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TO AMEND CHAPTER 2, TITLE 37, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATIONS ON AGREEMENTS AND PRACTICES IN CONNECTION WITH CONSUMER CREDIT SALES, BY ADDING SECTION 37-2-418 SO AS TO PROHIBIT THE ISSUANCE AND DISTRIBUTION OF A SELLER CREDIT CARD BY A CREDIT CARD ISSUER WITHOUT A SIGNED, WRITTEN REQUEST FOR CARD OWNERSHIP BY THE PROSPECTIVE CREDIT CARD OWNER; AND TO AMEND CHAPTER 3, TITLE 37, RELATING TO LIMITATIONS ON CONSUMER LOAN AGREEMENTS, BY ADDING SECTION 37-3-418 SO AS TO PROHIBIT THE ISSUANCE AND DISTRIBUTION OF A LENDER CREDIT CARD BY A CREDIT CARD ISSUER WITHOUT A SIGNED, WRITTEN REQUEST FOR CARD OWNERSHIP BY THE PROSPECTIVE CREDIT CARD OWNER.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 2, Title 37 of the 1976 Code is amended by adding:
"Section 37-2-418. A credit card issuer may not issue or distribute a seller credit card to a prospective credit card owner unless the prospective credit card owner has personally solicited the issuance or distribution in a signed writing. The issuance or distribution of the seller credit card must be accompanied by a copy of the written, signed solicitation."
SECTION 2. Chapter 3, Title 37 of the 1976 Code is amended by adding:
"Section 37-3-418. A credit card issuer may not issue or distribute a lender credit card to a prospective credit card owner unless the prospective credit card owner has personally solicited the issuance or distribution in a signed writing. The issuance or distribution of the lender credit card must be accompanied by a copy of the written, signed solicitation."
SECTION 3. This act takes effect upon approval by the Governor.
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