South Carolina Code of Regulations
Chapter 28 - DEPARTMENT OF CONSUMER AFFAIRS
Section 28-60 - Unearned Finance Charge in "Extended First Payment" Transaction

A. For purposes of this Rule "Extended First Payment" means that the interval to the due date of the first installment exceeds the computational period applicable to the transaction. "Computational period" means (1) the interval between scheduled due dates of installments under the transaction if the intervals are substantially equal or, (2) if the intervals are not substantially equal, one month if the smallest interval between the scheduled due dates of installments under the transaction is one month or more, and otherwise, one week.

B. With respect to a transaction having an extended first payment the creditor may not exclude the extra days in the first interval or the charge for such extra days, in computing the unearned finance charge when a rebate is required under Sections 2.210 or 3.210 of the Consumer Protection Code.

C. A creditor who makes a rebate not in compliance with this Rule in connection with a consumer credit transaction made after the effective date of this Rule shall be deemed to have received an excess charge for all purposes of the Consumer Protection Code.