The South Carolina Department of Consumer Affairs has published their adjustments to the dollar amounts promulgated in various parts of South Carolina’s Consumer Protection Code (S.C. Code Ann. §§ 37-1-101 through 37-30-175), per Ibid. § 37-1-109.
These adjustments impact the minimum and maximum delinquency charges applicable to consumer loans under Ibid. § 37-3-203(1) & (2), as well as the amount of loans for which a prepayment penalty is prohibited under Ibid. §§ 37-10-103 & 37-23-80. The new dollar amounts will be in effect from July 1, 2020 through June 30, 2022.
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).
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