South Carolina Code of Laws
Chapter 2 - Credit Sales
Section 37-2-416. Change in terms of revolving charge accounts.

(1) Whether or not a change is authorized by prior agreement, a creditor may change the terms of a revolving charge account applying to any balance incurred before or after the effective date of the change. If the change increases the rate of the credit service charge or of additional charges, alters the method of determining the balance upon which charges are made so that increased charges may result, or imposes or increases minimum charges, the change is effective with respect to a balance incurred before the effective date of the change only if the consumer after receiving disclosure of the change agrees to it in writing or the creditor delivers or mails to the consumer one written disclosure of the change at least thirty days before the effective date. The written disclosure must state that if the consumer does not want to continue the revolving account under the new terms the creditor will terminate the account and permit the consumer to pay the existing balance under the terms in effect before the change in terms on the written request of the consumer sent to the creditor at the address provided in the disclosure. The disclosure also must state that the consumer may apply for another revolving account on the new terms.
(2) A disclosure provided for in subsection (1) is mailed to the consumer when mailed to him at his address used by the creditor for mailing him periodic billing statements.
(3) If a creditor attempts to change the terms of a revolving charge account as provided in subsection (1) without complying with this section, any additional cost or charge to the consumer resulting from the change is an excess charge and is subject to the remedies available to the consumer (Section 37-5-202) and to the administrator (Section 37-6-113).
HISTORY: 1962 Code Section 8-800.206; 1974 (58) 2879; 1976 Act No. 686 Section 14; 1980 Act No. 433, Section 4; 1989 Act No. 144, Section 1.

Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 37 - Consumer Protection Code

Chapter 2 - Credit Sales

Section 37-2-101. Short title.

Section 37-2-102. Scope.

Section 37-2-103. Index of definitions in chapter.

Section 37-2-104. "Consumer credit sale" defined.

Section 37-2-105. "Goods"; "merchandise certificate"; "services"; "sale of goods"; "sale of services"; "sale of an interest in land"; "precomputed" defined.

Section 37-2-106. "Consumer lease" defined.

Section 37-2-107. "Seller" defined.

Section 37-2-108. "Revolving charge account" defined.

Section 37-2-109. "Credit service charge" defined.

Section 37-2-110. "Cash price" defined.

Section 37-2-111. "Amount financed" defined.

Section 37-2-201. Credit service charge for consumer credit sales.

Section 37-2-202. Additional charges.

Section 37-2-203. Delinquency charges.

Section 37-2-204. Deferral charges.

Section 37-2-205. Credit service charge on refinancing.

Section 37-2-206. Credit service charge on consolidation.

Section 37-2-207. Credit service charge for revolving charge accounts.

Section 37-2-208. Advances to perform covenants of buyer.

Section 37-2-209. Right to prepay.

Section 37-2-210. Rebate upon prepayment.

Section 37-2-301. Compliance with Federal Truth in Lending Act.

Section 37-2-302. Receipts; statement of account; evidence of payment.

Section 37-2-303. Notice to cosigner and similar parties.

Section 37-2-304. Advertising.

Section 37-2-305. Filing and posting maximum rate schedule.

Section 37-2-306. Notice of assumption of rights.

Section 37-2-307. Motor vehicle sales contracts closing fees.

Section 37-2-308. Disclosures for motor vehicle sales or leases; credit and lease advertising; penalties and hearing rights.

Section 37-2-309. Manufactured home credit disclosure; material terms.

Section 37-2-401. Scope.

Section 37-2-402. Use of multiple agreements.

Section 37-2-403. Certain negotiable instruments prohibited.

Section 37-2-404. Assignee subject to claims and defenses.

Section 37-2-405. Balloon payments.

Section 37-2-406. Restriction on liability in consumer lease.

Section 37-2-407. Security in sales and leases.

Section 37-2-408. Cross-collateral.

Section 37-2-409. Debt secured by cross-collateral.

Section 37-2-410. No assignment of earnings.

Section 37-2-411. Referral sales and leases.

Section 37-2-412. Notice of assignment.

Section 37-2-413. Attorney's fees.

Section 37-2-414. Limitation on default charges.

Section 37-2-415. Authorization to confess judgment prohibited.

Section 37-2-416. Change in terms of revolving charge accounts.

Section 37-2-501. Definition: "home solicitation sale".

Section 37-2-502. Buyer's right to cancel.

Section 37-2-503. Form of agreement or offer; statement of buyer's rights.

Section 37-2-504. Restoration of down payment.

Section 37-2-505. Duty of buyer; no compensation for services before cancellation.

Section 37-2-506. Compliance with Federal Trade Commission Trade Regulation Rule.

Section 37-2-601. Sales subject to title by agreement of parties.

Section 37-2-605. Credit service charge for other sales.

Section 37-2-701. Definitions.

Section 37-2-702. Required disclosures; manner of disclosure; when disclosures required.

Section 37-2-703. Renegotiation; extension of agreement.

Section 37-2-704. Advertisements; statement of terms.

Section 37-2-705. Delinquency charges.

Section 37-2-706. Deposits; delivery charges; pick up charges.

Section 37-2-707. Charge for default of lessee.

Section 37-2-708. Use of note as evidence of consumer's obligation.

Section 37-2-709. Assignment; claims or defenses.

Section 37-2-710. Assignment of earnings.

Section 37-2-711. Lessee's rights and obligations upon assignment.

Section 37-2-712. Confession of judgment.

Section 37-2-713. Lessee's right to return property, continue rental, or purchase property before end of rental-purchase agreement.

Section 37-2-714. Lessee's right to reinstatement of rental-purchase agreement.