South Carolina Statutes
§ 37-5-109 — Default.
An agreement of the parties to a consumer credit transaction with respect to default on the part of the consumer is enforceable only to the extent that:
(1)the consumer fails to make a payment as required by agreement; provided, with respect to a consumer rental-purchase agreement, a lessee defaults when he fails to renew an agreement and fails to return the rented property or make arrangements for its return as provided for by the agreement; or (2) the prospect of payment, performance, or realization of collateral is significantly impaired; the burden of establishing the prospect of significant impairment is on the creditor.
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South Carolina § 37-5-109 (Default.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1976 Act No. 686 SECTION 39; 1985 Act No. 121, SECTION 12.
Nearby Sections
15
§ 37-5-101
Short title.§ 37-5-102
Scope.§ 37-5-104
No garnishment.§ 37-5-107
Extortionate extensions of credit.§ 37-5-109
Default.§ 37-5-110
Notice of consumer's right to cure.§ 37-5-111
Cure of default.