South Carolina § 37-3-510 Restrictions on interest in land as security.

South Carolina Statutes

§ 37-3-510 — Restrictions on interest in land as security.

South Carolina § 37-3-510

Title 37CONSUMER PROTECTION CODE

Ch. 3LOANS

This text of South Carolina § 37-3-510 (Restrictions on interest in land as security.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 37-3-510 (2026).

Text

(1)With respect to a supervised loan in which the principal is one thousand dollars or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.

(2)An open-end credit agreement under which the credit limit is a minimum of five thousand dollars is exempt from this section even though one or more advances made pursuant to the agreement are less than one thousand dollars.

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(1) With respect to a supervised loan in which the principal is one thousand dollars or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void. (2) An open-end credit agreement under which the credit limit is a minimum of five thousand dollars is exempt from this section even though one or more advances made pursuant to the agreement are less than one thousand dollars.