South Carolina Personal Loan Laws and Regulations in (SC)

(last updated 11/19/2017)
Code Section

South Carolina Code of Laws 34-31-20: Legal Rate of Interest

Legal Maximum Rate of Interest

8.75% (§34-31-20)

Penalty for Usury (Unlawful Interest Rate)

Usury penalty laws repealed June 25, 1982, but old law may apply to transactions before then (formerly §34-31-50)

Interest Rates on Judgments

12% (§34-31-20)

Exceptions

See South Carolina Consumer Protection Code (§37-1-101 et seq.)
 
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in South Carolina, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the South Carolina State Board of Financial Institutions.
 
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of South Carolina. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.

South Carolina Personal Lending Regulator (SC)

Regulating Authority
South Carolina State Board of Financial Institutions
1205 Pendleton Street
Edgar Brown Building 3rd Floor Suite 306,
Columbia, SC 29201
(803) 734-2020
www.bofi.sc.gov/Pages/ConsumerFinance.aspx

Agency for Handling Complaints
South Carolina State Board of Financial Institutions
1205 Pendleton Street
Edgar Brown Building 3rd Floor Suite 306
Columbia , SC 29201
(803) 734-2020
www.consumerfinance.sc.gov/complaints/

 

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