S0054 - Supervised Loans

1 Co-Sponsor

Amend The South Carolina Code Of Laws By Amending Section 37-3-501(1), Relating To Supervised Loans, So As To Provide That A Short-term Vehicle Is Not A Supervised Loan; By Adding Section 39-5-45 So As To Provide That It Is An Unfair Trade Practice For Supervised Lenders To Provide Short-term Vehicle Secured Loans; By Amending Section 37-3-413, Relating To Short-term Vehicle Secured Loans; Notice To Borrower, So As To Cap The Loan Interest Rate For Specific Loan Amounts; By Adding Section 37-3-414 So As To Provide A Database To Prevent A Person From Having A Short-term Vehicle Secured Loan That Exceeds A Certain Limit And To Track Loan Transactions In General, And To Provide That All Short-term Vehicle Secured Loans May Only Be Made By A Licensee; And By Adding Section 37-3-415 So As To Define Necessary Terms.