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Department of Consumer Affairs Joins the SCBOS Family!
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South Carolina Business One Stop (SCBOS) is pleased to announce the addition of the South Carolina Department of Consumer Affairs (SCDCA) as a strategic partner. Through SCBOS, SCDCA will be registering business owners who must file their Maximum Rate Schedule, Credit Sales, and Rent-to-Own sales. Starting May 24th, filing creditors may use SCBOS to file and pay for these registrations.
The Consumer Protection Code Revision Act of 1982 requires that all creditors who wish to charge an Annual Percentage Rate (APR) in excess of 18% must file a Maximum Rate Schedule (MRS) with the S.C. Department of Consumer Affairs. A Maximum Rate Schedule must also be posted in the creditor's place of business. The filing fee is $40.00.
The Maximum Rate and Consumer Credit Grantor Notification activites of the Department are assigned to the Administrative Division. The filing of Maximum Rate Schedules applies to consumer credit sales as well as consumer loans.
The S.C. Consumer Protection Code requires that persons who make consumer credit sales, leases or loans or persons who engage in rent-to-own, and persons who take assignments of rights against debtors arising from such transactions are required to file a notification form and pay a notification fee to the S.C. Department of Consumer Affairs for each location at which such transactions are made. The notification fee is $120.00 per location.
For more information about the Department of Consumer Affairs, please visit their Web Site: http://www.scconsumer.gov/.
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