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Code · South Carolina · Title 37 - CONSUMER PROTECTION CODE · CHAPTER 3 · Loans

§ 37-3-207. Conversion to revolving loan account.

113 words·~1 min read·/sc/title-37-consumer-protection-code/chapter-3/loans/37-3-207·

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§ 37-3-207. Conversion to revolving loan account.
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).
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