S.C. Code Ann. § 56-19-680: Satisfaction of security interest for which certificate is in possession of lienholder; filing release.

(1) Upon the satisfaction of a security interest in a vehicle for which the certificate of title is in the possession of the lienholder, the lienholder shall execute a release of his security interest as the Department of Motor Vehicles prescribes, and mail or electronically deliver the certificate and release to the department.

(2) If payment for lien satisfaction is received by paper, then the lienholder shall execute the release within ten business days, excluding federal and state holidays, after confirmation that the funds are good and that the lien is fully satisfied. If payment for lien satisfaction is received electronically, then the lienholder shall execute the release within three business days, excluding federal and state holidays, after confirmation that the funds are good and that the lien is fully satisfied.

(3) If the payment is deemed to be cleared by the department, then the department shall electronically transmit the certificate of title to the next lienholder or, if there is no other lienholder, then to the owner. The department shall file the release and note it upon the record of security interest maintained by the department pursuant to Section 56-19-660. The certificate of title shall remain in electronic format unless the owner requests a paper certificate of title pursuant to Section 56-19-265. No charge shall be made by the lienholder for executing such release.

(4) Failure of the lienholder to forward the certificate of title to the department as required by this article is a misdemeanor punishable by a fine of not more than one hundred dollars or imprisonment of not more than thirty days.