Compliance News: South Carolina Updates Prepayment Penalty Coverage Amount

The South Carolina Department of Consumer Affairs has announced an increase in the coverage amount for certain residential mortgage loans exempt from prepayment penalties under S.C. Code Ann. §§ 37-10-103 & 37-23-80.

The prepayment penalty coverage amount has been increased from $630,000 to $690,000.

Docutech’s Prepayment Penalty Matrix has been updated accordingly, and it is now available on the Matrices webpage.

LEG-248

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.