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H. 4533
STATUS INFORMATION
General Bill
Sponsors: Rep. Hart
Document Path: l:\council\bills\agm\19823ab10.docx
Introduced in the House on February 4, 2010
Currently residing in the House Committee on Labor, Commerce and Industry
Summary: Mortgage payment
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/4/2010 House Introduced and read first time HJ-21
2/4/2010 House Referred to Committee on Labor, Commerce and Industry
HJ-22
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 29-1-60 SO AS TO PROVIDE NOTWITHSTANDING ANOTHER PROVISION OF LAW OR CONTRACT, WHEN A MORTGAGEE MAKES A PAYMENT ON A LOAN SECURED BY A MORTGAGE, THE MORTGAGOR SHALL APPLY AT LEAST THIRTY PERCENT OF THE PAYMENT RECEIVED TOWARD THE PRINCIPAL BALANCE OF THE LOAN SECURED BY THE MORTGAGE, AND TO PROVIDE A PENALTY.
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 29-1-60. (A) Notwithstanding another provision of law or contract, when a mortgagee makes a payment on a loan secured by a mortgage, the mortgagor shall apply at least thirty percent of the payment received toward the principal balance of the loan secured by the mortgage.
(B) A violation of this section must result in a civil penalty against the mortgagor and payable to the mortgagee in an amount equal to treble the amount of the mortgage payment."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Monday, October 10, 2011 at 12:24 P.M.