South Carolina General Assembly
113th Session, 1999-2000

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Bill 189


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      189
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990112
Primary Sponsor:                  McConnell
All Sponsors:                     McConnell, Passailaigue, Reese
Drafted Document Number:          l:\s-res\gfm\004inte.whb.doc
Residing Body:                    Senate
Current Committee:                Banking and Insurance Committee 02 SBI
Subject:                          Judgments, monetary decrees; legal rate 
                                  of interest revised; Banks and Savings and 
                                  Loan, Courts


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990112  Introduced, read first time,           02 SBI
                  referred to Committee
Senate  19981216  Prefiled, referred to Committee        02 SBI


                             Versions of This Bill

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

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.

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