Current Status Bill Number:
187Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19950110Primary Sponsor: RoseAll Sponsors: Rose, LeventisDrafted Document Number: GJK\21091SD.95Residing Body: SenateCurrent Committee: Banking and Insurance Committee 02 SBISubject: First mortgage real estate loan
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19950110 Introduced, read first time, 02 SBI referred to Committee Senate 19941017 Prefiled, referred to Committee 02 SBIView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 29-3-110 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 29-3-110. 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, 1995.