The “Actuarial Method” as described in S.C. Code Ann. Section 37-1-301(1) is the same actuarial method contemplated by the Federal Reserve Board in Regulation Z [12 C.F.R. Part 226], the implementing regulation of the Federal Truth in Lending Act. The explanations, equations and instructions for determining the annual percentage rate in accordance with the actuarial method are set forth in Appendix J to Regulation Z.

28-29-5.204. Debtor’s Right to Rescind Certain Transactions.

With regard to certain credit transactions in which a security interest is retained or acquired in an interest in land which is used or expected to be used as the residence of the person to whom credit is extended, the form and procedure for (1) the debtor to notify the creditor of his intention to rescind, (2) the creditor’s disclosure to the debtor of the debtor’s right to rescind the transaction, (3) the creditor’s provision of an adequate opportunity to rescind the transaction, and (4) the waiver of the right to rescind in bona fide personal financial emergencies of homeowners, are set forth in Federal Reserve Board Regulation Z Section 226.9 (12 C.F.R. Section 226) which implements the Federal Truth in Lending Act.

HISTORY: Added by State Register Volume 17, Issue No. 2, eff February 26, 1993.

HISTORY: Added effective January 17, 1976.