South Carolina Code 34-36-80. Violation constitutes unfair trade practice; actions for damages; remedies additional to those otherwise provided
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(A) A violation of this chapter shall constitute an unfair trade practice under Chapter 5 of Title 39, and individual borrowers or prospective borrowers injured by violations of this chapter have an action for damages as set forth in § 39-5-140.
(B) Any borrower injured by a violation of this chapter may bring an action against the surety bond or trust account, if any, of the loan broker.
Terms Used In South Carolina Code 34-36-80
- Borrower: means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit. See South Carolina Code 34-36-10
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Loan broker: means any person who:
(a) for or in expectation of consideration arranges or attempts to arrange or offers to fund a loan of money, a credit card, or a line of credit;
(b) for or in expectation of consideration assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature;
(c) acts for or on behalf of a loan broker for the purpose of soliciting borrowers; or
(d) holds himself out as a loan broker. See South Carolina Code 34-36-10 - Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(C) The remedies provided under this chapter are in addition to any other procedures or remedies for any violation or conduct authorized by law.