South Carolina General Assembly
113th Session, 1999-2000

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Bill 3402


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      3402
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990128
Primary Sponsor:                  Robinson
All Sponsors:                     Robinson, Kelley, Easterday, H. Brown, 
                                  Sandifer, Law, Fleming, Trotter, Hinson, 
                                  Simrill, Rice, McKay, Vaughn, Leach, Barrett, 
                                  Klauber, Cato, Tripp, Keegan
Drafted Document Number:          l:\council\bills\kgh\15227htc99.doc
Residing Body:                    House
Current Committee:                Judiciary Committee 25 HJ
Subject:                          Judgments and monetary decrees, legal 
                                  interest rate; Courts, Banks and Savings and 
                                  Loan Associations


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990304  Co-Sponsor added (Rule 5.2) by Rep.            Keegan
House   19990217  Co-Sponsor added (Rule 5.2) by Rep.            Tripp
House   19990216  Co-Sponsor added (Rule 5.2) by Rep.            Cato
House   19990128  Introduced, read first time,           25 HJ
                  referred to Committee


                             Versions of This Bill

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 SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST ON ACCOUNTS AND ON MONETARY DECREES AND JUDGMENTS, SO AS TO REVISE THE LEGAL RATE OF INTEREST ON MONETARY DECREES AND JUDGMENTS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 34-31-20(B) of the 1976 Code is amended to read:

"(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be at the a rate of fourteen percent per annum equal to the coupon issue yield equivalent, as determined by the State Treasurer, of the average accepted auction price for the last auction of fifty-two week United States Treasury bills settled immediately prior to the date of the judgment. Interest shall be computed daily to the date of payment and shall be compounded annually."

SECTION 2. This act takes effect upon approval by the Governor.

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