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Indicates Matter Stricken
Indicates New Matter
S. 564
STATUS INFORMATION
General Bill
Sponsors: Senator Thomas
Document Path: l:\council\bills\ggs\22777mm07.doc
Introduced in the Senate on March 13, 2007
Currently residing in the Senate Committee on Banking and Insurance
Summary: Mortgages
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 3/13/2007 Senate Introduced and read first time SJ-8 3/13/2007 Senate Referred to Committee on Banking and Insurance SJ-8
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VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 29-3-45 SO AS TO PROVIDE FOR ALLOCATION OF EXCESS PAYMENTS ON A MORTGAGE TO REDUCE THE PRINCIPAL AMOUNT OF THE UNDERLYING OBLIGATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 3, Title 29 of the 1976 Code is amended by adding:
"Section 29-3-45. Notwithstanding another provision of law, if a mortgagor makes a payment on a secured obligation in excess of the installment payment amount established by the mortgage and the underlying obligation, the excess monies must be allocated to reduce the principal amount of the obligation."
SECTION 2. This act takes effect upon approval by the Governor and applies to a mortgage relationship entered into after that date.
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