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Current Status Bill Number:View additional legislative information at the LPITS web site.189 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:McConnell All Sponsors:McConnell, Passailaigue, Reese Drafted Document Number:l:\s-res\gfm\004inte.whb.doc Residing Body:Senate Current Committee:Banking and Insurance Committee 02 SBI Subject:Judgments, monetary decrees; legal rate of interest revised; Banks and Savings and Loan, Courts History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 02 SBI referred to Committee Senate 19981216 Prefiled, referred to Committee 02 SBI Versions of This Bill
TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST ON ACCOUNTS AND ON MONETARY DECREES AND JUDGMENTS, SO AS TO REVISE THE LEGAL RATE OF INTEREST ON MONETARY DECREES AND JUDGMENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-31-20(B) of the 1976 Code is amended to read:
"(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be at the a rate of fourteen percent per annum equal to the coupon issue yield equivalent, as determined by the State Treasurer, of the average accepted auction price for the last auction of fifty-two week United States Treasury bills settled immediately prior to the date of the judgment. Interest shall be computed daily to the date of payment and shall be compounded annually."
SECTION 2. This act takes effect upon approval by the Governor.
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