South Carolina High Cost and Consumer Home Loan Act
On June 3, 2003, Governor Mark Sanford signed into law the South Carolina High-Cost and Consumer Home Loan Act, a landmark piece of legislation designed to address predatory lending practices in South Carolina. The law became effective January 1, 2004.
High Cost Home Loan Counseling
The law mandates that persons considering high-cost home loans receive mandatory counseling from a South Carolina State Housing Finance and Development Authority-approved counselor before completing the loan process. The purpose of the counseling is to ensure that the borrower fully understands the material terms of the loan, including the amount of fees and costs the borrower will be required to pay. The counselor must certify to the lender that counseling services have been provided on the advisability of the loan transaction and its appropriateness for the borrower.
List of Counselors
Having problems finding a counselor in your area or getting transportation to a counselor? Most counselors are willing to complete the counseling over the telephone. Call a counselor in your area to determine if he or she is able to conduct telephone counseling. Click here for a list of counselors. If you have trouble finding a counselor to conduct telephone counseling, please call our toll-free counseling hotline at 1-866-756-2895 for assistance.
The checklist contains a list of items that must be covered in the counseling session. The checklist must be signed by the counselor and returned to the lender before the loan closes.
Additional Information for Counselors
For additional information on counseling, see the Department of Consumers Affairs' "Counseling Borrowers with High Cost Home Loans."
If you have questions regarding the counseling process, please contact the SC State Housing Finance and Development Authority at our toll-free counseling hotline, 1-866-756-2895, or by emailing us at firstname.lastname@example.org.