Terms Used In South Carolina Code 34-29-170
- Licensee: shall mean a person to whom one or more licenses have been issued. See South Carolina Code 34-29-10
- Person: shall mean an individual, partnership, association, corporation and all other legal and commercial entities. See South Carolina Code 34-29-10
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
No licensee shall take any confession of judgment or permit any borrower to execute a power of attorney in favor of any licensee or in favor of any third person to confess judgment or to appear for the borrower in any judicial proceeding and any such confession of judgment or power of attorney to confess judgment shall be absolutely void.