"Consumer loan" defined
Known as the South Carolina Consumer Protection Code
The act spans §§ 37–37 (347 sections).
Applied in 1 court decision — leading case Brown v. Goode (In Re Brown) (2001)
Most recently applied in Brown v. Goode (In Re Brown) (August 2001)
1962 Code SECTION 8-800.234; 1974 (58) 2879; 1976 Act No. 686 SECTION 63; 1982 Act No. 385, SECTION 25; 1991 Act No. 142, SECTION 8.
Except as provided in Section 37-3-105, "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which:
(a) the debtor is a person other than an organization;
(b) the debt is incurred primarily for a personal, family, or household purpose;
(c) either the debt is payable in installments or a loan finance charge is made; and
(d) either the principal does not exceed twenty-five thousand dollars or the debt is secured by an interest in land.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.