1. Governing Law:  This Collections Policy is governed by the laws of the State of South Carolina, including the South Carolina Consumer Protection Code (S.C. Code Ann. §§ 37-1-101 et seq.), and all applicable federal laws. In the event of any dispute, South Carolina law shall apply.
2. Payment Terms:  Payments are due on the scheduled date set forth in the loan agreement. Borrowers are provided a ten (10) calendar day grace period after the due date. No late charge will be assessed during this grace period. Payment options may include online transfer, ACH auto-debit, check, or other authorized payment methods.
3. Late Charges:  If a scheduled payment is not received within the ten (10) day grace period, SeaCoast Financial, LLC may assess a late charge equal to the lesser of:
   • Five percent (5%) of the unpaid installment amount; or
   • Fifteen Dollars ($15.00).

   Only one late charge may be assessed per delinquent installment.  Late charges will not be compounded and will not be assessed on previously imposed late charges. SeaCoast Financial, LLC will not impose any delinquency charge in excess of the maximum permitted under S.C. Code Ann. § 37-3-203.

4. Notice of Delinquency: SeaCoast Financial, LLC may send reminder notices prior to and after the due date by mail, telephone, email, or text message (where consent has been provided).  If the account remains in default, a written Notice of Right to Cure will be sent in accordance with S.C. Code Ann. § 37-5-110 before acceleration of the loan
   or referral to collections.
5. Right to Cure:  Before SeaCoast Financial, LLC accelerates the unpaid balance or refers the account to collections, the borrower will receive a written Notice of Right to Cure. The borrower will have twenty (20) days after the notice is given to cure the default by paying the amount specified in the notice.  If the borrower cures the default within this period, the loan agreement will be reinstated in accordance with South Carolina law.
6. Multiple Missed Payments:  A separate late charge may be assessed for each delinquent installment, subject to the limitations stated above.  Payments received will be applied in accordance with the loan agreement and applicable law.  If two or more consecutive payments are missed and the default is not cured after proper notice, the account may be accelerated and referred to collections.
7. Collections Process:  If the borrower fails to cure the default within the twenty (20) day statutory cure period, the account may be referred to a licensed third-party collection agency or legal counsel.  Any third-party collector will comply with applicable federal and state laws, including the Fair Debt Collection Practices Act (FDCPA), where applicable.
8. Collection Costs and Attorney’s Fees: The borrower may be responsible for reasonable attorney’s fees and court costs if authorized by the loan agreement and permitted by applicable law. Such fees must be reasonable and, where required, awarded by a court.  SeaCoast Financial, LLC will not impose collection costs in excess of amounts permitted under South Carolina law.
9. Credit Reporting:  Delinquent accounts may be reported to consumer reporting agencies in accordance with the Fair Credit Reporting Act (FCRA). SeaCoast Financial, LLC will provide any required notices before furnishing adverse credit information.
10. Communication Guidelines:  SeaCoast Financial, LLC will communicate with borrowers in a respectful and lawful manner. Communications will occur at reasonable times and through authorized channels. Where third-party collectors are used, they will comply with the Fair Debt Collection Practices Act (FDCPA).
11. Dispute Resolution:  Borrowers may dispute the debt in writing at any time.  Upon written request, SeaCoast Financial, LLC will provide verification of the debt as required by applicable law.  Disputes will be reviewed and responded to in a timely manner.
12. Hardship and Payment Arrangements: Borrowers experiencing financial hardship are encouraged to contact SeaCoast Financial, LLC prior to referral to collections.  The Lender may, at its discretion, offer alternative payment arrangements or temporary accommodations, consistent with South Carolina law.

Last Updated 12/24/2024