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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.
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