Current Status Bill Number:3808 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970402 Primary Sponsor:Limbaugh All Sponsors:Limbaugh and Robinson Drafted Document Number:gjk\20446sd.97 Residing Body:House Current Committee:Judiciary Committee 25 HJ Subject:Judgments and monetary decrees, legal rate of interest revised on; Banks and Savings and Loan Associations
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19970402 Introduced, read first time, 25 HJ
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST ON ACCOUNTS AND ON MONETARY DECREES AND JUDGMENTS, SO AS TO REVISE THE LEGAL RATE OF INTEREST ON MONETARY DECREES AND JUDGMENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-31-20(B) of the 1976 Code is amended to read:
"(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be at the a rate of fourteen percent per annum equal to the coupon issue yield equivalent, as determined by the State Treasurer, of the average accepted auction price for the last auction of fifty-two week United States Treasury bills settled immediately prior to the date of the judgment. Interest shall be computed daily to the date of payment and shall be compounded annually."
SECTION 2. This act takes effect upon approval by the Governor.