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A187, R214, H3140
Sponsors: Rep. W.D. Smith
Document Path: l:\council\bills\nbd\11089ab07.doc
Introduced in the House on January 9, 2007
Introduced in the Senate on March 27, 2007
Last Amended on March 22, 2007
Passed by the General Assembly on February 21, 2008
Governor's Action: March 31, 2008, Signed
Summary: Consumer credit sales
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/13/2006 House Prefiled 12/13/2006 House Referred to Committee on Judiciary 1/9/2007 House Introduced and read first time HJ-78 1/9/2007 House Referred to Committee on Judiciary HJ-78 3/21/2007 House Committee report: Favorable with amendment Judiciary HJ-3 3/22/2007 House Amended HJ-27 3/22/2007 House Read second time HJ-27 3/22/2007 House Unanimous consent for third reading on next legislative day HJ-28 3/22/2007 Scrivener's error corrected 3/23/2007 House Read third time and sent to Senate HJ-3 3/27/2007 Senate Introduced and read first time SJ-5 3/27/2007 Senate Referred to Committee on Banking and Insurance SJ-5 2/14/2008 Senate Committee report: Favorable Banking and Insurance SJ-33 2/19/2008 Senate Read second time SJ-9 2/21/2008 Senate Read third time and enrolled SJ-62 3/27/2008 Ratified R 214 3/31/2008 Signed By Governor 4/2/2008 Copies available 4/2/2008 Effective date 03/31/08 4/7/2008 Act No. 187
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VERSIONS OF THIS BILL
(A187, R214, H3140)
AN ACT TO AMEND SECTION 37-5-103, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RESTRICTIONS ON DEFICIENCY JUDGMENTS IN CONSUMER CREDIT SALES, SO AS TO CORRECT CROSS-REFERENCES TO THE UNIFORM COMMERCIAL CODE.
Be it enacted by the General Assembly of the State of South Carolina:
Restrictions on deficiency judgments, consumer credit sales
SECTION 1. Section 37-5-103(3) and (4) of the 1976 Code is amended to read:
"(3) If the seller repossesses or voluntarily accepts surrender of goods that were not the subject of the sale but in which he has a security interest to secure a debt arising from a sale of goods or services or a combined sale of goods and services and the cash price of the sale was $1,500 or less, the consumer is not personally liable to the seller for the unpaid balance of the debt arising from the sale, and the seller's duty to dispose of the collateral is governed by the provisions on disposition of collateral in the Commercial Code, Chapter 9 of Title 36.
(4) If the lender takes possession or voluntarily accepts surrender of goods in which he has a purchase money security interest to secure a debt arising from a consumer loan in which the lender is subject to claims and defenses arising from sales and leases (Section 37-3-410) and the net proceeds of the loan paid to or for the benefit of the consumer were $1,500 or less, the consumer is not personally liable to the lender for the unpaid balance of the debt arising from that loan and the lender's duty to dispose of the collateral is governed by the provisions on disposition of collateral in the Commercial Code, Chapter 9 of Title 36."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 27th day of March, 2008.
Approved the 31st day of March, 2008.
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