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RECALLED
May 20, 1999
H. 3403
Introduced by Reps. Robinson, Kelley, H. Brown, Easterday, Littlejohn, Sandifer, Vaughn, Leach, Fleming, Trotter, Klauber, McKay, Simrill, Hinson, Barrett, Keegan, Law and Rice
S. Printed 5/20/99--S.
Read the first time April 28, 1999.
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(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 is at the rate of fourteen ten percent per annum a year."
SECTION 2. This act takes effect January 1, 2000, and applies with respect to interest calculated pursuant to Section 34-31-20(B) of the 1976 Code that first attaches on or after that date.
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