A sublease arranger commits an offense if the sublease arranger arranges a sublease of a motor vehicle and:
(1) first does not obtain written authorization for the sublease from the vehicle's secured party or lessor;
(2) accepts a fee without first having obtained written authorization for the sublease from the vehicle's secured party or lessor;
(3) accepts a fee in excess of the amount allowed by regulations promulgated pursuant to this chapter;
(4) does not disclose the location of the vehicle on the request of the vehicle's buyer, lessee, secured party, or lessor;
(5) does not provide to the third party new, accurate disclosures under the Consumer Protection Act, 15 U.S.C. Section 1601, et seq.;
(6) does not provide oral and written notice to the buyer or lessee that he is not released from liability;
(7) does not ensure that all rights under warranties and service contracts regarding the motor vehicle transfer to the third party unless a pro rata rebate for unexpired coverage is applied to reduce the third party's cost under the sublease;
(8) does not take reasonable steps to ensure that the third party is financially able to assume the payment obligations of the buyer or lessee according to the terms of the lease agreement, retail installment contract, or consumer loan; or
(9) violates a regulation promulgated by the South Carolina Department of Consumer Affairs pursuant to this chapter.
HISTORY: 1991 Act No. 132, Section 1.