South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 3 - CONSUMER FINANCE ACT REGULATIONS
Section 15-61 - Consumer Finance Charges
Current through Register Vol. 48, No. 9, September 27, 2024
A. Maximum Charges Permitted (Initial Charge): [Section 34-29-140(a) ]
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*PRIOR CASH ADVANCE |
*NEW CASH ADVANCE |
REFINANCING PERIOD |
MAXIMUM INITIAL CHARGE ALLOWED |
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*1. |
$1,000 or less |
$1,000 or less |
Within 3 months |
6% of the excess of the new cash advance over the prior cash advance. Provided, however, the aggregate of all initial charges received within the first 3 months of the original loan, regardless of the number of renewals, shall not exceed 6% of the highest cash advance within such 3 months period or $18.00, whichever is less. |
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2. |
$1,000 or less |
$1,000 or less |
After 3 months |
6% of New Cash Advance or $18.00 whichever is less. |
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*3. |
$1,000 or less |
In excess of $1,000 |
Within 3 months |
5% of excess of the New Cash Advance over prior cash advance or $200.00, whichever is less. |
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4. |
$1,000, or less |
In excess of $1,000.00 |
After 3 months |
5% of New Cash Advance or $200.00 whichever is less. |
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*5. |
In excess of $1,000 |
In excess of $1,000 |
Within 12 months |
5% of excess of the New Cash Advance over the prior cash advance. Provided, however, the aggregate of all initial charges received within the first 12 months of the original loan, |
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regardless of the number of renewals, shall not exceed 5% of the highest cash advance within such 12 months period or $200.00 whichever is less. |
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*6. |
In excess of $1,000 |
In excess of $1,000 |
After 12 months from inception date of original loan. |
2% of the New Cash Advance. (See Footnote 1) |
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7. |
In excess of $1,000 |
$1,000 or less |
Within 12 months |
None. |
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8. |
In excess of $1,000 |
$1,000 or less |
After 12 months |
6% of New Cash Advance or $18.00, whichever is less. |
B. Definitions:
