South Carolina Servicing Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| S.C. Code Ann. §29-3-625(D) | Abandoned Properties – Expedited Foreclosures | (D) In addition to any notices required to be served by law or the South Carolina Rules of Civil Procedure, a mortgagee shall, in a motion to proceed pursuant to this section or with any rule to show cause served as original service of process, serve a notice on each defendant that the mortgagee is seeking an entry of a judgment and decree of foreclosure on the date fixed by the court or on the return date of the rule to show cause. |
| Consumer Protection Code / S.C. Code Ann. §37-3-408 | Change in Terms of Revolving Loan Accounts | Must deliver or mail written disclosure of changes to the borrower at least 30 days before the effective date. A lender may change the terms of a revolving loan account applying any balance incurred before or after the effective date of change, whether or not a change is authorized by prior agreement. If the change increases the loan finance or additional charges or alters the method of determining the balance upon which charges are made so that increased charges may result, or imposes or increases minimum charges, the change is effective with respect to a balance incurred before the effective date of the change only if the borrower receives a written disclosure of the change and agrees to the change in writing. |
| Consumer Protection Code / S.C. Code Ann. §37-4-304 | Insurance Cancellation | Lender may not request cancellation of property insurance except after the borrower's default, or in accordance with a written authorization by the borrower, and in either case the cancellation will not take effect until written notice is delivered to the borrower or mailed to the borrower. The notice must state that the policy may be canceled on a date not less than 10 days after the notice is delivered, or, if the notice is mailed, not less than 13 days after it is mailed. |
SC Consumer Protection Code | S.C. Code Ann. §37-3-203 2018 Adjustment of Dollar Amounts | Late Payment Fees | (1) With respect to a consumer loan including an open-end consumer loan pursuant to a lender credit card or similar arrangement, and any refinancings or consolidations of all such consumer loans, the parties may contract for a delinquency charge on any installment not paid in full within ten days after its due date, as originally scheduled or as deferred, in an amount, not exceeding five dollars which is not more than five percent of the unpaid amount of the installment. |
| Consumer Protection Code / S.C. Code Ann. §37-5-110 | Notice of Consumer Right to Cure | A creditor must give a Notice of Default on any consumer credit transaction that is payable in 2 or more installments after the consumer has been in default for 10 days for failure to make a required payment. |
Notice of Default | (1) With respect to a secured or unsecured consumer credit transaction payable in two or more installments, after a consumer has been in default for ten days for failure to make a required payment and has not voluntarily surrendered possession of goods that are collateral, a creditor may give the consumer the notice described in this section. A creditor gives notice to the consumer under this section when he delivers the notice to the consumer or mails the notice to him at his residence [Section 37-1-201(6)]. (1) With respect to a secured or unsecured consumer credit transaction payable in two or more installments, except as provided in subsection (2), after a default consisting only of the consumer's failure to make a required payment, a creditor, because of that default, may neither accelerate maturity of the unpaid balance of the obligation, nor take possession of or otherwise enforce a security interest in goods that are collateral until twenty days after a notice of the consumer's right to cure (Section 37-5-110) is given. | |
| Civil Remedies and Procedure / S.C. Code Ann. §15-11-10 | Notice of Lis Pendens | Prior to commencing an action for foreclosure a plaintiff must file a lis pendens with the clerk in the county where the real property is located which contains the date of the mortgage and a legal description of the property; the parties to the mortgage; and the time and place of recording the mortgage at least 20 days before the filing of the judgment. |
| Civil Remedies and Procedure / S.C. Code Ann. §15-39-650 | Notice of Sale | Prior to the sale, the sheriff must, advertise the sale for 3 weeks immediately preceding the date of the sale. The sheriff will specify in the advertisement the property to be sold, the time and place of sale, the name of the owner of the property and the party at whose suit the sale is to be made. In addition, the sheriff must post the advertisement at 3 public places in the county, one of which must be at the courthouse door. |
| Consumer Protection Code / S.C. Code Ann. §37-23-85 | Notification of Compliance Failure | A lender of a consumer home loan who acts in good faith but fails to comply with Consumer Home Loan provisions does not violate the act if the lender establishes that either (1) within 45 of the loan closing and before the institution of an action under the article, the lender must notify the borrower of the compliance failure or (2) the compliance failure was not intentional and resulted from a bona fide error, and within 90 days after the discovery of the compliance failure and before the institution of an action or the receipt of written notice of the compliance failure, the lender notifies the borrower of the compliance failure. In either case, the lender must also make appropriate restitution and make any necessary adjustments to the loan to satisfy the requirements of the consumer home loan provisions. |
| Public Records / S.C. Code Ann. §30-2-330(A) | Personal Identifying Information | A person preparing or filing a document to be recorded or filed in the official records by the register of deeds or the clerk of court of a county may not include an individual's social security, driver's license, state identification, passport, checking account, savings account, credit card, or debit card number, or personal identification (PIN) code, or passwords in that document, unless otherwise expressly required by law or court order or rule adopted by the state registrar on records of vital events. |
| Consumer Protection Code / S.C. Code Ann. §37-3-402 | Right to Refinance Balloon Payment | If the scheduled payment of a consumer loan is more than twice as large as the average of earlier scheduled payments, the borrower has the right to refinance, without penalty, the amount of that payment at the time it is due. The terms of the refinancing may be no less favorable to the borrower than the terms of the original transaction. The above requirement does not apply to: (1) a revolving loan account; (2) transaction in which the payment schedule is adjusted to the seasonal or irregular income or scheduled payments; (3) transaction to the extent a formula for determining the rate of the loan finance charge & any charge in the amount of payment upon renegotiation or refinancing is specified in the agreement between the parties or is an alternative mortgage instrument; or (4) a transaction of a class defined by Department rule as not requiring the protection of the borrower's right to refinance as provided above. |
| Mortgages and Other Liens / S.C. Code Ann. §29-3-310 | Satisfaction of Mortgage | The satisfaction must be filed within 3 months of receipt of the request and upon receipt of the fees for entering satisfaction. |
| S.C. Supreme Court Order 2009-05-22-01 | Summons and Complaint | (1) Actions Filed After May 4, 2009. In all mortgage foreclosure actions filed after May 4, 2009, the complaint (or amended complaint) seeking foreclosure shall contain “a short and plain statement of the facts”[6] regarding the applicability of the HMP to the matter. For mortgages involving commercial property, the complaint may simply allege that the property is commercial and that the HMP is inapplicable. |
| Mortgages and Other Liens / S.C. Code Ann. §29-3-680 | Waiver of Appraisal Rights Following Foreclosure Proceeding | Lender may require a borrower to sign this waiver at loan closing. If the borrower is required to sign this waiver, the borrower must have been provided written notification of such requirement prior to the loan closing. |