H 3759 General Bill, By W.S. Houck, M.O. Alexander, D.W. Beatty, A.W. Byrd, 
Carnell, R.S. Corning, J.H. Neal, Robinson, I.K. Rudnick, Scott and Wilkins
 A Bill to amend Section 34-31-20, Code of Laws of South Carolina, 1976,
 relating to legal rate of interest, so as to establish the legal interest at
 prime rate plus one percent; to provide that the rate for money decrees and
 judgments is prime rate plus three percent; and to provide how prime rate is
 to be calculated.

   03/23/93  House  Introduced and read first time HJ-12
   03/23/93  House  Referred to Committee on Judiciary HJ-13
   04/27/93  House  Committee report: Favorable with amendment
                     Judiciary HJ-8
   05/06/93  House  Debate adjourned until Tuesday, May 11, 1993 HJ-63
   05/12/93  House  Objection by Rep. Baxley, Haskins, Harrelson, D.
                     Smith, HJ-20
   05/12/93  House  Objection by Rep. Richardson & Beatty HJ-20
   05/12/93  House  Objection withdrawn by Rep. Beatty HJ-26
   05/19/93  House  Objection withdrawn by Rep. Richardson HJ-57
   05/27/93  House  Debate adjourned until Monday, May 31, 1993 HJ-134
   06/01/93  House  Debate adjourned until Wednesday, June 2, 1993 HJ-7
   06/02/93  House  Debate adjourned until Thursday, June 3, 1993 HJ-22
   06/03/93  House  Objection by Rep. Kelley HJ-17
   06/03/93  House  Objection withdrawn by Rep. D. Smith HJ-19
   06/03/93  House  Objection by Rep. Delleney HJ-20

COMMITTEE REPORT

April 27, 1993

H. 3759

Introduced by REPS. Houck, Robinson, Scott, Carnell, Corning, Byrd, M.O. Alexander, Neal, Wilkins, Beatty and Rudnick

S. Printed 4/27/93--H.

Read the first time March 23, 1993.

To whom was referred a Bill (H. 3759), to amend Section 34-31-20, Code of Laws of South Carolina, 1976, relating to legal rate of interest, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass with amendment:

Amend the bill, as and if amended, by striking all after the enacting words and inserting:

/SECTION 1. Section 34-31-20 of the 1976 Code is amended to read:

"Section 34-31-20. (A) In all cases of accounts stated and in all cases wherein any in which a sum or sums of money shall must be ascertained and, being due, shall draw interest according to law, the legal interest shall be is at the rate of eight and three-fourths percent per annum prime rate plus two percent per annum beginning from the date of default.

(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be is at the prime rate of fourteen percent plus four percent per annum. The prime rate in effect on January first of each year is the applicable prime rate for legal interest for a money decree or judgment during that year. The prime rate is calculated as the base rate on corporate loans posted by at least seventy-five percent of thirty of the nation's largest banks as published in the Wall Street Journal.

(C) Court administration annually shall compute and distribute to magistrates and clerks of court the appropriate rates of interest in accordance with this section within five business days after the first day of January. At the time a money decree or judgment is enrolled or entered the clerk of court also shall enter the interest rate in effect on that date."

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

Amend title to conform.

JAMES H. HODGES, for Committee.

A BILL

TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LEGAL RATE OF INTEREST, SO AS TO ESTABLISH THE LEGAL INTEREST AT PRIME RATE PLUS ONE PERCENT; TO PROVIDE THAT THE RATE FOR MONEY DECREES AND JUDGMENTS IS PRIME RATE PLUS THREE PERCENT; AND TO PROVIDE HOW PRIME RATE IS TO BE CALCULATED.

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

SECTION 1. Section 34-31-20 of the 1976 Code is amended to read:

"Section 34-31-20. (A) In all cases of accounts stated and in all cases wherein any in which a sum or sums of money shall must be ascertained and, being due, shall draw interest according to law, the legal interest shall be is at the rate of eight and three-fourths percent per annum prime rate plus one percent per annum.

(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be is at the prime rate of fourteen percent plus three percent per annum. The prime rate in effect on January first of each year is the applicable prime rate for legal interest that year. The prime rate is calculated as the base rate on corporate loans posted by at least seventy-five percent of thirty of the nation's largest banks as published in the Wall Street Journal."

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