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 »
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 – 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 ...
Tagged with: Civil PracticeRead More »
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 ...Read More »
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 ...
Tagged with: MortgagesRead More »
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 ...
Tagged with: FCRARead More »