S.C. Announces 2022 Consumer Protection Code Dollar Amount Adjustments
The South Carolina Department of Consumer Affairs (DCA) recently announced its biennial changes to the dollar amounts used in the Consumer Protection Code. The designated dollar amounts increased by 360 percent of the original amount set in December 1976, except for those amounts related to certain delinquency charges, which are updated based on a self-executing formula. According to the DCA, “creditors may rely on the published dollar amounts in effect at the time a contract is entered into and should not alter existing contracts to conform with newly published dollar amounts.”
The updated dollar amounts are effective from July 1, 2022 through June 30, 2024. A full list of the updated amounts is available here.