Current Status Introducing Body:House Bill Number:4729 Primary Sponsor:Hyatt Committee Number:26 Type of Legislation:GB Subject:Interest rates Residing Body:House Current Committee:Labor, Commerce and Industry Computer Document Number:NO5/8368.BD Introduced Date:Apr 14, 1992 Last History Body:House Last History Date:Apr 14, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Hyatt Type of Legislation:General Bill
Bill Body Date Action Description CMN
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4729 House Apr 14, 1992 Introduced, read first time, 26
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 36-2-329 SO AS TO PROVIDE FOR PAYMENT OF INTEREST AT THE LEGAL RATE UPON THE UNPAID BALANCE OF AN ACCOUNT FROM THE DATE OF SALE OR SERVICE IF THERE IS NO WRITTEN AGREEMENT FOR THE APPLICABLE INTEREST RATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 36-2-329. For a sale of goods or provision of services on an account where there is no written agreement for the applicable interest rate for an unpaid balance, the seller may collect interest at the legal rate upon the unpaid balance if payment for the goods or services is not received at the agreed time. Interest accrues from the date of the sale or service."
SECTION 2. This act takes effect upon approval by the Governor.