Are there any laws governing the use of a third-party guarantor?

In South Carolina, there is a law that governs the use of a third-party guarantor. Generally speaking, a third-party guarantor is someone who agrees to be liable for the rent and other obligations of the tenant in the event of a breach of contract or default. Under the South Carolina Landlord-Tenant Act, a landlord cannot require a tenant to obtain a third-party guarantor as a condition for entering into a residential lease. However, the landlord can agree to accept a third-party guarantor if the tenant chooses to use one. The responsibilities of the guarantor should be clearly articulated in the lease agreement. The guarantor must agree to be liable for the rent and comply with other obligations of the lease in case of tenant default. Additionally, a guarantor cannot be held liable for more than what the tenant is liable for in the lease agreement. The guarantee should also specify how long it is good for, such as through the end of the lease term. Finally, the landlord is not allowed to accept a guarantor if the tenant is current in his or her payments. In short, South Carolina has laws governing the use of a third-party guarantor. A landlord cannot require a tenant to use one, but they may accept a tenant’s decision to use one. The guarantor’s responsibilities, as well as the time frame of the guarantee, must be detailed in the lease agreement.

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Are there any laws governing the use of a third-party guarantor?

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