S.C. Code Ann. § 37-3-510
This is the official text of S.C. Code Ann. § 37-3-510, part of South Carolina’s Code Ann — part of the compiled statutory law of South Carolina, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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SECTION 37-3-510. Restrictions on interest in land as security.
Official statutory text
(1) With respect to a supervised loan in which the principal is one thousand dollars or less, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void. (2) An open-end credit agreement under which the credit limit is a minimum of five thousand dollars is exempt from this section even though one or more advances made pursuant to the agreement are less than one thousand dollars.
Status: in_force · Read it on the official government site
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