Current Status Introducing Body:House Bill Number:4461 Primary Sponsor:Cromer Committee Number:26 Type of Legislation:GB Subject:Credit reporting agency, loan payments not reported Residing Body:House Current Committee:Labor, Commerce and Industry Computer Document Number:JIC/5337SD.94 Introduced Date:19940112 Last History Body:House Last History Date:19940112 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Cromer Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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4461 House 19940112 Introduced, read first time, 26
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-3-115 SO AS TO PROVIDE THAT NO BANK, FINANCIAL INSTITUTION, LENDER, VENDOR, OR ANY OTHER PERSON WHO HAS EXTENDED CREDIT OR MADE A LOAN TO AN INDIVIDUAL CONSUMER, INCLUDING LOANS SECURED BY REAL ESTATE, MAY REPORT TO A CREDIT REPORTING AGENCY THE FACT THAT THE BORROWER OR CONSUMER WAS LATE IN MAKING PAYMENTS ON HIS LOAN OR ACCOUNT UNLESS OVER THE MOST RECENT TWELVE-MONTH PERIOD OR PORTION THEREOF, THERE WERE AT LEAST TWO DELINQUENCIES EACH WITH PERIODS OF FIFTEEN DAYS OR MORE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 34-3-115. No bank, financial institution, lender, vendor, or any other person who has extended credit or made a loan to an individual consumer, including loans secured by real estate, may report to a credit reporting agency the fact that the borrower or consumer was late in making payments on his loan or account unless over the most recent twelve-month period or portion thereof, there were at least two delinquencies each with periods of fifteen days or more."
SECTION 2. This act takes effect upon approval by the Governor.