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BankersOnline.com Forums State-Specific Compliance Issues South Carolina Rebatable fee
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#1263264 - 10/07/09 07:43 PM Rebatable fee
Rheba Welch Offline
New Poster
Joined: Oct 2009
Posts: 4
We are charging a 40.00 application fee which is considered a prepaid finance charge. If paid out early is it required to rebate any of this fee on a commercial loan?

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#1263290 - 10/07/09 08:12 PM Re: Rebatable fee Rheba Welch
CDTR Offline
Junior Member
Joined: Jul 2005
Posts: 46
No

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#1266177 - 10/14/09 02:57 PM Re: Rebatable fee CDTR
Rheba Welch Offline
New Poster
Joined: Oct 2009
Posts: 4
Thanks for responding. Can you give me the source where this information is found?

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#1267002 - 10/15/09 02:03 PM Re: Rebatable fee Rheba Welch
CDTR Offline
Junior Member
Joined: Jul 2005
Posts: 46
37-3-210 - Except as otherwise provided in this section, upon prepayment in full of a precomputed consumer loan. . .

It does not apply to commercial loans.

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