South Carolina Statutes
§ 37-4-107 — Maximum charge by creditor for insurance.
(1)Except as provided in subsection (2), if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the debtor is determined, conforming to any rate filings required by law and made by the insurer with the Director of the Department of Insurance.
(2)A creditor who provides consumer credit insurance in relation to a revolving charge account (Section 37-2-108) or revolving loan account (Section 37-3-108) may calculate the charge to the debtor in each billing cycle by applying the current premium rate to (a) the average daily unpaid balance of the debt in the cycle;
(b)the unpaid balance of the debt or a median amount within a speci
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 37-4-107 (Maximum charge by creditor for insurance.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 8-800.297; 1974 (58) 2879; 1976 Act No. 686 SECTION 33.
Nearby Sections
15
§ 37-4-101
Short title.§ 37-4-102
Scope.§ 37-4-103
"Consumer credit insurance" defined.§ 37-4-106
Unconscionability.§ 37-4-108
Refund or credit required; amount.§ 37-4-109
Existing insurance; choice of insurer.§ 37-4-110
Charge for insurance in connection with a deferral, refinancing or consolidation; duplicate charges.§ 37-4-202
Amount of insurance.§ 37-4-203
Filing and approval of rates and forms.