the Report of the Committee of Free Conference to S.
602 was adopted as follows:
The COMMITTEE OF FREE CONFERENCE, to whom was referred:
S. 602 -- Senators Short, Jackson, Gregory and Giese: A BILL TO AMEND SECTION
34-29-100, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RECORDS AND
REPORTS OF RESTRICTED LENDERS, BY ADDING INFORMATION REQUIRED TO BE REPORTED
IN THE ANNUAL REPORT MADE BY RESTRICTED LENDERS; TO AMEND SECTION 34-29-140
OF
THE 1976 CODE, RELATING TO CHARGES PERMITTED TO RESTRICTED LENDERS, SO AS TO
REVISE THE FINANCE CHARGES AND TO PROVIDE LIMITATIONS ON LOAN RENEWALS; TO
AMEND SECTION 37-1-301 OF THE 1976 CODE, RELATING TO DEFINITIONS UNDER THE
CONSUMER PROTECTION CODE, SO AS TO ADD A DEFINITION FOR "DEBT
COLLECTOR"; TO AMEND SECTION 37-1-303 OF THE 1976 CODE, RELATING TO THE
INDEX OF DEFINITIONS IN TITLE 37, SO AS TO ADD "DEBT COLLECTOR"; TO
AMEND SECTION 37-3-201 OF THE 1976 CODE, RELATING TO LOAN FINANCE CHARGES FOR
SUPERVISED LOANS, SO AS TO PROVIDE THAT SUPERVISED LOANS NOT EXCEEDING SIX
HUNDRED DOLLARS SHALL BE MADE IN ACCORDANCE WITH SECTION 34-29-140 RELATING
TO
FINANCE CHARGES FOR RESTRICTED LOANS; TO AMEND SECTION 37-3-305 OF THE 1976
CODE, RELATING TO THE POSTING AND FILING OF MAXIMUM RATE SCHEDULES BY
SUPERVISED LENDERS, SO AS TO PROVIDE THAT FOR LOANS NOT EXCEEDING SIX
HUNDRED
DOLLARS, A RATE MAY NOT BE POSTED WHICH EXCEEDS THE CHARGES IMPOSED IN
SECTION
34-29-140; TO AMEND SECTION 37-3-505 OF THE 1976 CODE, RELATING TO RECORDS AND
ANNUAL REPORTS FOR SUPERVISED LENDERS, SO AS TO ADD INFORMATION REQUIRED TO
BE
INCLUDED IN THE ANNUAL REPORT OF SUPERVISED LENDERS; TO AMEND PART 5,
CHAPTER
3, TITLE 37 OF THE 1976 CODE, BY ADDING SECTION 37-3-515 SO AS TO PROVIDE A
LIMITATION ON LOAN RENEWALS; TO AMEND SECTION 37-5-108 OF THE 1976 CODE,
RELATING TO UNCONSCIONABILITY UNDER THE CONSUMER PROTECTION CODE, BY
ADDING
PARTICULAR CIRCUMSTANCES WHICH CONSTITUTE UNCONSCIONABILITY AND PROVIDING
REMEDIES; TO AMEND SECTION 37-6-117 OF
That the same do pass with the following amendments:
Amend the bill, as and if amended, by striking all after the enacting words and inserting therein the following:
SECTION 1. Section 34-29-100 of the 1976 Code is amended to read:
"Section 34-29-100. (a) Each licensee shall keep and use in his business such full and correct books and accounting records as are in accordance with sound and accepted accounting principles and practices and such books and records, including cards used in the card system, if any, as are in accord with the rules and regulations lawfully made by the Board board. Each licensee shall preserve such books, accounts and records, including cards used in the card system, if any, for at least two years after making the final entry on any loan recorded thereon. The renewal or refinancing of a loan shall constitute a final entry.
(b) Every licensee shall file in the office of the Board board, on or before the first day of April, a report for the preceding calendar year. The report shall give information with respect to the financial condition of such licensee, and shall include the name and address of the licensee, balance sheets at the beginning and end of the accounting period, a statement of income and expenses for the period, a reconciliation of surplus with the balance sheets, a schedule of assets used and useful in the consumer finance business in the State, an analysis of charges, size of loans and types of actions undertaken to effect collection and such other relevant information in form and detail as the Board board may prescribe.
(c) In addition to the information required to be reported under subsection (b), the annual report shall include the following:
(1) the total number of loans and aggregate dollar amounts made by the lender which renewed existing accounts;
(2) the total number of new loans and aggregate dollar amounts made to
former borrowers;
(4) the total number of loans and aggregate dollar amounts which received a final entry, as provided in subsection (a), other than by renewal;
(5) the total number of renewals in which the borrower received a cash advance which was less than ten percent of the net outstanding loan balance at the time of renewal;
(6) the total number of loans and aggregate dollar amounts outstanding at the beginning of the reporting period; and
(7) the total number of loans and aggregate dollar amounts outstanding at the end of the reporting period.
