Download This Bill in Microsoft Word format

Bill 3702

                    Current Status

Bill Number:                      3702
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990310
Primary Sponsor:                  Quinn
All Sponsors:                     Quinn, Barfield, Battle, Bowers, 
                                  T. Brown, Dantzler, Davenport, Emory, Fleming, 
                                  Harrison, Hinson, Inabinett, Koon, Loftis, 
                                  Mason, McGee, Rhoad, Riser, Robinson, Simrill, 
                                  Stille, Stuart, Taylor, Vaughn, Whatley, 
                                  Whipper and Young-Brickell
Drafted Document Number:          l:\council\bills\dka\3159mm99.doc
Residing Body:                    Senate
Current Committee:                Banking and Insurance Committee 02 SBI
Date of Last Amendment:           19990601
Subject:                          Loan agreement secured by lien on real 
                                  estate, prepayment allowed when secured by 
                                  mortgage; Property, Banks


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990603  Introduced, read first time,           02 SBI
                  referred to Committee
House   19990602  Read third time, sent to Senate
House   19990601  Amended, read second time
House   19990527  Committee report: Favorable with       25 HJ
                  amendment
House   19990310  Introduced, read first time,           25 HJ
                  referred to Committee


                             Versions of This Bill
Revised on May 27, 1999 - Word format
Revised on June 1, 1999 - Word format

Indicates Matter Stricken

Indicates New Matter

AMENDED

June 1, 1999

H. 3702

Introduced by Reps. Quinn, Barfield, Battle, Bowers, T. Brown, Dantzler, Davenport, Emory, Fleming, Harrison, Hinson, Inabinett, Koon, Loftis, Mason, McGee, Rhoad, Riser, Robinson, Simrill, Stille, Stuart, Taylor, Vaughn, Whatley, Whipper and Young-Brickell

S. Printed 6/1/99--H.

Read the first time March 10, 1999.

TO AMEND SECTION 37-10-103, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PAYMENTS MADE ON A LOAN AGREEMENT SECURED BY A LIEN ON REAL ESTATE, SO AS TO DELETE THE ONE HUNDRED THOUSAND DOLLAR LIMIT AND ALLOW PREPAYMENT WITHOUT PENALTY OF A LOAN OF ANY AMOUNT SECURED BY A MORTGAGE.

Amend Title To Conform

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

SECTION 1. Section 37-10-103 of the 1976 Code is amended to read:

"Section 37-10-103. With respect to a loan agreement which is secured in whole or in part by a first or junior lien on real estate under which the aggregate of all sums advanced or contemplated by the parties in good faith to be advanced will not exceed one two hundred thousand dollars., the:

(1) The debtor has the right to may prepay the debt in full at any time without penalty; and

(2) The rate of the loan finance charge is must be a fixed, nonvariable rate. This subsection item does not apply:

(a) if the borrower otherwise agrees otherwise,; and either the:

(b)(a) The loan is primarily for a business or agricultural purpose or is used for the construction of any improvements on the real estate which provides the is the security for the loan; or

(c)(b) The creditor makes the loan in accordance with any a regulation governing alternative mortgage loans promulgated by the State Board of Financial Institutions or a federal regulatory agency."

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

This web page was last updated on Wednesday, December 9, 2009 at 9:24 A.M.