Bill 4975

                    Current Status

Introducing Body:               House
Bill Number:                    4975
Primary Sponsor:                Rogers
Type of Legislation:            GB
Subject:                        Consumer credit sales,
                                minimum payment, charge
                                account
Residing Body:                  Senate
Computer Document Number:       GJK/20654SD.94
Introduced Date:                19940324
Last History Body:              Senate
Last History Date:              19940601
Last History Type:              Read second time, notice of
                                general amendments
Scope of Legislation:           Statewide
All Sponsors:                   Rogers
Type of Legislation:            General Bill

Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

4975  Senate  19940601      Read second time, notice of
                            general amendments
4975  Senate  19940531      Recalled from Committee,        02
                            placed on Calendar
4975  Senate  19940525      Introduced, read first time,    02
                            referred to Committee
4975  House   19940525      Read third time, sent to
                            Senate
4975  House   19940524      Read second time
4975  House   19940504      Committee Report: Favorable     26
4975  House   19940324      Introduced, read first time,    26
                            referred to Committee

Indicates Matter Stricken
Indicates New Matter

RECALLED

May 31, 1994

H. 4975

S. Printed 5/31/94--S.

Read the first time May 25, 1994.

A BILL

TO AMEND SECTION 37-2-207, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT WITH CERTAIN EXCEPTIONS FORTY PERCENT OF THE SCHEDULED MINIMUM PAYMENT FOR REVOLVING CHARGE ACCOUNTS ON CONSUMER CREDIT SALES MUST BE APPLIED TO PRINCIPAL REDUCTION, SO AS TO SPECIFY CERTAIN SITUATIONS WHICH ARE NOT CONSIDERED VIOLATIONS OF THIS REQUIREMENT.

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

SECTION 1. Section 37-2-207(5) of the 1976 Code is amended to read:

"(5) Notwithstanding subsection (3), and except for subsection (4), no less than forty percent of any scheduled minimum payment for that billing cycle must be applied to principal reduction in that billing cycle; provided, however, that failure to apply this required percentage to principal is not considered a violation of this provision if caused by the buyer's late, insufficient, or nonpayment of one or more scheduled minimum payments, or is caused by the buyer's agreement to a promotion offered by the seller such as deferred payments, deferred or waived finance charges, or a combination thereof."

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