(a) This chapter or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder; provided, that such cancellation or alteration shall not impair or affect the obligations of any preexisting lawful contract between any licensee and any obligor.

(b) Nothing contained herein shall be so construed as to impair or affect the obligation of any contract of loan between any lender and any borrower which was entered into prior to August 7 1966.

Terms Used In South Carolina Code 34-29-260

  • Contract: A legal written agreement that becomes binding when signed.
  • License: shall mean the privilege certificate issued by the Board under the authority of this chapter to conduct the business regulated by this chapter. See South Carolina Code 34-29-10
  • Licensee: shall mean a person to whom one or more licenses have been issued. See South Carolina Code 34-29-10
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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