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COMMITTEE REPORT
April 21, 1999
H. 3403
Introduced by Reps. Robinson, Kelley, H. Brown, Easterday, Littlejohn, Sandifer, Vaughn, Leach, Fleming, Trotter, Klauber, McKay, Simrill, Hinson, Barrett and Keegan
S. Printed 4/21/99--H.
Read the first time January 28, 1999.
To whom was referred a Bill (H. 3403), to amend Section 34-31-20, Code of Laws of South Carolina, 1976, relating to the legal rate of interest, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass with amendment:
Amend the bill, as and if amended, by striking SECTION 1 in its entirety and inserting:
/ SECTION 1. Section 34-31-20 of the 1976 Code is amended to read:
"Section 34-31-20. (A) In all cases of accounts stated and in all cases wherein any sum or sums of money shall be ascertained and, being due, shall draw interest according to law, the legal interest shall be at the rate of eight and three-fourths percent per annum.
(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be is at the rate of fourteen ten percent per annum a year."
Amend title to conform.
JAMES H. HARRISON, for Committee.
TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST, SO AS TO ESTABLISH THE LEGAL INTEREST RATE AT THE PRIME RATE; TO PROVIDE THAT THE RATE FOR MONEY DECREES AND JUDGMENTS IS THE PRIME RATE PLUS ONE PERCENT; AND TO PROVIDE HOW THE PRIME RATE IS TO BE CALCULATED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-31-20 of the 1976 Code is amended to read:
"Section 34-31-20. (A) In all cases of accounts stated and in all cases wherein any in which a sum or sums of money shall must be ascertained and, being due, shall draw interest according to law, the legal interest shall be is at the rate of eight and three-fourths percent per annum prime rate a year.
(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be is at the prime rate of fourteen percent plus one percent per annum a year.
(C) For purposes of this section, the prime rate in effect on January first of each year is the applicable prime rate for interest determined under this section regardless of the time during the year interest attaches. The prime rate is calculated as the base rate on corporate loans posted by at least seventy-five percent of thirty of the nation's largest banks as published in the Wall Street Journal.
(D) The Division of Court Administration annually shall compute and distribute to magistrates and clerks of court the appropriate rates of interest in accordance with this section within five business days after the first day of January. At the time a money decree or judgment is enrolled or entered, the clerk of court also shall enter the interest rate in effect on that date."
SECTION 2. This act takes effect January 1, 2000, and applies with respect to interest calculated pursuant to Section 34-31-20 of the 1976 Code that first attaches on or after that date.
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