Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLUMBIA, S.C. – The South Carolina House and Senate conference committee reached an agreement in principle on differences between their respective versions of Senate Bill 438, the “South Carolina High-Cost and Consumer Home Loans Act,” which curbs predatory lending. The agreement will be distributed to the conference committee members for signature. The South Carolina Credit Union League said it could come up for a vote May 14 in the House. Among the provisions of the agreement, it defines a high-cost loan as one with points and fees in 5% excess of the principle; limits refinancing of a loan to 42 months and requires the new loan to provide reasonable tangible net benefit to the borrower; specifies that borrowers of a high-cost loan must be provided free mandatory counseling; require lenders to act in the best interests of the borrower; limit short-term, vehicle-secured loans to six renewals not to exceed a total of 240 days; limit financing of points and fees on high-cost loans to only 2.5% of those points and fees; prohibit financing of single-premium life insurance.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.