H*3368(Rat #0555, Act #0445 of 1982)  General Bill, By R.A. Kohn
 A Bill to amend Section 34-31-20, as amended, Code of Laws of South Carolina,
 1976, relating to the legal rate of interest, so as to provide that in all
 cases of accounts stated and in all cases wherein any sum of money shall be
 ascertained and, being due, shall draw interest, the legal interest shall be
 at the rate of eight and three fourths percent per annum, and to provide that
 all money decrees and judgments of courts enrolled or entered shall draw
 interest according to law and that the legal interest shall be at the rate of
 fourteen percent per annum.-at

   01/20/82  House  Introduced and read first time HJ-244
   01/20/82  House  Referred to Committee on Judiciary HJ-244
   02/17/82  House  Committee report: Favorable with amendment
                     Judiciary HJ-884
   02/18/82  House  Amended HJ-944
   02/18/82  House  Read second time HJ-945
   02/23/82  House  Read third time and sent to Senate HJ-992
   02/23/82  Senate Introduced and read first time SJ-11
   02/23/82  Senate Referred to Committee on Banking and Insurance SJ-11
   05/25/82  Senate Committee report: Favorable with amendment
                     Banking and Insurance SJ-12
   05/26/82  Senate Amended SJ-58
   05/26/82  Senate Read second time SJ-58
   05/27/82  Senate  Read third time SJ-19
   05/27/82  Senate Returned SJ-19
   06/01/82  House  Senate amendment amended HJ-3667
   06/01/82  House  Returned HJ-3668
   06/02/82  Senate Concurred in House amendment and enrolled SJ-91
   06/03/82  House  Ratified R 555 HJ-3944
   06/09/82         Signed By Governor
   06/09/82         Effective date 06/09/82
   06/09/82         Act No. 445
   06/18/82         Copies available

AN ACT TO AMEND SECTION 34-31-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST, SO AS TO PROVIDE THAT IN ALL CASES OF ACCOUNTS STATED AND IN ALL CASES WHEREIN ANY SUM OF MONEY SHALL BE ASCERTAINED AND, BEING DUE, SHALL DRAW INTEREST, THE LEGAL INTEREST SHALL BE AT THE RATE OF EIGHT AND THREE-FOURTHS PERCENT PER ANNUM, AND TO PROVIDE THAT ALL MONEY DECREES AND JUDGMENTS OF COURTS ENROLLED OR ENTERED SHALL DRAW INTEREST ACCORDING TO LAW AND THAT THE LEGAL INTEREST SHALL BE AT THE RATE OF FOURTEEN PERCENT PER ANNUM.

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

Accounts shall draw interest

Section 1. Section 34-31-20 of the 1976 Code, as last amended by Act 159 of 1979, is further amended to read:

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

Time effective

Section 2. This act shall take effect upon the approval by the Governor.