South Carolina Statutes
§ 38-63-240 — Interest rate on insurance policy loans.
Life insurance policies issued after May 1, 1985, may not provide for policy loan interest rates of more than eight percent per annum, except as provided in SECTION 38-63-250.
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Legislative History
HISTORY: Former 1976 Code SECTION 38-63-240 [1985 Act No. 189, SECTION 1] recodified as SECTION 38-53-230 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-730 [1984 Act No. 432, SECTION 3] recodified as SECTION 38-53-230 by 1987 Act No. 155, SECTION 1.
Nearby Sections
15
§ 38-63-110
Individual life insurance.§ 38-63-220
Required policy provisions.§ 38-63-225
Suicide and death exclusions.§ 38-63-230
Methods of rescission by insurer.§ 38-63-240
Interest rate on insurance policy loans.§ 38-63-250
Alternative adjustable interest rate.§ 38-63-280
Written disclosures.