Terms Used In South Carolina Code > Title 23 > Chapter 19 > Article 3 - Accounting With Successor

• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Board: means the State Board of Financial Institutions. See South Carolina Code 34-39-120
• Check: means a check signed by the maker and made payable to a person licensed pursuant to this chapter. See South Carolina Code 34-39-120
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Deferred presentment services: means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:
  
  (a) accepting a check dated on the date it was written; and
  
  (b) holding the check for a period of time before presentment for payment or deposit. See South Carolina Code 34-39-120
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Licensee: means a person licensed to provide deferred presentment services pursuant to this chapter. See South Carolina Code 34-39-120
• Location: means the entire space in which deferred presentment services are provided. See South Carolina Code 34-39-120
• Person: means an individual, group of individuals, partnership, association, corporation, or other business unit or legal entity. See South Carolina Code 34-39-120
• Personal property: All property that is not real property.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.