South Carolina Code 37-3-108. “Revolving loan account” defined
Current as of: 2023 | Check for updates
|
Other versions
"Revolving loan account" means an arrangement between a lender and a debtor pursuant to which:
(1) the lender may permit the debtor to obtain loans from time to time;
Terms Used In South Carolina Code 37-3-108
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
(2) the unpaid balances of principal and the loan finance and other appropriate charges are debited to an account;
(3) a loan finance charge if made is not precomputed but is computed on the outstanding unpaid balances of the debtor’s account from time to time; and
(4) the debtor has the privilege of paying the balances in installments.