South Carolina Code of Regulations
Chapter 28 - DEPARTMENT OF CONSUMER AFFAIRS
Section 28-70 - Filing and Posting Maximum Rate Schedules

Universal Citation: SC Code Regs 28-70

Current through Register Vol. 48, No. 9, September 27, 2024

A. Every creditor [Section 37-1-301(13) ] other than an assignee of a credit obligation making consumer credit sales [Section 37-2-104 ] in this State, and intending to impose a credit service charge in excess of 18% per annum in this State, and every creditor [Section 37-1-301(13) ] making supervised loans [Section 37-3-501(1) ] or restricted loans [Section 37-3-501(3) ] in this State, shall:

(1) file with the Department of Consumer Affairs a rate schedule as shown on the Department's internet website. The original of the rate schedule shall be filed together with a fee of forty dollars per location, and

(2) post in one conspicuous place in every place of business in this State in which offers to make consumer credit sales, supervised loans or restricted loans , a maximum rate schedule issued by the Department of Consumer Affairs pursuant to Subsection (A)(1). No posted rate schedule shall contain any statement, stamp of approval, or any language or symbol which suggests or implies that the posted rate(s) are suggested, or individually approved by the Department of Consumer Affairs or any other agency of State or Federal government.

(B) A creditor that has issued seller credit cards [Section 37-1-301(26) ] or a creditor that has issued lender credit cards or similar arrangements [Section 37-1-301(16) ] shall not be required to post a required rate schedule for such transactions in any place of business which is authorized to honor such transactions; provided that the creditor shall include a conspicuous statement of the maximum rate it intends to charge for these transactions in the initial disclosure statement required to be provided for the debtor by the Federal Truth-In-Lending Act and notifies the debtor of any change in the maximum rate on or before the effective date of the change; provided further that a creditor that has issued lender credit cards or similar arrangements shall nevertheless post the required rate schedule for such transactions at its central office (if financial transactions with consumers take place at the central office) and branch offices other than branch offices which are free standing automatic teller machines.

C.

(1) The rate schedule required to be filed and posted by Sections A. and B. shall contain a list of the maximum credit service charges [Section 37-2-109 ] (in the case of consumer credit sales) or maximum loan finance charges [Section 37-3-109 ] (in the case of supervised or restricted consumer loans) stated as an annual percentage rate, determined in accordance with the Federal Truth-In-Lending Act as amended from time to time, and any regulations promulgated thereunder, including Regulation Z, as amended from time to time, that the creditor intends to charge for consumer credit transactions in each of the following categories of consumer credit:
(a) Unsecured credit sales or loans;

(b) Secured credit sales or personal loans, other than those secured by real estate;

(c) Credit sales secured by real estate or real estate mortgage loans;

(d) Open-end (revolving) credit;

(e) All other.

(2) The creditor may include as many subcategories as it chooses under each of the specified categories .

(3) If a creditor with multiple locations wishes to charge different maximum rates for different locations, a separate maximum rate schedule shall be filed for each location which charges maximum rates which vary from the schedule filed and posted for the main or central location.

D. A rate schedule filed shall be effective for all consumer credit extended the date the maximum rate schedule certificate is issued by the Administrator or when the creditor complies with all requirements of 37-2-305 or 37-3-305, as applicable, whichever is later.

E. A rate schedule filed and posted as required by Section 37-2-305, Section 37-3-305, and this Regulation shall remain effective until January 31st of each year. A creditor wishing to change any of the maximum rates shown on a schedule previously filed and posted or to add or delete the prescribed categories or subcategories shall file with the Department of Consumer Affairs a revised schedule together with a fee of forty dollars per location.

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