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2017 South Carolina Code of Laws
Title 37 - Consumer Protection Code
CHAPTER 3 - LOANS
Section 37-3-207. Conversion to revolving loan account.
Universal Citation: SC Code § 37-3-207 (2017)
The parties may agree to add to a revolving loan account the unpaid balance of a consumer loan, not made pursuant to revolving loan account, or a refinancing, or consolidation thereof, or the unpaid balance of a consumer credit sale, refinancing or consolidation. For the purpose of this section:
(1) the unpaid balance of a consumer loan, refinancing, or consolidation is an amount equal to the principal determined according to the provisions on refinancing (Section 37-3-205); and
(2) the unpaid balance of a consumer credit sale, refinancing, or consolidation is an amount equal to the amount financed determined according to the provisions on refinancing (Section 37-2-205).
HISTORY: 1976 Act No. 686 Section 1.
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