The plaintiff-customers challenge the defendant-bank’s use of “available balance” bookkeeping rather than actual balance bookkeeping. Plaintiffs have stated claims alleging that the bank failed to give sufficient notice of its practices and that the bank failed to abide by its ...Read More »
Banks & Banking – Maximum Rate Schedule – Failure to File or Post – Refunds Required
Since the defendant-lender never filed its maximum interest rate schedule with the Department of Consumer Affairs, the lender is required to refund to its customers any interest it charged them in excess of 18 percent. We reverse the circuit court’s ...Read More »
Banking – ‘Branch’ must handle mortgage business to trigger meeting rule
Where there is a “branch office” within 200 miles of the borrower’s home, federal regulations require a bank to conduct a face-to-face meeting before initiating foreclosure proceedings. However, that obligation is only triggered where the “branch office” conducts some business ...Read More »
Banks & Banking – Mortgage Foreclosure – Attorney Preference Statute – Ascertaining Borrower Preference – Telephonic Application System
The use of a telephonic application system to ascertain a mortgage borrower’s preference for counsel, later confirmed in writing, satisfied a lender’s obligation under the Attorney Preference Statute. We reverse the grant of defendant’s motion for partial summary judgment on ...Read More »
Banks & Banking – Usury Claim – Sustained Overdraft Fee – Civil Practice – Law of the Case Doctrine
In a claim newly added to this multidistrict litigation, the court exercises its discretion to apply the law of the case doctrine and adheres to its ruling in the previously consolidated cases that a sustained overdraft fee – charged against ...
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Banks & Banking – Receivership – FDIC – Civil Practice – Borrowers’ Defenses – Subject Matter Jurisdiction
Palmetto State Bank v. Riley (Lawyers Weekly No. 002-146-17, 9 pp.) (J. Michelle Childs, J.) 1:16-cv-03842; D.S.C. Holding: Even though defendants have amended their answer so that, instead of asserting counterclaims, they are now asserting defenses based on the actions ...
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Banks & Banking — Unfair Trade Practices – Regulated Industry Exemption – Consumer Protection Code – Real Property
Cantrell v. New Penn Financial, LLC (Lawyers Weekly No. 002-167-17, 10 pp.) (Mary Geiger Lewis, J.) 7:17-cv-01078; D.S.C. Holding: Although the South Carolina Supreme Court has recognized that financial institutions are subject to a robust regulatory regime, it has not ...
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Banks & Banking – Civil Practice – Pleadings Amendment – Wire Transfer – Misidentified Transferee
Song Chuan Technology (Fujian) Co. v. Bank of America, NA (Lawyers Weekly No. 002-133-17, 10 pp.) (Richard Mark Gergel, J.) 2:16-cv-03269; D.S.C. Holding: If the defendant-bank knew that the name and account number of the transferee on plaintiff’s wire transfer ...
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Banks & Banking – Mortgages – RESPA – Loss Mitigation Procedures – Only One Required
Mangum v. First Reliance Bank (Lawyers Weekly No. 002-093-17, 13 pp.) (R. Bryan Harwell, J.) 4:16-cv-02214; D.S.C. Holding: Even if, during a loan mitigation procedure, a loan servicer repeatedly asked plaintiff for documents she had already provided, since plaintiff had ...
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Banks & Banking – FCRA – Duty to Investigate – CRA Notice – Insufficient Allegations
Perkins v. South Carolina Community Bank (Lawyers Weekly No. 002-027-17, 7 pp.) (Terry Wooten, C.J.) 3:14-cv-03245; D.S.C. Holding: The complaint does not allege that the defendant-bank received notice of a credit report dispute from a credit reporting agency (CRA). Without ...
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