South Carolina General Assembly
123rd Session, 2019-2020

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

H. 3624

STATUS INFORMATION

General Bill
Sponsors: Rep. Hart
Document Path: l:\council\bills\nbd\11181cz19.docx

Introduced in the House on January 16, 2019
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Mortgage payments

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/16/2019  House   Introduced and read first time (House Journal-page 25)
   1/16/2019  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 25)

View the latest legislative information at the website

VERSIONS OF THIS BILL

1/16/2019

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 29-1-70 SO AS TO PROVIDE A MANDATORY MINIMUM GRACE PERIOD OF TWENTY DAYS FOR A MORTGAGE PAYMENT, TO DEFINE THE TERM "GRACE PERIOD", AND TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO A SIMPLE INTEREST OR OTHER MORTGAGE IN WHICH INTEREST ACCRUES DAILY.

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

SECTION    1.    Chapter 1, Title 29 of the 1976 Code is amended by adding:

"Section 29-1-70.    (A)(1)    A mortgagee in this State is entitled to a grace period of at least twenty days following the due date of the loan payment. The terms of a note securing a mortgage issued in this State shall provide the specific grace period allowed, regardless of whether the twenty-day period required by this section is the only grace period allowed or if more than this minimum twenty-day period is allowed.

(2)    For the purposes of this section, 'grace period' means the period of time during which payment on a mortgage loan may be made after its due date without incurring a late penalty.

(B)    The provisions of this section apply only to a mortgage on which interest is calculated monthly and do not apply to a simple interest mortgage or other mortgage in which interest accrues daily."

SECTION    2.    This act takes effect upon approval by the Governor.

----XX----


This web page was last updated on September 11, 2019 at 10:20 AM