South Carolina Credit Laws
| INTEREST RATE | (Legal: 8.75%) |
Judgment 14% Subject to federal criminal laws against loan sharking there is no general usury limit for non- consumer transactions. The South Carolina Consumer Protection code provides regulations for maximum rates of interest for consumer transactions. Please consult with counsel for the latest rates. |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: 3-see SC Code Section 36-2-725 - Sale Goods (UCC): 6 - Written Contract 3 - Domestic Judgment 10 - Foreign Judgment 10 - Written Contract under Seal 20 |
| BAD CHECK LAWS | (Civil Penalty) |
Court costs amount of check & damages up to $500 or 3x check amount whichever is smaller. See SC Code Section 34-11-90 for requirements to collect damages. |
| GENERAL GARNISHMENT EXEMPTIONS | Garnishment not available in SC | |
| HOMESTEAD EXEMPTION | limit is $5,000. Couples may double the amount |
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| ADDING FEES | Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer credit sale may not provide for any charges as a result of default by the buyer other than those authorized by this title. A provision in violation of this section is unenforceable. This law addresses the issue of collection agencies adding a fee to a debt as a result of the debt going into default. It does not address monthly interest charges being applied by the credit grantor. In addition, the title authorizes only the addition of reasonable attorney’s fees not in excess of fifteen percent of the unpaid debt after default if provided for in the agreement. |