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Can you summarize SCSR Section 28-70?
DEPARTMENT OF CONSUMER AFFAIRS > Filing and Posting Maximum Rate Schedules.
Short Summary
This legal document, part of the South Carolina Code of State Regulations, pertains to creditors making consumer credit sales, supervised loans, or restricted loans in the state. It requires such creditors to file a rate schedule with the Department of Consumer Affairs and post a maximum rate schedule in every place of business where consumer credit sales, supervised loans, or restricted loans are offered. The posted rate schedule must be issued by the Department of Consumer Affairs and should not suggest or imply approval by any government agency. However, creditors that have issued seller credit cards or lender credit cards or similar arrangements are exempt from posting rate schedules in authorized places of business. The rate schedule must include the maximum credit service charges or loan finance charges stated as an annual percentage rate for different categories of consumer credit. The filed rate schedule remains effective until January 31st of each year, and any changes or additions to the rates or categories require filing a revised schedule with the Department of Consumer Affairs. No specific penalties are mentioned in this document.
Whom does it apply to?
Creditors making consumer credit sales, supervised loans, or restricted loans in South Carolina
What does it govern?
Filing and Posting Maximum Rate Schedules
What are exemptions?
Creditors that have issued seller credit cards or lender credit cards or similar arrangements are exempt from posting rate schedules in authorized places of business
What are the Penalties?
No specific penalties mentioned
Jurisdiction
South Carolina