South Carolina General Assembly
113th Session, 1999-2000

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Bill 4125


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      4125
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990519
Primary Sponsor:                  Wilkes
All Sponsors:                     Wilkes
Drafted Document Number:          l:\council\bills\dka\3483mm99.doc
Companion Bill Number:            880
Residing Body:                    House
Current Committee:                Labor, Commerce and Industry Committee 26 
                                  HLCI
Subject:                          Motor vehicle sales, recoupment of 
                                  closing costs incurred by dealer; Consumer 
                                  Affairs


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990526  Referred to Committee                  26 HLCI
House   19990526  Recalled from Committee                21 HEPW
House   19990519  Introduced, read first time,           21 HEPW
                  referred to Committee


                             Versions of This Bill

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND ARTICLE 3, CHAPTER 19, TITLE 56, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CERTIFICATES OF TITLE, BY ADDING SECTION 56-19-490 SO AS TO PROVIDE FOR THE RECOUPMENT OF CLOSING COSTS INCURRED BY A MOTOR VEHICLE DEALER IN CONNECTION WITH A SALE UNDER CERTAIN CIRCUMSTANCES; AND TO AMEND SECTION 37-2-202, AS AMENDED, RELATING TO ALLOWABLE ADDITIONAL CHARGES IN CONNECTION WITH A CONSUMER CREDIT SALE, SO AS TO PROVIDE FOR A UNIFORM ADDITIONAL CHARGE BY A MOTOR VEHICLE DEALER TO RECOUP ITS CLOSING COSTS, TO REQUIRE THAT THE CHARGE ALSO APPLY TO CASH BUYERS, TO LIMIT THE CHARGE TO NINETY-NINE DOLLARS AND FIFTY CENTS, AND TO REQUIRE WRITTEN DISCLOSURE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Article 3, Chapter 19, Title 56 of the 1976 Code is amended by adding:

"Section 56-19-490. A motor vehicle dealer may recoup his closing costs incurred by reason of documentation of a sale as required by this title only through the imposition of a uniform charge which complies with the provisions of Section 37-2-202(1)(f)."

SECTION 2. Section 37-2-202(1) of the 1976 Code, as last amended by Act 142 of 1991, is further amended by adding:

"(f) with respect to a purchase money debt secured by a motor vehicle, a closing cost not exceeding ninety-nine dollars and fifty cents. For the closing cost to be included in the principal balance of a consumer purchase money debt secured by a motor vehicle, the:

( i) seller must apply the charge to both cash buyers and credit buyers;

( ii) charge may not exceed ninety-nine dollars and fifty cents; and

(iii) buyer must be furnished a written disclosure of the amount and purpose of the charge."

SECTION 3. This act takes effect upon approval by the Governor.

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