S.C. Code Regs. 28-50-2.210, 3.210 - "Rebate Upon Prepayment," Simplification of the Calculation of the Unearned Portion of the Finance Charge, Allowance of the Use of Tables
A. Any chart or table may be utilized for the
purpose of determining the rebate provided:
(1) It is prepared in accordance with the
actuarial method as required by Sections 2.210(5)(b) and 3.210(5)(b) of the
Consumer Protection Code;
(2) It is
based upon a calendar year (365 days) and takes into consideration days as well
as months in computing refunds of unearned finance charge; and
(3) It bears the name and address of the
person responsible for its production and an identification number assigned to
it by that person which shall be the same for each chart or table so produced
with like numerical content and configuration.
B. The rebate may be computed using the
Annual Percentage Rate required to be disclosed to the consumer pursuant to law
or at that rate rounded to the nearest one half of one percent.
C. If prepayment occurs during a deferral
period the amount of any deferral charge earned at the date of prepayment shall
also be computed. If the deferral charge earned is less than the deferral
charge paid, the difference shall be added to the unearned portion of the
finance charge. If any part of a deferral charge has been earned but has not
been paid, that part shall be subtracted from the unearned portion of the
finance charge or shall be added to the unpaid balance.
D. Errors in calculations of rebates which
occur because of a corresponding error in a chart produced and utilized in
conformity with this rule shall not subject the creditor to any penalty imposed
by any provision of the South Carolina Consumer Protection Code (Act 1241 of
1974 as amended) or any statute to which that Act refers [Section 6.506(3)];
provided that upon discovery of an error in a chart the creditor shall make no
further rebates based on that chart and shall promptly notify the Department of
Consumer Affairs in writing of the error and identify the inaccurate chart by
giving the name and address of the person responsible for its production and
its identification number.
Notes
Statutory Authority: 1976 Code Sections 37-2-210 and 37-3-210
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.