(1) Every licensee shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the State Board of Financial Institutions to determine whether the licensee is complying with the provisions of this title. The recordkeeping system of a licensee shall be sufficient if he makes the required information reasonably available. The records need not be kept in the place of business where supervised loans are made, if the board is given free access to the records wherever located. The records pertaining to any loan, including the certified maximum rate chart in effect at the time the loan was made, need not be preserved for more than two years after making the final entry relating to the loan, but in the case of a revolving loan account the two years is measured from the date of each entry.
(2) On or before April fifteenth each year every licensee shall file with the board a composite annual report in the form prescribed by the board relating to all supervised loans made by him. The board shall consult with comparable officials in other states for the purpose of making the kinds of information required in annual reports uniform among the states.
(3) The report shall include, but is not limited to, the following:
(a) the total number of loans and aggregate dollar amounts made by the lender which renewed existing accounts;
(b) the total number of new loans and aggregate dollar amounts made to former borrowers;
(c) the total number of loans and aggregate dollar amounts made to new borrowers;
(d) the total number of loans and aggregate dollar amounts which received a final entry, as provided in item (a), other than by renewal;
(e) the total number of renewals in which the borrower received a cash advance which was less than ten percent of the net outstanding loan balance at the time of renewal;
(f) the total number of loans and aggregate dollar amounts outstanding at the beginning of the reporting period;
(g) the total number of loans and aggregate dollar amounts outstanding at the end of the reporting period;
(h) the highest annual percentage rate charged by the lender on loans of various sizes; and
(i) the most frequent annual percentage rate charged by the lender on loans of various sizes.
(4) Information contained in annual reports shall be confidential and may be published only in composite form.
HISTORY: 1976 Act No. 686 Section 2; 1982 Act No. 385, Sections 39, 41; 1995 Act No. 135, Section 13.
Structure South Carolina Code of Laws
Title 37 - Consumer Protection Code
Section 37-3-101. Short title.
Section 37-3-103. Index of definitions.
Section 37-3-104. "Consumer loan" defined.
Section 37-3-105. First mortgage real estate loans.
Section 37-3-106. "Loan" defined.
Section 37-3-107. "Lender"; "precomputed"; "principal" defined.
Section 37-3-108. "Revolving loan account" defined.
Section 37-3-109. "Loan finance charge" defined.
Section 37-3-200. Restricted loans and restricted lenders.
Section 37-3-201. Loan finance charge for consumer loans.
Section 37-3-202. Additional charges.
Section 37-3-203. Delinquency charges.
Section 37-3-204. Deferral charges.
Section 37-3-205. Loan finance charge on refinancing.
Section 37-3-206. Loan finance charge on consolidation.
Section 37-3-207. Conversion to revolving loan account.
Section 37-3-208. Advance to perform covenants of debtor.
Section 37-3-209. Right to prepay.
Section 37-3-210. Rebate upon prepayment.
Section 37-3-301. Application of and compliance with Federal Truth in Lending Act.
Section 37-3-302. Receipts; statements of account; evidence of payment.
Section 37-3-303. Notice to cosigners and similar parties.
Section 37-3-304. Advertising.
Section 37-3-305. Filing and posting maximum rate schedule.
Section 37-3-306. Notice of assumption rights.
Section 37-3-308. Manufactured home loan disclosure; material terms.
Section 37-3-402. Balloon payments.
Section 37-3-403. No assignment of earnings.
Section 37-3-404. Attorney's fees.
Section 37-3-405. Charges as a result of default prohibited except as authorized by title.
Section 37-3-406. Notice of assignment.
Section 37-3-407. Authorization to confess judgment prohibited.
Section 37-3-408. Change in terms of revolving loan accounts.
Section 37-3-409. Use of multiple agreements.
Section 37-3-410. Lender subject to claims and defenses arising from sale and leases.
Section 37-3-411. Card issuer subject to claims and defenses.
Section 37-3-412. Variable interest rate real estate mortgage loans.
Section 37-3-413. Short-term vehicle secured loans; notice to borrower.
Section 37-3-502. Authority to make supervised loans.
Section 37-3-503. License to make supervised loans.
Section 37-3-504. Revocation or suspension of license.
Section 37-3-505. Records; annual reports.
Section 37-3-506. Examinations and investigations.
Section 37-3-507. Application of Part on Administrative Procedure and Judicial Review.
Section 37-3-509. Use of multiple agreements.
Section 37-3-510. Restrictions on interest in land as security.
Section 37-3-511. Regular schedule of payments; maximum loan term.
Section 37-3-512. Conduct of business other than making loans.
Section 37-3-513. Application of other provisions.
Section 37-3-514. Limitation on attorney's fees.
Section 37-3-515. Loan renewal limitations.
Section 37-3-601. Loans subject to this Title by agreement of parties.