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Can you summarize 37 SCCL Chapter 2, Part 3?
CREDIT SALES > Disclosure and Advertising
Short Summary
The first document governs the disclosure requirements for credit sales of purchaser-occupied manufactured homes in South Carolina. It mandates that sellers provide an estimate of the required disclosures at least two days before the consummation of the transaction. The second document outlines the disclosure and advertising requirements for motor vehicle sales or leases. It specifies the guidelines for print and broadcast advertisements and prohibits false, deceptive, or misleading advertising practices. The third document governs the charging of closing fees in motor vehicle sales or lease transactions by motor vehicle dealers. It requires dealers to disclose the closing fee on the contract and in advertisements, and provides procedures for reviewing the reasonableness of proposed closing fees. The fourth document mandates that creditors offering seller card plans file the required disclosures for credit and charge card applications and solicitations. The disclosures must comply with the Federal Truth-in-Lending Act and Regulation Z. The fifth document outlines the obligations of cosigners, comakers, guarantors, indorsers, sureties, and similar parties in consumer credit sales. It requires separate written notice to cosigners and similar parties, and provides exemptions for sellers, lessors, or lenders obligated to an assignee. The sixth document specifies the requirements for receipts, statements of account, and evidence of payment in consumer credit sales. It mandates written receipts for payments, provides for written statements of payment dates and amounts upon request, and requires written evidence of payment in full upon fulfilling obligations. These documents apply to sellers, purchasers, motor vehicle dealers, creditors, cosigners, and individuals involved in consumer credit sales in South Carolina.
Whom does it apply to?
Sellers and purchasers of manufactured homes, motor vehicle dealers, creditors engaged in consumer credit sales, cosigners and similar parties in consumer credit sales, creditors in consumer credit sales
What does it govern?
Disclosure requirements for credit sales of purchaser-occupied manufactured homes, disclosure and advertising requirements for motor vehicle sales or leases, charging of closing fees in motor vehicle sales or lease transactions, filing of disclosures for credit and charge card applications and solicitations, obligations of cosigners and similar parties in consumer credit sales, requirements for receipts, statements of account, and evidence of payment in consumer credit sales
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Penalties and hearing rights are specified in Section 37-6-108 for violations of the disclosure requirements for credit sales of manufactured homes. No specific penalties are mentioned in the other documents.
Jurisdiction
South Carolina