(1) No greater interest than six percent per annum shall be charged, taken, agreed upon or allowed upon any contract arising in this State for the hiring, lending, or use of money or other commodity, either by way of straight interest, discount or otherwise, except upon written contracts wherein, by express agreement, any rate of interest may be charged, except as otherwise provided in this title or by law.
(2) Whenever the term legal rate of interest or lawful rate of interest is used in any contract, judgment or other document, it shall mean the rate specified in Section 34-31-20, unless the document otherwise specifically provides.
(3) No greater interest than eight percent per annum shall be charged on life insurance policy loans unless otherwise provided by law.
HISTORY: 1982 Act No. 385, Section 56.
Structure South Carolina Code of Laws
Title 37 - Consumer Protection Code
Chapter 10 - Miscellaneous Loan Provisions
Section 37-10-103. Prepayment of loans of one hundred fifty thousand dollars or less.
Section 37-10-104. Agricultural loans under twenty-five thousand dollars.
Section 37-10-105. Violations; civil actions.
Section 37-10-106. Maximum rate of interest; legal rate of interest.
Section 37-10-107. Certain legal or equitable actions prohibited.