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TO AMEND SECTION 37-3-201, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LOAN FINANCE CHARGES FOR CONSUMER LOANS, SO AS TO PROVIDE THAT A SUPERVISED LENDER MAY NOT CONTRACT FOR AND RECEIVE A LOAN FINANCE CHARGE IN EXCESS OF THIRTY-SIX PERCENT A YEAR IN CONNECTION WITH A CONSUMER LOAN.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 37-3-201(2) of the 1976 Code is amended by adding an appropriately designated item at the end to read:
"( ) of any amount and for any terms, an amount of interest after maturity not exceeding thirty-six percent a year on the net payoff balance as of the date of maturity, whether as scheduled, accelerated, or otherwise, and notwithstanding other provisions of law to the contrary."
SECTION 2. This act takes effect upon approval by the Governor, and applies to a covered sale or loan transaction entered into after that date.
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