H 3321 General Bill, By Hart
 A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
 29-1-70 SO AS TO PROVIDE A MANDATORY MINIMUM GRACE PERIOD OF TWENTY DAYS FOR A
 MORTGAGE PAYMENT, TO DEFINE THE TERM GRACE PERIOD, AND TO PROVIDE THAT THIS
 SECTION DOES NOT APPLY TO A SIMPLE INTEREST OR OTHER MORTGAGE IN WHICH
 INTEREST ACCRUES DAILY.

   01/15/13  House  Introduced and read first time (House Journal-page 12)
   01/15/13  House  Referred to Committee on Labor, Commerce and
                     Industry (House Journal-page 12)

H. 3321

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 29-1-70 SO AS TO PROVIDE A MANDATORY MINIMUM GRACE PERIOD OF TWENTY DAYS FOR A MORTGAGE PAYMENT, TO DEFINE THE TERM GRACE PERIOD, AND TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO A SIMPLE INTEREST OR OTHER MORTGAGE IN WHICH INTEREST ACCRUES DAILY.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Chapter 1, Title 29 of the 1976 Code is amended by adding:

"Section 29-1-70.    (A)(1)    A mortgagee in this State is entitled to a grace period of at least twenty days following the due date of the loan payment. The terms of a note securing a mortgage issued in this State shall provide the specific grace period allowed, regardless of whether the twenty-day period required by this section is the only grace period allowed or if more than this minimum twenty-day period is allowed.

(2)    For the purposes of this section, 'grace period' means the period of time during which payment on a mortgage loan may be made after its due date without incurring a late penalty.

(B)    The provisions of this section apply only to a mortgage on which interest is calculated monthly and do not apply to a simple interest mortgage or other mortgage in which interest accrues daily."

SECTION    2.    This act takes effect upon approval by the Governor.