Current Status Introducing Body:Senate Bill Number:1385 Primary Sponsor:Moore Committee Number:02 Type of Legislation:GB Subject:Consumer credit sales, revolving charge accounts Residing Body:Senate Current Committee:Banking and Insurance Computer Document Number:DKA/3373BDW.94 Introduced Date:19940426 Last History Body:Senate Last History Date:19940426 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Moore Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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1385 Senate 19940426 Introduced, read first time, 02
referred to Committee
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TO AMEND SECTION 37-2-207, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT WITH CERTAIN EXCEPTIONS FORTY PERCENT OF THE SCHEDULED MINIMUM PAYMENT FOR REVOLVING CHARGE ACCOUNTS ON CONSUMER CREDIT SALES MUST BE APPLIED TO PRINCIPAL REDUCTION, SO AS TO SPECIFY CERTAIN SITUATIONS WHICH ARE NOT CONSIDERED VIOLATIONS OF THIS REQUIREMENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 37-2-207(5) of the 1976 Code is amended to read:
"(5) Notwithstanding subsection (3), and except for subsection (4), no less than forty percent of any scheduled minimum payment for that billing cycle must be applied to principal reduction in that billing cycle. However, failure to apply this required percentage to principal is not considered a violation of this provision if caused by the buyer's late, insufficient, or nonpayment of one or more scheduled minimum payments or is caused by the buyer's agreement to a promotion offered by the seller such as deferred payments, deferred or waived finance charges, or a combination of them."
SECTION 2. This act takes effect upon approval by the Governor.