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A172, R151, S787
STATUS INFORMATION
General Bill
Sponsors: Senator Gambrell
Document Path: SR-0467KM26.docx
Introduced in the Senate on January 13, 2026
Introduced in the House on February 25, 2026
Last Amended on May 7, 2026
Currently residing in the Senate
Governor's Action: May 18, 2026, Signed
Summary: Bridge Loans
HISTORY OF LEGISLATIVE ACTIONS
| Date | Body | Action Description with journal page number |
|---|---|---|
| 1/13/2026 | Senate | Introduced and read first time (Senate Journal-page 53) |
| 1/13/2026 | Senate | Referred to Committee on Banking and Insurance (Senate Journal-page 53) |
| 2/12/2026 | Senate | Committee report: Favorable Banking and Insurance (Senate Journal-page 8) |
| 2/19/2026 | Senate | Read second time (Senate Journal-page 15) |
| 2/19/2026 | Senate | Roll call Ayes-44 Nays-0 (Senate Journal-page 15) |
| 2/24/2026 | Senate | Read third time and sent to House (Senate Journal-page 11) |
| 2/25/2026 | House | Introduced and read first time (House Journal-page 11) |
| 2/25/2026 | House | Referred to Committee on Labor, Commerce and Industry (House Journal-page 11) |
| 4/30/2026 | House | Committee report: Favorable with amendment Labor, Commerce and Industry (House Journal-page 7) |
| 5/5/2026 | House | Debate adjourned until Wed., 5-6-26 (House Journal-page 38) |
| 5/6/2026 | House | Debate adjourned |
| 5/7/2026 | House | Amended (House Journal-page 73) |
| 5/7/2026 | House | Read second time (House Journal-page 73) |
| 5/7/2026 | House | Roll call Yeas-102 Nays-0 (House Journal-page 74) |
| 5/7/2026 | House | Unanimous consent for third reading on next legislative day (House Journal-page 75) |
| 5/8/2026 | House | Read third time and returned to Senate with amendments (House Journal-page 2) |
| 5/13/2026 | Senate | Concurred in House amendment and enrolled (Senate Journal-page 75) |
| 5/14/2026 | Ratified R 151 | |
| 5/18/2026 | Signed By Governor | |
| 5/27/2026 | Effective date 05/18/26 | |
| 5/27/2026 | Act No. 172 |
View the latest legislative information at the website
VERSIONS OF THIS BILL
01/13/2026
02/12/2026
04/30/2026
05/07/2026
NOTE: THIS IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL FINAL APPROVAL BY THE LEGISLATIVE COUNCIL.
(A172, R151, S787)
AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 37-3-110 SO AS TO DEFINE BRIDGE LOANS; AND BY AMENDING SECTION 37-3-402, RELATING TO BALLOON PAYMENTS, SO AS TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO BRIDGE LOANS.
Be it enacted by the General Assembly of the State of South Carolina:
Bridge loan
SECTION 1. Chapter 3, Title 37 of the S.C. Code is amended by adding:
Section 37-3-110. "Bridge loan" means a consumer loan with a maturity of less than twelve months to facilitate the acquisition or construction of residential real property intended to be occupied by the borrower. All bridge loans shall be offered under the following terms and conditions:
(1) the loan may be prepaid by the borrower at any time, without penalty; and
(2) the balloon payment, upon coming due, is allowed to be extended one time at the borrower's request for a period of three months, provided that the borrower continues to make monthly installments set forth in the original loan agreement.
Balloon payments
SECTION 2. Section 37-3-402(2) of the S.C. Code is amended to read:
(2) This section does not apply to:
(a) a transaction pursuant to a revolving loan account;
(b) a transaction to the extent that the payment schedule is adjusted to the seasonal or irregular income or scheduled payments or obligations of the consumer;
(c) a credit transaction to the extent a formula for determining the rate of the loan finance charge and any change in the amount of payment upon renegotiation or refinancing is specified in the agreement between the parties or is an alternative mortgage instrument;
(d) a transaction of a class defined by rule of the administrator as not requiring for the protection of the consumer his right to refinance as provided in this section; or
(e) bridge loans.
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Ratified the 14th day of May, 2026.
Approved the 18th day of May, 2026.
This web page was last updated on June 2, 2026 at 11:20 AM