S.C. Code Ann. § 37-3-106

"Loan" defined

Known as the South Carolina Consumer Protection Code

The act spans §§ 37–37 (347 sections).

1962 Code SECTION 8-800.236; 1974 (58) 2879; 1982 Act No. 385, SECTION 27.

"Loan" includes:

(1) the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor;

(2) the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediately;

(3) the creation of debt pursuant to a lender credit card or similar arrangement; and

(4) the forbearance of debt arising from a loan.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.