South Carolina Statutes
§ 37-3-108 — "Revolving loan account" defined.
"Revolving loan account" means an arrangement between a lender and a debtor pursuant to which:
(1)the lender may permit the debtor to obtain loans from time to time;
(2)the unpaid balances of principal and the loan finance and other appropriate charges are debited to an account;
(3)a loan finance charge if made is not precomputed but is computed on the outstanding unpaid balances of the debtor's account from time to time; and (4) the debtor has the privilege of paying the balances in installments.
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South Carolina § 37-3-108 ("Revolving loan account" defined.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 8-800.238; 1974 (58) 2879.
Nearby Sections
15
§ 37-3-101
Short title.§ 37-3-102
Scope.§ 37-3-103
Index of definitions.§ 37-3-104
"Consumer loan" defined.§ 37-3-105
First mortgage real estate loans.§ 37-3-106
"Loan" defined.§ 37-3-108
"Revolving loan account" defined.§ 37-3-109
"Loan finance charge" defined.§ 37-3-200
Restricted loans and restricted lenders.§ 37-3-201
Loan finance charge for consumer loans.§ 37-3-202
Additional charges.§ 37-3-203
Delinquency charges.§ 37-3-204
Deferral charges.§ 37-3-205
Loan finance charge on refinancing.