Reynolds & Reynolds has notified us of an upcoming revision to the South Carolina LAW 553® Retail Installment Sale Contract. The change goes into effect July 1, 2026, and SC dealers need to be using the new form by August 1, 2026.
What's changing: South Carolina's maximum allowable late charge is going up.
- Maximum late charge: $25.50 → $27.00
- Minimum late charge: $10.20 → $10.80
The Late Charge section of the contract has been modified to reflect the new amounts. No other contract language is changing.
New form numbers
If you order preprinted forms, here are the new revision numbers to ask for:
- LAW®553-SC(5P)8/26 (standard, replaces the 8/24 version)
- LAW®553-SC-ARB8/26 (arbitration version, replaces the 8/24 ARB version)
Important dates for SC dealers
- July 1, 2026: The new late charge maximums take effect under SC law.
- August 1, 2026: Start using the new 8/26 contract by this date. The 8/24 revisions are no longer available after this date.
Heads up on programming
If you use a DMS or printer system that lays out the LAW 553 contract programmatically, new programming may be required. Reynolds also noted that the standard and ARB preprint versions will not line up the same as each other for programming purposes. If you use both, plan to update both.
The Bankers Systems® brand Motor Vehicle Retail Installment Sale Contracts are also being revised. That announcement is coming separately.
What KGI dealers need to do
If you use KGI Dealer Solutions, we will be programming the new form layout on our end. KGI clients selling cars in South Carolina will get the updated form in the system before the August 1 cutover.
If you order preprinted forms yourself, place your order with Reynolds & Reynolds after June 20 to get the new 8/26 stock. Don't keep using 8/24 forms past August 1, 2026.
LAW® and 553® are registered trademarks of The Reynolds and Reynolds Company. Bankers Systems® is a registered trademark of Wolters Kluwer Financial Services, Inc.
