Notwithstanding any other provision of this article, for life insurance policies having a face value of less than five thousand dollars, life insurers may issue policies with an adjustable maximum policy loan interest rate when the policy loan is three hundred dollars or more, but, if the policy loan is less than three hundred dollars, a fixed policy loan interest rate of not more than eight percent per annum must be charged.
S.C. Code Ann. § 38-63-260
Policies with face value less than five thousand dollars
Former 1976 Code SECTION 38-63-260 [1985 Act No. 189, SECTION 1] recodified as SECTION 38-53-250 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-760 [1984 Act No. …
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.