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TO AMEND SECTION 37-3-210, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REBATES DUE UPON PREPAYMENT IN FULL OF A CONSUMER LOAN, SO AS TO PROVIDE THAT A REBATE MAY NOT BE DUE UPON PREPAYMENT OF A LOAN SECURED BY A MANUFACTURED HOME.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 37-3-210 of the 1976 Code is amended by adding an appropriately numbered subsection to read:
"( )(a) Notwithstanding any other provision of law, no refund of any points and fees may be due upon prepayment of a loan secured by a manufactured home provided the loan is not a high-cost home loan.
(b) For the purposes of this subsection, the terms 'high-cost home loan' and 'points and fees' have the same meaning as provided in Section 37-23-20."
SECTION 2. This act takes effect upon approval by the Governor.
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