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Bill 595

                    Current Status

Bill Number:                      595
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010418
Primary Sponsor:                  Thomas
All Sponsors:                     Thomas, Short and Jackson
Drafted Document Number:          l:\council\bills\dka\4281mm01.doc
Residing Body:                    Senate
Current Committee:                Banking and Insurance Committee 02 SBI
Subject:                          Consumer finance companies, loans, 
                                  transactions, minimum delinquency charges; 
                                  Consumer Affairs, Banks


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20010418  Introduced, read first time,           02 SBI
                  referred to Committee


              Versions of This Bill

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:

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 whatsoever shall may be directly or indirectly charged, contracted for, or received, directly or indirectly, except that a licensee hereunder may, if agreed to in writing, may contract for, impose, and collect a delinquent charge of five cents per dollar for each full dollar of an installment which that is delinquent for five ten or more days, which. The charge may be imposed only once on each delinquent installment and, provided where if a portion of an installment is delinquent, the delinquent charge may be imposed only once on that portion of the installment which 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. However, such The restriction shall does not apply to official fees as defined in Section 37-1-301(10)(17), or actual and reasonable attorney fees as determined by the court in which suit is filed and court costs incurred in the collection in default, or to the actual and reasonable expenses of repossession, storing, and selling of any property pledged as security on any a contract in default, or insurance premiums or identifiable charges authorized by this chapter. If any 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 shall be is void, and the licensee shall have has no right to collect or receive any principal, interest, charge, or recompense whatsoever; and. The licensee and the its several members, officers, directors, and agents thereof who shall have participated in such the violation shall be deemed are guilty of a misdemeanor and, upon conviction thereof, shall must be punishable by a fine of fined not more than five hundred and not less than two hundred dollars or by imprisonment for imprisoned not less than thirty days nor more than six months.

(i) In addition to all other charges authorized under by this section, a licensee may charge and add to the gross note a maintenance fee of one dollar per two dollars for each month for the term of the loan for each loan account which in the event of prepayment would. If the loan is prepaid, the maintenance fee must be refunded pro rata with the unexpired term of the loan and any a part of a month must be treated as like a full month."

SECTION 2. This act takes effect upon approval by the Governor.

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