Legal Question in Banking Law in South Carolina
South Carolina Consumer Protection Code
Are national banks required to abide by the South Carolina Consumer Protection Code, specifically in regards to giving notice to their clients of their right to choose their own attorney and insurance agent which must be included in the first page of the loan application for a mortgage for personal, family or household purposes?
1 Answer from Attorneys
Re: South Carolina Consumer Protection Code
National Banks are not excluded from the definition of creditor under the South Carolina Consumer Protection Code, and I don't believe that the National Bank Act preempts state law in this area. As long as the loan is primarily for personal, family or household purposes, is less than $100,000, and is not for agricultural purposes, then the loan and the bank would be subject to the South Carolina Consumer Protection Code regarding the attorney preference and insurance company preference.
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