South Carolina § 38-63-260 - Policies with face value less than five thousand dollars.
Full text of South Carolina South Carolina Code of Laws § 38-63-260 — Policies with face value less than five thousand dollars., with citation guidance and answers to common questions.
§ 38-63-260. Policies with face value less than five thousand dollars.
Notwithstanding any other provision of this article, for life insurance policies having a face value of less than five thousand dollars, life insurers may issue policies with an adjustable maximum policy loan interest rate when the policy loan is three hundred dollars or more, but, if the policy loan is less than three hundred dollars, a fixed policy loan interest rate of not more than eight percent per annum must be charged.
HISTORY: Former 1976 Code SECTION 38-63-260 [1985 Act No. 189, SECTION 1] recodified as SECTION 38-53-250 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-760 [1984 Act No. 432, SECTION 6] recodified as SECTION 38-63-250 by 1987 Act No. 155, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-63-260
What does South Carolina Code of Laws § 38-63-260 cover?
Section 38-63-260 ("Policies with face value less than five thousand dollars.") 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 § 38-63-260?
A common citation format is "South Carolina Code of Laws § 38-63-260" (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 § 38-63-260 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.