Section 37-1-201 - Territorial application(1) Except as otherwise provided in this section, this title applies to consumer credit transactions made in this State. For purposes of this title, a consumer credit transaction is made in this State if:(a) a signed writing evidencing the obligation or offer of the consumer is received by the creditor in this State; or(b) the creditor induces the consumer who is a resident of this State to enter into the transaction by offering or advertising in this State by any means, including, but not limited to, face-to-face solicitation, mail, brochure, print, radio, television, Internet, or any other electronic means.(2) With respect to consumer credit transactions entered into pursuant to open-end credit this title applies if the consumer's communication or indication of his intention to establish the arrangement is received by the creditor in this State. If no communication or indication of intention is given by the consumer before the first transaction, this title applies if the creditor's communication notifying the consumer of the privilege of using the arrangement is mailed or personally delivered in this State.(3) The subdivision on limitations on creditors' remedies (Part 1) of the chapter on remedies and penalties (Chapter 5) applies to actions or other proceedings brought in this State to enforce rights arising from consumer credit transactions or extortionate extensions of credit, wherever made.(4) A consumer credit transaction to which this title does not apply entered into with a person who is a resident of this State at the time of the transaction is valid and enforceable in this State to the extent that it is valid and enforceable under the laws of the jurisdiction applicable to the transaction. A creditor may not enforce rights against the consumer with respect to the provisions of agreements which violate the provisions on limitations on agreements and practices (Part 4) of the chapter on credit sales (Chapter 2) or of the chapter on loans (Chapter 3).
(5) Except as provided in subsections (3), (4), and (8), a consumer credit transaction made in another jurisdiction is valid and enforceable in this State according to its terms to the extent that it is valid and enforceable under the laws of the jurisdiction applicable to the transaction.(6) For the purposes of this title, the residence of a consumer is the address given by him as his residence in a writing signed by him in connection with a credit transaction. Until he notifies the creditor of a new or different address, the given address is presumed to be unchanged.(7) For purposes of this section: (a) "Consumer" means the buyer, lessee, or debtor to whom credit is granted in a consumer credit transaction.(b) "Consumer credit transaction" means a consumer credit sale or consumer loan or a refinancing or consolidation thereof, a consumer lease, or a consumer rental-purchase agreement.(c) "Creditor" means the person who grants credit in a consumer credit transaction or, except as otherwise provided, an assignee of a creditor's right to payment, but use of the term does not in itself impose on an assignee any obligation of his assignor. In the case of credit granted pursuant to a credit card, the "person who grants credit" is the card issuer and not another person honoring the credit card.(d) "Open-end credit" means an arrangement pursuant to which:(i) a creditor may permit a consumer, from time to time, to purchase or lease on credit from the creditor or pursuant to a credit card, or to obtain loans from the creditor or pursuant to a credit card,(ii) the amounts financed and the finance and other appropriate charges are debited to an account,(iii) the finance charge, if made, is computed on the account periodically, and(iv) the consumer has the privilege of paying in full or in installments.(8) With respect to a consumer credit sale or consumer loan to which this title does not otherwise apply, if, pursuant to solicitation in this State, a consumer who is a resident of this State sends a signed writing evidencing the obligation or offer of the consumer to a creditor in another state and receives the goods or services purchased or the cash proceeds of the loan in this State:(a) the creditor may not contract for or receive charges exceeding those permitted by this title;(b) the provisions on Powers and Functions of Administrator (Part 1 of Chapter 6 of this title) shall apply as though the consumer credit sale or consumer loan were entered into in this State.(9) Notwithstanding other provisions of this section: (a) except as provided in subsection (3), this title does not apply if the consumer is not a resident of this State at the time of a consumer credit transaction and the parties have agreed that the law of his residence applies;(b) this title applies if the consumer is a resident of this State at the time of a consumer credit transaction and the parties have agreed that the law of his residence applies.(10) Each of the following agreements or provisions of an agreement by a consumer who is a resident of this State at the time of a consumer credit transaction is invalid with respect to the transaction:(a) that the law of another jurisdiction apply;(b) that the consumer consents to be subject to the process of another jurisdiction;(c) that the consumer appoints an agent to receive service of process;(e) that the consumer consents to the jurisdiction of the court that does not otherwise have jurisdiction.(11) The following provisions of this title specify the applicable law governing certain cases:(a) applicability (Section 37-6-102 ) of the Part on Powers and Functions of Administrator (Part 1) of the Chapter on Administration (Chapter 6);(b) applicability (Section 37-6-201 ) of the Chapter on Notification and Fees (Part 2) of the Chapter on Administration (Chapter 6).Amended by 2016 S.C. Acts, Act No. 244 (HB 5040), s 1, eff. 6/5/2016.1985 Act No. 121, Section 2; 1984 Act No. 355, Section 2; 1980 Act No. 475, 1982 Act No. 385, Section 4; 1976 Act No. 686 Section 4; 1974 (58) 2879; 1962 Code Section 8-800.121.