South Carolina § 38-57-110 Coercion of business by sellers or lenders prohibited.

South Carolina Statutes

§ 38-57-110 — Coercion of business by sellers or lenders prohibited.

South Carolina § 38-57-110

Title 38INSURANCE

Ch. 57TRADE PRACTICES

This text of South Carolina § 38-57-110 (Coercion of business by sellers or lenders prohibited.) 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. § 38-57-110 (2026).

Text

(1)No lender, vendor, or person engaged in selling real or personal property or the financing thereof or the lending of money on the security thereof, and no trustee, agent, officer, or other employee of any such person, may require, as a condition precedent, concurrent, or subsequent to the sale or financing the purchase of such property or to lending money upon the security of a mortgage thereon or as a condition precedent, concurrent, or subsequent for the renewal or extension of the loan or mortgage, that the purchaser or borrower negotiate a policy of insurance or renewal thereof covering the property through a particular insurer or agent.

(2)This section does not prevent a mortgagee, real or chattel, of the right to designate reasonable financial requirements of the insurer and ade

Free access — add to your briefcase to read the full text and ask questions with AI

(1) No lender, vendor, or person engaged in selling real or personal property or the financing thereof or the lending of money on the security thereof, and no trustee, agent, officer, or other employee of any such person, may require, as a condition precedent, concurrent, or subsequent to the sale or financing the purchase of such property or to lending money upon the security of a mortgage thereon or as a condition precedent, concurrent, or subsequent for the renewal or extension of the loan or mortgage, that the purchaser or borrower negotiate a policy of insurance or renewal thereof covering the property through a particular insurer or agent. (2) This section does not prevent a mortgagee, real or chattel, of the right to designate reasonable financial requirements of the insurer and adequacy of the terms and provisions of the coverage with respect to the property pledged or mortgaged. A requirement that the insurer providing coverage be a particular type of insurer is not considered a reasonable financial requirement, if the insurer issues nonassessable policies and otherwise meets reasonable financial requirements.

Legislative History

HISTORY: Former 1976 Code SECTION 38-57-110 [1947 (45) 322; 1952 Code SECTION 37-1159; 1962 Code SECTION 37-1159; 1978 Act No. 585 SECTION 10] recodified as SECTION 38-7-70 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-55-110 [1962 Code SECTION 37-1211; 1964 (53) 2293; 1969 (56) 214, 760] recodified as SECTION 38-57-110 by 1987 Act No. 155, SECTION 1.