South Carolina Code 37-13-60. Promulgation of regulations by Department of Consumer Affairs
Current as of: 2023 | Check for updates
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The Department of Consumer Affairs may promulgate regulations governing:
(1) the conduct of the business of sublease arranging;
Terms Used In South Carolina Code 37-13-60
- Sublease: means an agreement whether written or oral to transfer:
(a) to a third party possession of a motor vehicle which is and, while in that third party's possession, remains the subject of a security interest which secures performance of a retail installment contract or consumer loan;
(b) or assign to a third party any of the buyer's rights, interests, or obligations under the retail installment contract or consumer loan;
(c) to a third party possession of a motor vehicle which is and, while in the third party's possession, remains the subject of a motor vehicle lease agreement; or
(d) or assign to a third party any of the lessee's or buyer's rights, interests, or obligations under the motor vehicle lease agreement. See South Carolina Code 37-13-10
(2) licensing requirements of sublease arrangers;
(3) forms for use by sublease arrangers;
(4) maximum fees and charges which may be charged by sublease arrangers;
(5) performance bond or other guaranty requirements from sublease arrangers;
(6) notification requirements to interested parties notifying them of a sublease under this chapter.