South Carolina General Assembly
109th Session, 1991-1992

Bill 38

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Introducing Body:               Senate
Bill Number:                    38
Primary Sponsor:                Rose
Committee Number:               02
Type of Legislation:            GB
Subject:                        Escrow account, real estate loan,
                                interest payment
Residing Body:                  Senate
Current Committee:              Banking and Insurance
Computer Document Number:       38
Introduced Date:                Jan 08, 1991
Last History Body:              Senate
Last History Date:              Jan 08, 1991
Last History Type:              Introduced and read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Rose
Type of Legislation:            General Bill
History


 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 38    Senate  Jan 08, 1991  Introduced and read first       02
                             time, referred to Committee
 38    Senate  Sep 10, 1990  Prefiled, referred to           02
                             Committee
View additional legislative information at the LPITS web site.

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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 29-3-80 SO AS TO PROVIDE THAT ANY PERSON MAKING A FIRST MORTGAGE REAL ESTATE LOAN WHO REQUIRES THE BORROWER TO HAVE AN ESCROW ACCOUNT AS A CONDITION OF THE LOAN SHALL PAY INTEREST ON AT LEAST NINETY-FIVE PERCENT OF THE FUNDS IN THE ESCROW ACCOUNT AT THE SAME RATE AS CHARGED ON THE PRINCIPAL OF THE MORTGAGE.

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

SECTION 1. Article 1, Chapter 3, Title 29 of the 1976 Code is amended by adding:

"Section 29-3-80. A person making a first mortgage real estate loan in this State and a subsequent assignee of that loan, where an escrow account for insurance, taxes, or other similar items is required as a condition of the loan, shall pay interest on at least ninety-five percent of the funds held in escrow at the same rate as charged on the principal of the mortgage."

SECTION 2. This act takes effect July 1, 1990.

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