(d) Such report shall be made under oath and shall be in the form prescribed by the Board board and consistent with this section. which The board shall make and publish annually an analysis and recapitulation of such reports.
(c) (e) In addition to the report required by the provisions of Section 34-29-100 (b) and (c), the Board board may under rules and regulations promulgated by it under the procedure provided in this chapter require quarterly and/or semiannual reports from licensees to facilitate the performance of its duties and to effectively regulate the making of loans under this chapter."
SECTION 2. Section 34-29-140(a) of the 1976 Code is amended to read:
"(a) Maximum finance charges permitted; initial charge.-A licensee under this chapter may lend any sum of money not exceeding seventy-five hundred dollars, excluding charges, and notwithstanding the fact that the loan may be repayable in substantially equal monthly installments, may contract for and receive finance charges not to exceed:
(1) Loans Not Exceeding One Hundred Fifty Dollars.-On loans with cash advance not exceeding one hundred fifty dollars, a charge not to exceed two dollars and fifty cents per month if contracted for in writing by the borrower, may be charged in lieu of interest, and such loans may be repaid in weekly payments, with four weeks constituting a month.
(2) Loans Over One Hundred and Fifty Dollars But Not Exceeding Two
Thousand Dollars. On loans with a cash advance exceeding one hundred fifty
dollars but not exceeding two thousand dollars, twenty dollars per one hundred
dollars on that portion of the cash advance not exceeding two hundred dollars;
eighteen dollars per one hundred dollars on that portion of the cash advance
exceeding two hundred dollars but not exceeding six hundred dollars; eleven
dollars per one hundred dollars on
In addition to the finance charges authorized in subparagraphs (1) and (2) of
this subsection (a), a licensee under this chapter may contract for and receive
an initial charge in such an amount as may be agreed upon in writing with the
borrower, but not to exceed seven percent of the cash advance or fifty-six
dollars, whichever is the lesser, for the expenses, including, but not limited
to any attorney's fees and broker's fees, then or theretofore incurred and the
services then or theretofore rendered by the lender incident to the loan or the
security therefor, such as investigating the moral and financial standing of the
borrower, investigating the security, title and similar investigations and for
closing the loan, including any and all expenses incurred or services rendered
at the request of the borrower or on his behalf in connection with the loan.
Such initial charge may not be contracted for and received on any renewal loan
or other loan made to the same borrower more often than once in a three
months period. Upon any loan made to the borrower of a sum in excess of the
amount on which the initial charge may have been charged within the three-month
period, then the initial charge may be contracted for and received on the
excess. The initial charge is a one-time charge, not a per annum charge, and
is not subject to refund. The initial charge on loans not exceeding one
hundred fifty dollars is a one time charge, not a per annum charge and is not
subject to refund. The initial charge on loans in excess of one hundred fifty
dollars is a one time charge, not a per annum charge and shall be subject to
refund upon prepayment of the loan. The amount of the refund or refund credit
shall represent at least as great a
(3) Loans over Two Thousand but Not over Seventy-Five Hundred Dollars.-On
loans with a cash advance exceeding two thousand dollars but not exceeding
seventy-five hundred dollars, the finance charges authorized in subparagraphs
(1) and (2) of this subsection (a) are not permitted on any part of the loan.
On such loans a licensee under this chapter may contract for and receive finance
charges not to exceed seven dollars per one hundred dollars of the cash advance,
when the loan is made payable over a period of one year, and proportionately at
that rate over a longer or shorter period.
(3) Loans Over Two Thousand But Not Over Seventy-Five Hundred Dollars.-On
loans with a cash advance exceeding two thousand dollars but not exceeding
seventy-five hundred dollars, the finance charges authorized in subparagraphs
(1) and (2) of this subsection (a) shall not be permitted on any part of the
loan. On such loans a licensee under this chapter may contract for and receive
finance charges not to exceed nine dollars per one hundred dollars of the cash
advance, when the loan is made payable over a period of one year, and
proportionately at that rate over a longer or shorter period.
