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·Title 37 CONSUMER PROTECTION CODE·Ch. 3 LOANS

(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.

South Carolina § 37-3-510 (Restrictions on interest in land as security.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.