Terms Used In South Carolina Code > Title 37 > Chapter 30 - Guaranteed Asset Protection

• Annual income: means the anticipated total income from all sources received by the family head and spouse and by each additional member of the household, including all net income derived from assets. See South Carolina Code 31-13-410
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the South Carolina State Housing, Finance, and Development Authority created by Act 500 of 1971. See South Carolina Code 31-13-170
• Authority: means the South Carolina State Housing Finance and Development Authority. See South Carolina Code 31-13-410
• Board: means the Board of Commissioners of the South Carolina State Housing Finance and Development Authority. See South Carolina Code 31-13-410
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Executive director: means the executive director of the authority. See South Carolina Code 31-13-410
• Fiduciary: A trustee, executor, or administrator.
• fund: means the South Carolina Housing Trust Fund. See South Carolina Code 31-13-410
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lower income household: means a single person, family, or unrelated persons living together whose annual income adjusted for household size is more than fifty percent, but less than eighty percent, of the median income of the area of residence as determined by the United States Department of Housing and Urban Development. See South Carolina Code 31-13-410
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Residential housing: means a specific work or improvement within the State which provides dwelling accommodations for persons and families of low income and persons and families of moderate to low income and such other recreational, community, educational and commercial facilities as may be incidental or appurtenant thereto as shall be approved by the Authority as necessary or desirable for the particular undertaking. See South Carolina Code 31-13-170
• State: means the State of South Carolina. See South Carolina Code 31-13-170
• Trustee: A person or institution holding and administering property in trust.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Very low income household: means a household that has an annual income adjusted for household size of less than fifty percent of the median income of the area of residence as determined by the United States Department of Housing and Urban Development. See South Carolina Code 31-13-410