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H. 4550

STATUS INFORMATION

General Bill
Sponsors: Reps. Viers and Toole
Document Path: l:\council\bills\swb\5490mm03.doc

Introduced in the House on January 14, 2004
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Consumer loans, supervised lender may not contract for and receive finance charge in excess of 36% a year

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/14/2004  House   Introduced and read first time HJ-87
   1/14/2004  House   Referred to Committee on Labor, Commerce and Industry 
                        HJ-87
   2/10/2004  House   Member(s) request name added as sponsor: Toole

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/14/2004

TO AMEND SECTION 37-3-201, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LOAN FINANCE CHARGES FOR CONSUMER LOANS, SO AS TO PROVIDE THAT A SUPERVISED LENDER MAY NOT CONTRACT FOR AND RECEIVE A LOAN FINANCE CHARGE IN EXCESS OF THIRTY-SIX PERCENT A YEAR IN CONNECTION WITH A CONSUMER LOAN.

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

SECTION    1.    Section 37-3-201(2) of the 1976 Code is amended by adding an appropriately designated item at the end to read:

"( )    of any amount and for any terms, an amount of interest after maturity not exceeding thirty-six percent a year on the net payoff balance as of the date of maturity, whether as scheduled, accelerated, or otherwise, and notwithstanding other provisions of law to the contrary."

SECTION    2.    This act takes effect upon approval by the Governor, and applies to a covered sale or loan transaction entered into after that date.

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