Current Status Bill Number:202 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970121 Primary Sponsor:Leventis All Sponsors:Leventis Drafted Document Number:res1201.ppl Residing Body:Senate Current Committee:Banking and Insurance Committee 02 SBI Subject:Postmark Prompt Payment Act, Consumer Affairs, Businesses and Corporations
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19970121 Introduced, read first time, 02 SBI
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND CHAPTER 1, TITLE 37 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO GENERAL PROVISIONS REGARDING THE CONSUMER PROTECTION CODE, BY ADDING SECTION 37-1-401, SO AS TO ENACT THE "POSTMARK PROMPT PAYMENT ACT," WHICH ESTABLISHES, FOR CERTAIN TRANSACTIONS, THE POSTMARK DATE AS THE DATE A PAYMENT SHALL BE DEEMED RECEIVED BY THE PAYEE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 1, Title 37 of the 1976 Code is amended by adding:
Section 37-1-401. (A) If any payment required to be made on or before a prescribed date is, after such date, delivered by the United States Postal Service to the payee, such payment shall be deemed received by the payee on the date of the United States postmark stamped on the envelope or other cover in which such payment is mailed.
(B) Subsection (A) shall only apply with respect to a payment:
(1) which is a payment on a consumer credit transaction arising under this Title;
(2) which is a payment on a lender credit card or similar arrangement;
(3) which is a payment on a transaction arising under Chapter 29 of Title 34; or
(4) which is a payment on an agreement which is secured by a first lien or junior lien on the consumer's principle dwelling or primary residence.
(C) Subsection (A) shall not apply with respect to any payment:
(1) which is required, by law, regulation, or contract, to be delivered by any other method other than by mail; or
(2) which is subject to any other provision of South Carolina law or federal law specifying how a postmark date shall be used in determining the date on which such payment shall be deemed to have been delivered or made.
(D) Subsection (A) shall apply only if:
(1) the postmark date falls on or before the prescribed date for making the payment; and
(2) the payment was, on or before such date, deposited in the mail in the United States in an envelope or under other appropriate cover, postage prepaid, properly addressed to the payee.
(E) Subsection (A) shall not apply in the case of a postmark not made by the Postal Service.
(F) For purposes of this section, the term `payee', as used with respect to a payment, includes any person duly authorized to receive such payment."
SECTION 2. This act shall apply with respect to loans, accounts, credit cards, and agreements transacted, opened, entered into, renewed, re-issued, or refinanced on or after the effective date of this act. This act shall apply with respect to any mailing postmarked after the end of the ninety-day period beginning on the effective date of this act.
SECTION 3. This act takes effect upon approval by the Governor.