§ 37-3-104

S.C. Code Ann. § 37-3-104

"Consumer loan" defined

1962 Code SECTION 8-800.234; 1974 (58) 2879; 1976 Act No. 686 SECTION 63; 1982 Act No. 385, SECTION 25; 1991 Act No. 142, SECTION 8.

Except as provided in Section 37-3-105, "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which:

  1. (a) the debtor is a person other than an organization;
  2. (b) the debt is incurred primarily for a personal, family, or household purpose;
  3. (c) either the debt is payable in installments or a loan finance charge is made; and
  4. (d) either the principal does not exceed twenty-five thousand dollars or the debt is secured by an interest in land.

HISTORY: 1962 Code SECTION 8-800.234; 1974 (58) 2879; 1976 Act No. 686 SECTION 63; 1982 Act No. 385, SECTION 25; 1991 Act No. 142, SECTION 8.

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