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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 29-1-70 SO AS TO PROVIDE A MANDATORY MINIMUM GRACE PERIOD OF TWENTY DAYS FOR A MORTGAGE PAYMENT, TO DEFINE THE TERM GRACE PERIOD, AND TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO A SIMPLE INTEREST OR OTHER MORTGAGE IN WHICH INTEREST ACCRUES DAILY.
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 29-1-70. (A)(1) A mortgagee in this State is entitled to a grace period of at least twenty days following the due date of the loan payment. The terms of a note securing a mortgage issued in this State shall provide the specific grace period allowed, regardless of whether the twenty-day period required by this section is the only grace period allowed or if more than this minimum twenty-day period is allowed.
(2) For the purposes of this section, 'grace period' means the period of time during which payment on a mortgage loan may be made after its due date without incurring a late penalty.
(B) The provisions of this section apply only to a mortgage on which interest is calculated monthly and do not apply to a simple interest mortgage or other mortgage in which interest accrues daily."
SECTION 2. This act takes effect upon approval by the Governor.
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