South Carolina Statutes
§ 38-63-260 — Policies with face value less than five thousand dollars.
South Carolina § 38-63-260
This text of South Carolina § 38-63-260 (Policies with face value less than five thousand dollars.) 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. § 38-63-260 (2026).
Text
Notwithstanding any other provision of this article, for life insurance policies having a face value of less than five thousand dollars, life insurers may issue policies with an adjustable maximum policy loan interest rate when the policy loan is three hundred dollars or more, but, if the policy loan is less than three hundred dollars, a fixed policy loan interest rate of not more than eight percent per annum must be charged.
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Legislative History
HISTORY: Former 1976 Code SECTION 38-63-260 [1985 Act No. 189, SECTION 1] recodified as SECTION 38-53-250 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-760 [1984 Act No. 432, SECTION 6] recodified as SECTION 38-63-250 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
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Bluebook (online)
South Carolina § 38-63-260, Counsel Stack Legal Research, https://law.counselstack.com/statute/sc/63/38-63-260.