Current Status Introducing Body:Senate Bill Number:161 Primary Sponsor:Rose Committee Number:02 Type of Legislation:GB Subject:First Mortgage Real Estate Loan, escrow account Residing Body:Senate Current Committee:Banking and Insurance Computer Document Number:JIC/5007SD.93 Introduced Date:19930112 Last History Body:Senate Last History Date:19930112 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Rose Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 161 Senate 19930112 Introduced, read first time, 02 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 29-3-80 SO AS TO PROVIDE THAT ANY PERSON MAKING A FIRST MORTGAGE REAL ESTATE LOAN WHO REQUIRES THE BORROWER TO HAVE AN ESCROW ACCOUNT AS A CONDITION OF THE LOAN SHALL PAY INTEREST ON AT LEAST NINETY-FIVE PERCENT OF THE FUNDS IN THE ESCROW ACCOUNT AT THE SAME RATE AS CHARGED ON THE PRINCIPAL OF THE MORTGAGE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 29-3-80. A person making a first mortgage real estate loan in this State and a subsequent assignee of that loan, where an escrow account for insurance, taxes, or other similar items is required as a condition of the loan, shall pay interest on at least ninety-five percent of the funds held in escrow at the same rate as charged on the principal of the mortgage."
SECTION 2. This act takes effect July 1, 1993.