{"data":{"id":"us-sc/s.c.-code-ann.-34-49-20","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 34-49-20","heading":"Adverse action statements; requests; content; timing; federal law compliance.","body":"(A) If a financial institution takes an adverse action against a person, that person may request a statement of specific reasons within ninety days after receiving notice of the refusal to provide service, restriction of service, or termination of service.\n(B) The person may request the statement from a customer service representative or designated account representative by phone, U.S. mail, or electronic mail.\n(C) When a person requests a statement pursuant to subsections (A) and (B), then that person must specifically describe the alleged adverse action, including which provision of Section 34-49-10(2) is the basis for the alleged adverse action.\n(D) Unless otherwise prohibited or otherwise required by federal law, the financial institution shall transmit the statement of specific reasons via U.S. mail or electronic mail, if known to the financial institution, within thirty days of receiving the person's request.\n(E) The statement must be specific and include a description of the principal reason for the adverse action. A statement that the adverse action was based on the institution's internal standards or policies or that the person failed to achieve a qualifying score on the institution's credit scoring system is insufficient. If any criteria listed in Section 34-49-10(2) factored into the institution's decision to take an adverse action, it must be described in the statement.\n(F) If the financial institution provides an adverse action statement to the customer consistent with its obligations under the Equal Credit Opportunity Act, 15 U.S.C. Section 1691, et seq., and implementing regulations or the Fair Credit Reporting Act, 15 U.S.C. Section 1681, et seq., and implementing regulations, that statement satisfies the requirements of this subsection, provided that if any criteria listed in Section 34-49-10(2) factored into the institution's decision to take an adverse action, it must be described in the statement, a supplement to the statement, or a separate statement that is provided to the customer contemporaneously with the Equal Credit Opportunity Act or Fair Credit Reporting Act adverse action statement.\n(G) Nothing in this section shall be construed to require a covered entity to provide notice or take any action that would conflict with applicable federal law, regulation, or supervisory guidance.","path":["Title 34 - BANKING, FINANCIAL INSTITUTIONS AND MONEY","CHAPTER 49 Guarantee Banking"],"source_url":"https://www.scstatehouse.gov/code/t34c049.php","current_through":"2026 Session of the General Assembly","vintage":"","retrieved_at":"2026-10-25T03:39:55Z","sha256":"1d2a4e28c98469c9fef92b917fd662b717d8b488f8f738b5206b96f35c459819","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-34-49-10","next":"us-sc/s.c.-code-ann.-34-49-30"},"notice":"GroundRules: Original legal text. Not legal advice."}