South Carolina Legislature


Session 108 - (1989-1990)Printer Friendly
(pdf format)
S*0643 (Rat #0221, Act #0144 of 1989) General Bill, By J.C. Lindsay
    A Bill to amend Sections 37-2-416 and 37-3-408, Code of Laws of South Carolina, 1976, relating to the change in terms of revolving charge and loan accounts, so as to delete the requirement that a consumer incurs additional debt after notification of a change in terms, and require the written disclosure of a change in terms to state that if the consumer does not want to continue the revolving account under the new terms the creditor will terminate the account and permit the consumer to pay the existing balance upon the terms in effect before the change in terms on the written request of the consumer sent to the creditor at the address provided in the disclosure and authorize the consumer to apply for another revolving account on the new terms; and to amend Sections 37-2-405 and 37-3-402, relating to the right of the consumer to refinance balloon payments due pursuant to consumer credit sales and consumer loans under the South Carolina Consumer Protection Code, so as to exempt from the requirements of the Sections all credit transactions and all consumer loans rather than only those in which the primary security is a real estate lien if the formula for determining charges or changes in payments upon renegotiation is included in the agreement.-amended title
View full text
04/11/89Senate Introduced and read first time SJ-4
04/11/89Senate Referred to Committee on Banking and Insurance
04/13/89Senate Recalled from Committee on Banking and Insurance SJ-19
04/25/89Senate Read second time SJ-53
04/25/89Senate Ordered to third reading with notice of amendments SJ-53
04/27/89Senate Amended SJ-143
04/27/89Senate Read third time and sent to House SJ-143
05/02/89House Introduced and read first time HJ-43
05/02/89House Referred to Committee on Labor, Commerce and Industry HJ-43
05/10/89House Committee report: Favorable with amendment Labor, Commerce and Industry HJ-6
05/22/89House Amended HJ-37
05/22/89House Read second time HJ-39
05/23/89House Debate adjourned until Wednesday, May 24, 1989 HJ-4
05/24/89House Read third time and returned to Senate with amendments HJ-27
05/25/89Senate Non-concurrence in House amendment SJ-9
05/25/89House House insists upon amendment and conference committee appointed Reps. Limehouse, Cork & G. Bailey HJ-60
05/25/89Senate Conference committee appointed Sens. McLeod, Fielding, Lee SJ-10
05/29/89House Conference report received and adopted HJ-53
05/30/89Senate Conference report received and adopted SJ-18
05/30/89Senate Ordered enrolled for ratification SJ-23
06/02/89 Ratified R 221
06/05/89 Signed By Governor
06/05/89 Effective date 06/05/89
06/05/89 Act No. 144
06/13/89 Copies available

Legislative Services Agency
h t t p : / / w w w . s c s t a t e h o u s e . g o v