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Bill 880

                    Current Status

Bill Number:                      880
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990527
Primary Sponsor:                  Thomas
All Sponsors:                     Thomas
Drafted Document Number:          l:\council\bills\dka\3573mm99.doc
Companion Bill Number:            4125
Residing Body:                    Senate
Current Committee:                Transportation Committee 15 ST
Subject:                          Motor vehicle sales, recoupment of 
                                  closing costs incurred by dealers, Consumer 
                                  Affairs


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990527  Introduced, read first time,           15 ST
                  referred to Committee


                             Versions of This 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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