South Carolina § 37-3-107 "Lender"; "precomputed"; "principal" defined.

South Carolina Statutes

§ 37-3-107 — "Lender"; "precomputed"; "principal" defined.

South Carolina·Title 37 CONSUMER PROTECTION CODE·Ch. 3 LOANS

(1)Except as otherwise provided "lender" includes an assignee of the lender's right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to events occurring before the assignment.

(2)A loan, refinancing, or consolidation is "precomputed" if the debt is expressed as a sum comprising the principal and the amount of the loan finance charge computed in advance.

(3)"Principal" of a loan means the total of:

(a)the net amount paid to, receivable by, or paid or payable for the account of the debtor;

(b)the amount of any discount excluded from the loan finance charge (subsection (2) of Section 37-3-109); and (c) to the extent that payment is deferred:

(i)amounts actually paid or to be paid by the lender for registration, certificate

Free access — add to your briefcase to read the full text and ask questions with AI

(1) Except as otherwise provided "lender" includes an assignee of the lender's right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to events occurring before the assignment. (2) A loan, refinancing, or consolidation is "precomputed" if the debt is expressed as a sum comprising the principal and the amount of the loan finance charge computed in advance. (3) "Principal" of a loan means the total of: (a) the net amount paid to, receivable by, or paid or payable for the account of the debtor; (b) the amount of any discount excluded from the loan finance charge (subsection (2) of Section 37-3-109); and (c) to the extent that payment is deferred: (i) amounts actually paid or to be paid by the lender for registration, certificate of title, or license fees if not included in (a); and (ii) additional charges permitted by this chapter (Section 37-3-202).

South Carolina § 37-3-107 ("Lender"; "precomputed"; "principal" defined.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.