South Carolina Code of Regulations
Chapter 28 - DEPARTMENT OF CONSUMER AFFAIRS
Section 28-40 - Consumer Rental-Purchase
Universal Citation: SC Code Regs 28-40
Current through Register Vol. 48, No. 3, March 22, 2024
A. Definitions. Definitions shall be those contained in S.C. Code Ann. 37-2-701 (1976 as amended).
B. Recordkeeping
(1) All books, agreement and records, and all
other sources of information with regard to the business of providing consumer
rental-purchase services must at all reasonable times be available for
inspection by the Department of Consumer Affairs for the purpose of assuring
that the business is being transacted in accordance with the law and applicable
regulations. Failure to provide or allow access to all books, agreements and
records and all other sources of information with regard to the business of
providing consumer rental-purchase services will be regarded as a violation of
the South Carolina Consumer Protection Code.
(2) All locations must maintain a copy of all
agreements for consumer rental-purchase services for as long as such agreements
are in effect and for a period of one (1) year thereafter. Agreements for each
calendar year must be filed in alphabetical order by the consumer's last name.
If the center uses numbered agreements, a numerical sequence file may be used
instead of an alphabetical file. If a business providing consumer
rental-purchase services has two or more locations, records may be consolidated
at a principal office in this State. The Department of Consumer Affairs must be
given written notice prior to the enactment of a policy of consolidation of
records.
(3) Records of Payment --A
written record of any payment on an agreement must be made immediately upon
receipt. Payments received must be posted on the business day received to the
payment record. The payment record must show at least the following
information:
(a) Name or number of
account;
(b) The date (month, day,
year) of payment;
(c) The actual
amount received and itemized as applied to:
(i) periodic payment including taxes to
lessor necessary to acquire ownership of the property;
(ii) delinquency charges;
(iii) initial non-refundable fee;
(iv) security deposit;
(v) delivery charge;
(vi) payment pick up charge;
(vii) any other fees allowed by the
rental-purchase statute.
(4) Records Maintained on Electronic Data
Processing (EDP) Systems.
(a) Filing of
Description of Systems and Programs --Records and account systems maintained in
whole or in part by electronic data processing may be used in lieu of the
books, files and records required by these regulations if they contain
equivalent information. Each such system must receive prior written approval
from the Department. Lessors seeking such approval must file a complete and
detailed written description of the system proposed to be utilized, including
user instructions and an enumeration of all features that do not meet the
requirements of the regulations and a full explanation as to how the equivalent
information is maintained with the proposed system. User instructions must
provide a clear and concise section of procedures which must be followed to
operate the system as contemplated by the Department in approving the
system.
(b) Filing of Amendments
--All changes to a lessor's electronic data processing system must be filed
with the Department at least 14 days in advance of use by a lessor.
(c) Withdrawal of Approval by the Department
--If based on examinations and practical experience with an EDP system and its
records, the Department finds that such system and records do not provide
reasonable access to information required in B(1) and (3) above, approval may
be withdrawn by the Department.
(5) Advertisements --All advertisements by a
lessor must contain the name and an office address of the entity, which must
conform to a name and address on record with the Department of Consumer
Affairs.
Statutory Authority: 1976 Code Sections 37-2-702, 37-3-503, 37-6-104, 37-6-403, 37-6-506
Disclaimer: These regulations may not be the most recent version. South Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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