Download This Bill in Microsoft Word format
Current Status Bill Number:View additional legislative information at the LPITS web site.
4785Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20000316Primary Sponsor: HarvinAll Sponsors: Harvin, Kirsh, Allen, G. Brown, Hosey, Littlejohn, Mack, Moody-Lawrence, J.H. Neal, Rhoad and StuartDrafted Document Number: l:\council\bills\dka\3713mm00.docResiding Body: HouseCurrent Committee: Labor, Commerce and Industry Committee 26 HLCISubject: Mortgage on real estate, consumer loan, contracts secured by; Consumer Affairs, Property, Banks and Savings AssociationsHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20000316 Introduced, read first time, 26 HLCI referred to Committee Versions of This Bill
TO AMEND CHAPTER 3, TITLE 29, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MORTGAGES AND DEEDS OF TRUST, BY ADDING SECTION 29-3-110 SO AS TO PROVIDE THAT A CONTRACT, THE PERFORMANCE OF WHICH IS SECURED BY A MORTGAGE ON REAL ESTATE LOCATED IN THIS STATE, IS SUBJECT TO THE LAWS OF THIS STATE FOR ALL PURPOSES, REGARDLESS OF THE PLACE OF PERFORMANCE OR RESIDENCE OF THE PARTIES; AND TO AMEND SECTIONS 37-1-201 AND 37-10-101, BOTH RELATING TO THE APPLICATION AND SCOPE OF CONSUMER PROTECTION LAWS GENERALLY AND THOSE LAWS AS REGARDING LOANS, SO AS TO INCLUDE IN CONSUMER PROTECTION PROVISIONS CERTAIN CONTRACTS WHOSE PERFORMANCE IS SECURED BY A MORTGAGE ON REAL ESTATE LOCATED IN THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 3, Title 29 of the 1976 Code is amended by adding:
"Section 29-3-110. A contract of any type, the performance of which is secured by a mortgage of real estate located within this State, is subject to and must be construed by the laws of this State as to the allowable rate of interest and for all other purposes, regardless of the place provided in the contract for performance."
SECTION 2. Section 37-1-201 of the 1976 Code is amended by adding at the end:
"(12) A consumer loan or sales contract, the performance of which is secured by a mortgage of real estate located within this State, is subject to this title as provided in Section 29-3-110."
SECTION 3. Section 37-10-101 of the 1976 Code is amended to read:
"Section 37-10-101. Except as otherwise provided in other chapters of this title, this chapter applies to designated loan transactions other than consumer loan transactions,
(SECTIONS 37-3-104 and 37-3-105) and this chapter applies specifically to a loan contract, the performance of which is secured by a mortgage of real estate located within this State."
SECTION 4. This act takes effect upon approval by the Governor.
This web page was last updated on Wednesday, December 9, 2009 at 9:30 A.M.