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3721Ratification Number: 85Act Number: 44Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20010315Primary Sponsor: CatoAll Sponsors: Cato, J.E. Smith, Chellis, Knotts, Cooper, Bales, Hayes, Harvin, Tripp, Leach, Ott, Whatley, Edge, Hinson, BarfieldDrafted Document Number: l:\council\bills\dka\4080mm01.docDate Bill Passed both Bodies: 20010514Date of Last Amendment: 20010425Governor's Action: SDate of Governor's Action: 20010529Subject: Consumer finance companies, loans, transactions; minimum delinquency charges; Consumer Affairs, BanksHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010611 Act No. A44 ------ 20010529 Signed by Governor ------ 20010523 Ratified R85 Senate 20010514 Read third time, enrolled for ratification Senate 20010509 Read second time Senate 20010508 Polled out of Committee: Favorable 02 SBI Senate 20010426 Introduced, read first time, 02 SBI referred to Committee House 20010426 Read third time, sent to Senate House 20010425 Amended, read second time House 20010425 Request for debate withdrawn by Representative Cato Fleming A. Young Mack Chellis Coleman Davenport Bales Phillips F.N. Smith J. Hines Hosey House 20010419 Request for debate by Representative Phillips Sheheen Davenport F.N. Smith Mack Hosey J. Hines Fleming Coleman Bales A. Young Cato Chellis House 20010419 Co-Sponsor added (Rule 5.2) by Rep. Barfield House 20010418 Debate adjourned until Thursday, 20010419 House 20010411 Committee report: Favorable with 26 HLCI amendment House 20010329 Co-Sponsor added (Rule 5.2) by Rep. Hinson House 20010320 Co-Sponsor removed (Rule 5.2) by Rep. Jennings House 20010315 Introduced, read first time, 26 HLCI referred to Committee Versions of This Bill Revised on April 11, 2001 - Word format Revised on April 25, 2001 - Word format Revised on May 8, 2001 - Word format
(A44, R85, H3721)
AN ACT TO AMEND SECTION 34-29-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CONSUMER FINANCING IN CONNECTION WITH LICENSING OF CONSUMER FINANCE COMPANIES, SO AS TO ALLOW A LICENSEE TO CHARGE A MINIMUM DELINQUENCY CHARGE OF FIVE DOLLARS ON AN UNPAID INSTALLMENT AFTER TEN DAYS AND TO ADD A MAINTENANCE FEE OF TWO DOLLARS A MONTH TO THE GROSS AMOUNT OF THE PROMISSORY NOTE, IF THAT FEE IS REFUNDED PRO RATA UPON PREPAYMENT OF THE NOTE.
Be it enacted by the General Assembly of the State of South Carolina:
Delinquency charge and maintenance fee
SECTION 1. Section 34-29-140(e) and (i) of the 1976 Code are amended to read:
"(e) Delinquent charge; penalties for excessive charges. In addition to the charges and fees provided for by this chapter, no further or other amount may be charged, contracted for, or received, directly or indirectly, except that a licensee, if agreed to in writing, may contract for, impose, and collect a delinquent charge of five cents for each full dollar of an installment that is delinquent for ten or more days. The charge may be imposed only once on each delinquent installment and, if a portion of an installment is delinquent, the delinquent charge may be imposed only once on that portion of the installment that is delinquent. A lender may contract for and receive a minimum delinquency charge of five dollars, even if the charge exceeds five percent of the unpaid amount of the installment. The restriction does not apply to official fees as defined in Section 37-1-301(17) or actual and reasonable attorney fees as determined by the court in which suit is filed and court costs incurred in the collection or to the actual and reasonable expenses of repossession, storing, and selling of property pledged as security on a contract in default, or insurance premiums or identifiable charges authorized by this chapter. If an amount in excess of the charges permitted by this chapter is charged, contracted for, or received, except as the result of an accidental or bona fide error, the contract of loan is void, and the licensee has no right to collect or receive any principal, interest, charge, or recompense. The licensee and its several members, officers, directors, and agents who participated in the violation are guilty of a misdemeanor and, upon conviction, must be fined not more than five hundred and not less than two hundred dollars or imprisoned not less than thirty days nor more than six months.
(i) In addition to all other charges authorized by this section, a licensee may charge and add to the gross note a maintenance fee of two dollars for each month for the term of the loan for each loan account. If the loan is prepaid, the maintenance fee must be refunded pro rata with the unexpired term of the loan and a part of a month must be treated like a full month."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 23rd day of May, 2001.
Approved the 29th day of May, 2001.
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