Current Status Introducing Body:House Bill Number:3759 Primary Sponsor:Houck Type of Legislation:GB Subject:Interest, legal rate of Residing Body:House Computer Document Number:436/11177AC.93 Introduced Date:19930323 Last History Body:House Last History Date:19930603 Last History Type:Objection by Representative Scope of Legislation:Statewide All Sponsors:Houck Robinson Scott Carnell Corning Byrd M.O. Alexander Neal Wilkins Beatty Rudnick Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
3759 House 19930603 Objection by Representative Delleney
3759 House 19930603 Objection withdrawn by D. Smith
Representative
3759 House 19930603 Objection by Representative Kelley
3759 House 19930602 Debate adjourned until
Thursday, June 3, 1993
3759 House 19930601 Debate adjourned until
Wednesday, June 2, 1993
3759 House 19930527 Debate adjourned until
Monday, May 31, 1993
3759 House 19930519 Objection withdrawn by Richardson
Representative
3759 House 19930512 Objection withdrawn by Beatty
Representative
3759 House 19930512 Objection by Representative Baxley
Haskins
Harrelson
D. Smith
Richardson
Beatty
3759 House 19930506 Debate adjourned until
Tuesday, May 11, 1993
3759 House 19930427 Committee Report: Favorable 25
with amendment
3759 House 19930323 Introduced, read first time, 25
referred to Committee
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Indicates Matter Stricken
Indicates New Matter
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.
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.