Finance
In South Carolina, a lender who makes a mortgage loan with an interest rate more than 8 points above the prime rate may be required to comply with:
AStandard conventional loan requirements
BThe SC High-Cost and Consumer Home Loans Act's enhanced consumer protections✓ Correct
COnly FHA requirements
DUSDA rural loan requirements
Explanation
South Carolina's High-Cost Act (predatory lending law) applies additional protections to high-cost loans exceeding certain interest rate or points and fees thresholds.
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