South Carolina General Assembly
110th Session, 1993-1994

Bill 161


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Introducing Body:               Senate
Bill Number:                    161
Primary Sponsor:                Rose
Committee Number:               02
Type of Legislation:            GB
Subject:                        First Mortgage Real Estate
                                Loan, escrow account
Residing Body:                  Senate
Current Committee:              Banking and Insurance
Computer Document Number:       JIC/5007SD.93
Introduced Date:                19930112    
Last History Body:              Senate
Last History Date:              19930112    
Last History Type:              Introduced, 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  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

161   Senate  19930112      Introduced, read first time,    02
                            referred to 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. 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, 1993.

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