H*2439 Session 107 (1987-1988)
H*2439(Rat #0089, Act #0056 of 1987) General Bill, By T.F. Rogers
A Bill to amend Section 37-2-305, Code of Laws of South Carolina, 1976,
relating to the filing and posting of maximum rate schedules by creditors
making consumer credit sales, and Section 37-3-305, relating to the filing and
posting of maximum rate schedules by creditors making consumer loans, so as to
increase the fee required to be paid when the schedule is filed; to amend
Section 37-6-203, relating to annual notification filings required to be made
under the Consumer Protection Code, so as to increase the certain fees
required in conjunction with the notification filings; and to amend Section
38-50-120, relating to registration of club representatives under the Motor
Club Services Act, so as to increase the fee required for this registration.
02/10/87 House Introduced and read first time HJ-449
02/10/87 House Referred to Committee on Labor, Commerce and
Industry HJ-449
03/04/87 House Committee report: Favorable Labor, Commerce and
Industry HJ-830
03/10/87 House Objection by Rep. Blackwell, Williams, Faber,
Blanding, P. Harris, Kirsh, HJ-927
03/10/87 House Objection by Rep. Moss, Boan & Klapman HJ-927
03/11/87 House Objection withdrawn by Rep. Blanding, Boan,
Kirsh, Klapman & Williams HJ-973
03/12/87 House Objection withdrawn by Rep. Klapman & Moss HJ-1010
03/24/87 House Objection withdrawn by Rep. P. Harris HJ-1412
03/24/87 House Read second time HJ-1412
03/25/87 House Objection withdrawn by Rep. Blackwell HJ-1437
03/25/87 House Objection by Rep. Foxworth, Mappus & Kohn HJ-1437
03/25/87 House Read third time and sent to Senate HJ-1443
03/26/87 Senate Introduced and read first time SJ-1057
03/26/87 Senate Referred to Committee on Banking and Insurance SJ-105
04/02/87 Senate Recalled from Committee on Banking and Insurance
SJ-1158
04/07/87 Senate Read second time SJ-1182
04/07/87 Senate Ordered to third reading with notice of
amendments SJ-1182
04/08/87 Senate Read third time and enrolled SJ-1208
04/23/87 Ratified R 89
04/28/87 Signed By Governor
04/28/87 Effective date 04/28/87
04/28/87 Act No. 56
05/04/87 Copies available
(A56, R89, H2439)
AN ACT TO AMEND SECTION 37-2-305, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO THE FILING AND POSTING OF MAXIMUM RATE SCHEDULES BY CREDITORS MAKING
CONSUMER CREDIT SALES, AND SECTION 37-3-305, RELATING TO THE FILING AND POSTING
OF MAXIMUM RATE SCHEDULES BY CREDITORS MAKING CONSUMER LOANS, SO AS TO INCREASE
THE FEE REQUIRED TO BE PAID WHEN THE SCHEDULE IS FILED; TO AMEND SECTION
37-6-203, RELATING TO ANNUAL NOTIFICATION FILINGS REQUIRED TO BE MADE UNDER THE
CONSUMER PROTECTION CODE, SO AS TO INCREASE THE CERTAIN FEES REQUIRED IN
CONJUNCTION WITH THE NOTIFICATION FILINGS; AND TO AMEND SECTION 38-50-120,
RELATING TO REGISTRATION OF CLUB REPRESENTATIVES UNDER THE MOTOR CLUB SERVICES
ACT, SO AS TO INCREASE THE FEE REQUIRED FOR THIS REGISTRATION.
Be it enacted by the General Assembly of the State of South Carolina:
Fees for rate schedules increased
SECTION 1. (A) Section 37-2-305(6) of the 1976 Code is amended to read:
"(6) The Department of Consumer Affairs shall maintain a file for each
creditor containing the original and all revised rate schedules by the creditor.
A certified copy of each filing showing the date and time that it was received
must be sent to the creditor making the filing at the time of its receipt. A fee
of twenty dollars for each rate schedule filed by a creditor is payable to the
Department of Consumer Affairs for its services in maintaining the rate schedule
files and providing one certified copy of each rate filing to the creditor.
Additional certified copies of a filing must be provided at a charge of four
dollars for each copy."
(B) Section 37-2-305(8) of the 1976 Code is amended to read:
"(8) Every creditor shall file at least one maximum rate schedule and pay
at least one twenty-dollar filing fee during each state fiscal year disclosing
that creditor's existing maximum rates. If this filing does not change any
maximum rates previously filed, the creditor is not required to alter posted
maximum rates. If any creditor has not filed a maximum rate schedule with the
Department of Consumer Affairs since the beginning of the previous state fiscal
year then on July first of the following year the filing is no longer effective
and the maximum credit service charge that the creditor may impose on any credit
extended after that date may not exceed eighteen percent a year until such time
as the creditor files a revised maximum rate schedule that complies with this
section."
Fees for rate schedules increased
SECTION 2. (A) Section 37-3-305(6) of the 1976 Code is amended to read:
"(6) The Department of Consumer Affairs shall maintain a file for each
creditor containing the original and all revised rate schedules filed by the
creditor. A certified copy of each filing showing the date and time it was
received must be sent to the creditor making the filing at the time of its
receipt. A fee of twenty dollars for each rate schedule filed by a creditor is
payable to the Department of Consumer Affairs for its services in maintaining the
rate schedule files and providing one certified copy of each rate filing to the
creditor. Additional certified copies of a filing must be provided at a charge
of four dollars for each copy."
(B) Section 37-3-305(8) of the 1976 Code is amended to read:
"(8) Every creditor shall file at least one maximum rate schedule and pay
at least one twenty-dollar filing fee during each state fiscal year disclosing
that creditor's existing maximum rates. If this filing does not change any
maximum rates previously filed, the creditor is not required to alter posted
maximum rates. If any creditor has not filed a maximum rate schedule with the
Department of Consumer Affairs since the beginning of the previous state fiscal
year then on July first of the following year the filing is no longer effective
and the maximum finance charge that the creditor may impose on any credit
extended after that date may not exceed eighteen percent a year until such time
as the creditor files a revised maximum rate schedule that complies with this
section."
Fees for notification filings increased
SECTION 3. Section 37-6-203 of the 1976 Code is amended to read:
"Section 37-6-203. A person required to file notification shall on or
before January thirtyfirst of each year pay to the administrator an annual fee
of ninety dollars for that year, for each address in this State listed in the
notification; provided, that the fee for any one person must be not less than
ninety dollars; provided, further, that a person who does not extend credit
pursuant to written contracts and a person whose annual gross volume of business
does not exceed one hundred fifty thousand dollars is exempt from any fee and
from the notification requirements of Section 37-6-202."
Registration fees increased
SECTION 4. Section 38-50-120(e) of the 1976 Code is amended to read:
"(e) The fee to be paid to the Commissioner at the time registration is
made and annually on or before April thirtieth for the renewal is twenty
dollars."
Time effective
SECTION 5. This act takes effect upon approval by the Governor. |