South Carolina
For South Carolina, statute citation is S.C. Code Ann. §§ 39-5-810 through 39-5-870 (Act No. 190, R188, S700); effective date is November 21, 2024; product classification is not a consumer loan; not a loan; not money transmission; licensing requirement is registration required with the South Carolina Department of Consumer Affairs; free option required is yes — provider shall offer to the consumer at least one reasonable option to obtain proceeds at no cost to the consumer, recorded from its source on 2026-08-18.
- state
- South Carolina verified
- statute citation
- S.C. Code Ann. §§ 39-5-810 through 39-5-870 (Act No. 190, R188, S700) our reading
- effective date
- November 21, 2024 verified
- product classification
- not a consumer loan; not a loan; not money transmission verified
- licensing requirement
- registration required with the South Carolina Department of Consumer Affairs verified
- free option required
- yes — provider shall offer to the consumer at least one reasonable option to obtain proceeds at no cost to the consumer verified
- late fees prohibited
- yes — no person shall charge a late fee, interest, or any other penalty or charge for failure to repay outstanding proceeds verified
- collection limits
- provider shall not compel repayment through civil suit, third-party collector, or sale to debt buyer verified
Values marked our reading are our classification of what the source says — the source does not print them in those words. The quote below is the evidence for each one; judge it yourself.
What the source says
Proceeds provided to a consumer by the provider shall not be considered a consumer loan for purposes of Section <https://www.scstatehouse.gov/code/t37c003.php#37-3-104> 37-3-104 or a loan for purposes of Section <https://www.scstatehouse.gov/code/t37c003.php#37-3-106> 37-3-106 .
— scstatehouse.gov, retrieved 2026-08-18
Source
- scstatehouse.govhttps://www.scstatehouse.gov/sess125_2023-2024/bills/700.htm