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Current Status Bill Number:View additional legislative information at the LPITS web site.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
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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