Terms Used In South Carolina Code > Title 23 > Chapter 13 > Article 3 - Deputy Sheriffs for Industrial Communities

• Advance fee: means any consideration which is assessed or collected, prior to the closing of a loan, by a loan broker. See South Carolina Code 34-36-10
• Arrest: Taking physical custody of a person by lawful authority.
• bank: as used in this title must be construed to include all institutions doing any kind of banking business whose deposits are eligible for insurance by the Federal Deposit Insurance Corporation, excluding a savings bank, and "building and loan association" as used in this title must be construed to include a mutual or stock savings association, savings and loan association, or savings bank and all other institutions doing any kind of building and loan business whose deposits are eligible for insurance by the Federal Savings and Loan Insurance Corporation. See South Carolina Code 34-1-10
• 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
• 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.
• Department: means the Department of Consumer Affairs. See South Carolina Code 34-36-10
• Fraud: Intentional deception resulting in injury to another.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Principal: means any officer, director, partner, joint venturer, branch manager, or other person with similar managerial or supervisory responsibilities for a loan broker. See South Carolina Code 34-36-10