South Carolina § 37-2-205 - Credit service charge on refinancing.
Full text of South Carolina South Carolina Code of Laws § 37-2-205 — Credit service charge on refinancing., with citation guidance and answers to common questions.
§ 37-2-205. Credit service charge on refinancing.
With respect to a consumer credit sale, refinancing, or consolidation, the seller may by agreement with the buyer refinance the unpaid balance and may contract for and receive a credit service charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on credit service charge for consumer credit sales (Section 37-2-201). For the purpose of determining the credit service charge permitted, the amount financed resulting from the refinancing comprises the following:
(1) If the transaction was not precomputed, the total of the unpaid balance and accrued charges on the date of refinancing, or, if the transaction was precomputed, the amount which the buyer would have been required to pay upon prepayment pursuant to the provisions on rebate upon prepayment (Section 37-2-210) on the date of refinancing, except that for the purpose of computing this amount, no minimum credit service charge [Section 37-2-201(6)] shall be allowed; and
(2) Appropriate additional charges (Section 37-2-202), payment of which is deferred.
HISTORY: 1962 Code SECTION 8-800.165; 1974 (58) 2879; 1982 Act No. 385, SECTION 17.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 37-2-205
What does South Carolina Code of Laws § 37-2-205 cover?
Section 37-2-205 ("Credit service charge on refinancing.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 37-2-205?
A common citation format is "South Carolina Code of Laws § 37-2-205" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 37-2-205 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.