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Bill Number: 4020 Ratification Number: 713 Act Number 614 Introducing Body: House Subject: Relating to maximum charges under the Consumer Protection Code
(A614, R713, H4020)
AN ACT TO AMEND SECTIONS 37-3-109 AND 37-3-202, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MAXIMUM CHARGES UNDER THE CONSUMER PROTECTION CODE, SO AS TO EXCLUDE FEES AND CHARGES PAID TO PERSONS REGISTERED AS MORTGAGE LOAN BROKERS FROM THE DEFINITION OF "LOAN FINANCE CHARGE" AND TO ALLOW AS AN ADDITIONAL CHARGE IN CONNECTION WITH A CONSUMER LOAN FEES AND CHARGES PAID TO PERSONS REGISTERED AS MORTGAGE LOAN BROKERS.
Be it enacted by the General Assembly of the State of South Carolina:
Fees and charges excluded
SECTION 1. Section 37-3-109(1)(b) of the 1976 Code is amended to read:
"(b) charges incurred for investigating the collateral or creditworthiness of the debtor or for commissions or brokerage for obtaining the credit, irrespective of the person to whom the charges are paid or payable, unless the lender had no notice of the charges when the loan was made but excluding fees and charges paid to persons registered as mortgage loan brokers pursuant to Chapter 58 of Title 40. The term does not include charges as a result of default, additional charges (Section 37-3-202), delinquency charges (Section 37-3-203), or deferral charges (Section 37-3-204), or in a consumer loan which is secured in whole or in part by a first or junior lien on real estate, charges incurred for appraising the real estate that is collateral for the loan, if not paid to the creditor or a person related to the creditor."
Fees and charges
SECTION 2. Section 37-3-202(1) of the 1976 Code is amended by adding:
"(f) fees and charges paid to persons registered as mortgage loan brokers pursuant to Chapter 58 of Title 40."
SECTION 3. This act takes effect upon approval by the Governor.