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H. 3554

STATUS INFORMATION

General Bill
Sponsors: Rep. S. Williams
Document Path: l:\council\bills\sm\20175cz21.docx

Introduced in the House on January 12, 2021
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Interest rates

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/16/2020  House   Prefiled
  12/16/2020  House   Referred to Committee on Labor, Commerce and Industry
   1/12/2021  House   Introduced and read first time (House Journal-page 236)
   1/12/2021  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 236)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/16/2020

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 37-3-110 SO AS TO ESTABLISH A MAXIMUM INTEREST RATE FOR CONSUMER LOANS ISSUED BY A CREDIT UNION, BANK, OR OTHER FINANCIAL INSTITUTION.

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

SECTION    1.    Part 1, Chapter 3, Title 37 of the 1976 Code is amended by adding:

    "Section 37-3-110.    (A)    Beginning July 1, 2021, a credit union, bank, or other financial institution may not make a consumer loan to a consumer with an interest rate in excess of:

        (1)    thirty-six percent each year on the portion of principal that does not exceed five thousand dollars;

        (2)    twenty-five percent each year on the portion of principal that exceeds five thousand dollars but does not exceed fifteen thousand dollars; or

        (3)    fifteen percent each year on the portion of principal that exceeds fifteen thousand dollars.

    (B)    Consumer loans existing before July 1, 2021, may not be extended, refinanced, or consolidated in excess of the interest rate limits established in this section."

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

This web page was last updated on January 26, 2021 at 2:02 PM