South Carolina Code 34-30-1250. Loan expenses; late payment charge; levy of payments
Current as of: 2023 | Check for updates
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Pursuant to the provisions of the South Carolina Consumer Protection Code as contained in Title 37, a state savings bank may require borrowers to pay:
(1) all reasonable expenses incurred by the state savings bank in connection with making, closing, disbursing, extending, adjusting, or renewing loans.
Terms Used In South Carolina Code 34-30-1250
- bank: as used in this title must be construed to include all institutions doing any kind of banking business whose deposits are eligible for insurance by the Federal Deposit Insurance Corporation, excluding a savings bank, and "building and loan association" as used in this title must be construed to include a mutual or stock savings association, savings and loan association, or savings bank and all other institutions doing any kind of building and loan business whose deposits are eligible for insurance by the Federal Savings and Loan Insurance Corporation. See South Carolina Code 34-1-10
- Contract: A legal written agreement that becomes binding when signed.
(2) a charge for late payments made during the course of repayment of a loan.
The payments may be levied only upon the terms and conditions that are fixed by the state savings bank’s board of directors and agreed to by the borrower in the loan contract.