§ 37-3-502

S.C. Code Ann. § 37-3-502

Authority to make supervised loans

1976 Act No. 686 SECTION 2; 1982 Act No. 385, SECTION 39.

Unless a person is a supervised financial organization or has first obtained a license from the State Board of Financial Institutions authorizing him to make supervised loans, he shall not engage in the business of

  1. (1) making supervised loans; or
  2. (2) taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans.

HISTORY: 1976 Act No. 686 SECTION 2; 1982 Act No. 385, SECTION 39.

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