(A) A violation of this chapter shall constitute an unfair trade practice under Chapter 5 of Title 39, and individual borrowers or prospective borrowers injured by violations of this chapter have an action for damages as set forth in § 39-5-140.

(B) Any borrower injured by a violation of this chapter may bring an action against the surety bond or trust account, if any, of the loan broker.

Terms Used In South Carolina Code 34-36-80

  • Borrower: means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit. See South Carolina Code 34-36-10
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Loan broker: means any person who:

    (a) for or in expectation of consideration arranges or attempts to arrange or offers to fund a loan of money, a credit card, or a line of credit;

    (b) for or in expectation of consideration assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature;

    (c) acts for or on behalf of a loan broker for the purpose of soliciting borrowers; or

    (d) holds himself out as a loan broker. See South Carolina Code 34-36-10
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

(C) The remedies provided under this chapter are in addition to any other procedures or remedies for any violation or conduct authorized by law.

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