South Carolina Debt Settlement Laws

Debt Settlement License Registration Required:

Statute: S.C. Code Ann. 1976 §37-7-101 et seq.

Definition: “Debt settlement” means any action or negotiation initiated or taken by or on behalf of a consumer with a creditor of the consumer for the purpose of obtaining debt forgiveness of a portion of the credit extended by the creditor to the consumer or a reduction of payments, charges, or fees payable by the consumer.