2013 South Carolina Code of Laws
Title 37 - Consumer Protection Code
CHAPTER 4 - INSURANCE
SECTION 37-4-103. "Consumer credit insurance" defined.
In this title "consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include:
(a) insurance provided in relation to a credit transaction in which a payment is scheduled more than ten years after the extension of credit or insurance on which a payment is scheduled more than fifteen years after the extension of credit if the debt is secured by real estate;
(b) insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring debtors of the creditor; or
(c) insurance indemnifying the creditor against loss due to the debtor's default.
HISTORY: 1962 Code Section 8-800.293; 1974 (58) 2879; 1988 Act No. 359.
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