Current Status Bill Number:3822 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970403 Primary Sponsor:J. Smith All Sponsors:J. Smith, Hodges, Cromer, Whipper and Pinckney Drafted Document Number:pt\2945mm.97 Residing Body:House Current Committee:Labor, Commerce and Industry Committee 26 HLCI Subject:Consumer credit sale to include sale of interest in land if debt secured by first lien on land; Property Consumer Affair
Body Date Action Description Com Leg Involved
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House 19970403 Introduced, read first time, 26 HLCI
referred to Committee
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TO AMEND SECTION 37-2-104, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITION OF A "CONSUMER CREDIT SALE", SO AS TO INCLUDE A SALE OF AN INTEREST IN LAND IF THE DEBT IS SECURED BY A FIRST LIEN ON LAND; TO AMEND SECTION 37-3-104, AS AMENDED, RELATING TO THE DEFINITION OF "CONSUMER LOAN", SO AS TO INCLUDE A LOAN SECURED BY A FIRST LIEN ON LAND; TO REPEAL SECTION 37-3-105, RELATING TO THE EXCLUSION FROM TITLE 37, THE CONSUMER PROTECTION CODE, OF A LOAN SECURED BY A FIRST LIEN ON LAND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 37-2-104(2) of the 1976 Code is amended to read:
"(2) Unless the sale is made subject to this title by agreement pursuant to (Section 37-2-601), 'consumer credit sale' does not include: (a) a sale in which a seller allows the buyer to purchase goods or services pursuant to a lender credit card or similar arrangement, or.
(b) a sale of an interest in land if the debt is secured by a first lien or equivalent security interest in real estate.
Credit sales excluded from the definition of a consumer credit sale pursuant to this subsection are subject to the following provisions of this title: civil liability for violation of disclosure (Section 37-5-203) and voluntary complaint resolution (Section 37-6-117); and in credit sales excluded pursuant to item (b) limitations on selection of a closing attorney and insurance agent (Section 37-10-102(a)) and notice of assumption rights (Section 37-10-102(c))."
SECTION 2. Section 37-3-104 of the 1976 Code, as last amended by Act 142 of 1991, is further amended to read:
"Section 37-3-104. Except as provided in Section 37-3-105, 'consumer Consumer loan' is a loan made by a person regularly engaged in the business of making loans in which:
(a) the debtor is a person other than an organization;
(b) the debt is incurred primarily for a personal, family, or household purpose;
(c) either the debt is payable in installments or a loan finance charge is made; and
(d) either the principal does not exceed twenty-five thousand dollars or the debt is secured by an interest in land."
SECTION 3. Section 37-3-105 of the 1976 Code is repealed.
SECTION 4. This act takes effect upon approval by the Governor.