In addition to the finance charges authorized in subparagraph (3) of this
subsection (a), a licensee under this chapter may contract for and receive an
initial charge in such an amount as may be agreed upon in writing with the
borrower, but not to exceed five percent of the cash advance or two hundred
dollars, whichever is lesser, for the expenses, including, but not limited, to
any attorney's fees and broker's fees, then or theretofore incurred and the
services then and theretofore rendered by the lender incident to the loan or the
security therefor, such as investigating the morals and financial standing of
the borrower, investigating the security, title and similar investigations and
for closing the loan, including any and all expenses incurred or services
rendered at the request of the borrower or on his behalf in connection with the
loan. The initial charge may not be contracted for or received on any renewal
loan made to the same borrower more often than once in a twelve-month period.
Upon any loan made to the borrower of a sum in excess of the amount on which the
initial charge may have been charged within the twelve-month period, then the
initial charge may be contracted for and received on the excess. If a loan is
renewed or financed after the expiration of the initial twelve-month period, the
initial charge may not exceed two percent of the cash advance. The initial
charge is a one-time charge, not a per annum charge, and is not
SECTION 3. Section 34-29-140 of the 1976 Code is amended by adding an appropriately numbered subsection to read:
"( ) Dollar Limits on Renewals. A licensee under this chapter may not renew a loan more than one time during any fifteen-month period where the actual dollars given to the customer is less than ten percent of the net outstanding loan balance at the time of renewal."
SECTION 4. Section 37-1-301 of the 1976 Code is amended by adding appropriately numbered subsections to read:
"( ) `Debt Collector' means any person who collects, attempts to collect, directly or indirectly, debts due or asserted to be owed or due another. The term also includes a creditor who collects, attempts to collect, directly or indirectly, his own debts.
( ) `Licensee' means a supervised lender licensed under Section 37-3-503.
( ) `Cash Advance' means the amount of cash or its equivalent that the borrower actually receives or is paid out at his direction or on his behalf."
SECTION 5. Section 37-1-303 of the 1976 Code is amended to read:
"Section 37-1-303. Definitions in this title and the sections in which they appear are:
`Actuarial method'-Section 37-1-301(1)
`Administrator'-Section 37-1-301(2)
`Administrator'-Section 37-6-103
`Agreement'-Section 37-1-301(3)
`Agricultural purpose'-Section 37-1-301(4)
`Alternative mortgage loan'-Section 37-1-301(5)
`Amount financed'-Section 37-2-111
`Assumption'-Section 37-1-301(5A)
`Billing cycle'-Section 37-1-301(6)
`Card holder'-Section 37-1-301(7)
`Card issuer'-Section 37-1-301(8)
`Cash price'-Section 37-2-110
`Cash Advance'-Section 37-1-301( )
`Conspicuous'-Section 37-1-301(9)
`Consumer'-Section 37-1-301(10)
`Consumer credit insurance'-Section 37-4-103
`Consumer credit transaction'-Section 37-1-301(11)
`Consumer lease'-Section 37-2-106
`Consumer loan'-Section 37-3-104
`Contested case'-Section 37-6-402(1)
`Credit'-Section 37-1-301(12)
`Credit Insurance Act'-Section 37-4-103
`Creditor'-Section 37-1-301(13)
`Credit service charge'-Section 37-2-109
`Debt Collector'-Section 37-1-301( )
`Debtor'-Section 37-1-301(14)
`Earnings'-Section 37-1-301(15)
`Federal Truth-in-Lending Act'-Section 37-1-302
`Goods'-Section 37-2-105(1)
`Home solicitation sale'-Section 37-2-501
`Lender'-Section 37-3-107(1)
`Lender credit card or similar
arrangement'-Section 37-1-301(16)
`License'-Section 37-6-402(2)
`Licensee'- Section 37-1-301( )
`Licensing'-Section 37-6-402(3)
`Loan'-Section 37-3-106
`Loan finance charge'-Section 37-3-109
`Merchandise certificate'-Section 37-2-105(2)
`Official fees'-Section 37-1-301(17)
`Organization'-Section 37-1-301(18)
`Party'-Section 37-6-402(4)
`Payable in installments'-Section 37-1-301(19)
`Person'-Section 37-1-301(20)
`Person related to'-Section 37-1-301(21)
`Precomputed' (loan)-Section 37-3-107(2)
`Precomputed' (sale)-Section 37-2-105(7)
`Presumed' or `presumption'-Section 37-1-301(22)
`Principal'-Section 37-3-107(3)
`Residence'-Section 37-1-301(23)
`Residential manufactured home'-Section 37-1-301(24)
`Residential real property'-Section 37-1-301(25)
`Restricted lender'-Section 37-3-501(4)
`Restricted loan'-Section 37-3-501(3)
`Revolving charge account'-Section 37-2-108
`Revolving loan account'-Section 37-3-108
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| Printed Page 3310, May 30
| This web page was last updated on Monday, June 29, 2009 at 2:11 P.M.