South Carolina General Assembly
113th Session, 1999-2000

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Bill 3403

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

POLLED OUT OF COMMITTEE

MAJORITY FAVORABLE WITH AMENDMENT

May 16, 2000

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 5/16/00--S.

Read the first time April 28, 1999.

            

THE COMMITTEE ON JUDICIARY

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

REPORT:

Has polled the Bill out with amendment, to wit:

Amend the bill, as and if amended, by striking all after the enacting words and inserting therein the following:

/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 twelve percent per annum a year."

SECTION 2. This act takes effect January 1, 2001, 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./

Renumber sections to conform.

Amend title to conform.

A BILL

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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