South Carolina § 37-2-111 "Amount financed" defined.

South Carolina Statutes

§ 37-2-111 — "Amount financed" defined.

South Carolina·Title 37 CONSUMER PROTECTION CODE·Ch. 2 CREDIT SALES

"Amount financed" means the total of the following items to the extent that payment is deferred:

(1)the cash price of the goods, services or interest in land, less the amount of any down payment whether made in cash or in property traded in;

(2)the amount actually paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest in or a lien on property traded in; and (3) if not included in the cash price:

(a)any applicable sales, use, excise, or documentary stamp taxes;

(b)amounts actually paid or to be paid by the seller for registration, certificate of title, or license fees; and (c) additional charges permitted by this chapter (Section 37-2-202).

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"Amount financed" means the total of the following items to the extent that payment is deferred: (1) the cash price of the goods, services or interest in land, less the amount of any down payment whether made in cash or in property traded in; (2) the amount actually paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest in or a lien on property traded in; and (3) if not included in the cash price: (a) any applicable sales, use, excise, or documentary stamp taxes; (b) amounts actually paid or to be paid by the seller for registration, certificate of title, or license fees; and (c) additional charges permitted by this chapter (Section 37-2-202).

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