South Carolina General Assembly
120th Session, 2013-2014

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Indicates New Matter

H. 4464

STATUS INFORMATION

General Bill
Sponsors: Reps. Sandifer and Mack
Document Path: l:\council\bills\agm\18063ab14.docx

Introduced in the House on January 14, 2014
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Periodic payment of supervised loans

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/14/2014  House   Introduced and read first time (House Journal-page 80)
   1/14/2014  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 80)

View the latest legislative information at the website

VERSIONS OF THIS BILL

1/14/2014

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

A BILL

TO AMEND SECTION 37-3-511, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PERIODIC PAYMENT OF SUPERVISED LOANS, SO AS TO PROVIDE THAT THE FIRST PERIODIC INTERVAL MAY BE SHORTER OR LONGER THAN THE REMAINING REGULARLY SCHEDULED PAYMENTS WITHIN THE DISCRETION OF THE LENDER, AND THAT THE REMAINING PERIODIC INTERVALS MUST BE OF SUBSTANTIALLY SIMILAR LENGTH.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 37-3-511 of the 1976 Code is amended to read:

"Section 37-3-511.    (A)    Supervised loans, in which the rate of loan finance charge exceeds twelve percent per annum, not made pursuant to a revolving loan account, in which the principal is one thousand dollars or less, shall must be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor,; and

(a1)    over a period of not more than thirty-seven months if the principal is more than three hundred dollars,; or

(b2)    over a period of not more than twenty-five months if the principal is three hundred dollars or less.

(B)    The first periodic interval may be shorter or longer than the remaining scheduled payments, within the discretion of the lender. The remaining periodic intervals must be of substantially similar length."

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on January 17, 2014 at 2:33 PM