A licensed lender may not renew a loan of one thousand dollars or less more than one time during any fifteen-month period where the dollars actually given to the customer is less than ten percent of the net outstanding loan balance at the time of renewal.
S.C. Code Ann. § 37-3-515
Loan renewal limitations
Known as the South Carolina Consumer Protection Code
The act spans §§ 37–37 (347 sections).
1995 Act No. 135, SECTION 15.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.