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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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