Consumer Affairs Posts Max Interest Rates

State law requires any business charging interest rates greater than 18 percent to file with the South Carolina Department of Consumer Affairs (SCDCA). In an effort to help consumers during these difficult financial times, SCDCA is taking things one step further. The Department launched a new listing online that provides information on all businesses that have filed maximum rate schedules with interest rates above 18 percent. The listing also includes information on all car dealerships charging closing or documentation fees. Consumers may find the listing on the Department’s Web site or through this link.

The list currently includes nearly 1900 businesses and dealerships that either have interest rates greater than 18 percent or charge closing fees. Businesses or dealerships that fall under one of these categories and have not filed should contact the South Carolina Department of Consumer Affairs immediately or face potential fines.