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H. 4461

STATUS INFORMATION

General Bill
Sponsors: Reps. Harrison, Delleney, W.D. Smith, Talley, Taylor, Clemmons, Cotty, Simrill and Walker
Document Path: l:\council\bills\pt\1781ahb04.doc

Introduced in the House on January 13, 2004
Currently residing in the House Committee on Judiciary

Summary: Definition of legal rate of interest for court proceedings

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/17/2003  House   Prefiled
  12/17/2003  House   Referred to Committee on Judiciary
   1/13/2004  House   Introduced and read first time HJ-83
   1/13/2004  House   Referred to Committee on Judiciary HJ-83

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/17/2003

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-31-25 SO AS TO ESTABLISH A PREJUDGMENT LEGAL RATE OF INTEREST EQUAL TO THE PRIME RATE AS LISTED IN THE WALL STREET JOURNAL PLUS TWO PERCENT AND TO AMEND SECTION 34-31-20, AS AMENDED, RELATING TO THE POSTJUDGMENT LEGAL RATE OF INTEREST, SO AS TO PROVIDE THE RATE OF INTEREST IS EQUAL TO THE PRIME RATE AS LISTED IN THE WALL STREET JOURNAL PLUS FOUR PERCENT.

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

SECTION    1.    A.     Chapter 31, Title 34 of the 1976 Code is amended by adding:

"Section 34-31-25.    (A)    In a civil action, at the request of the plaintiff seeking monetary relief for bodily injury, death, or property damage, interest must be added to the amount of compensatory damages awarded against each defendant found to be liable by a jury, by the court in a nonjury trial, or by an arbitrator or mediator.

(B)    The interest:

(1)    becomes part of the award;

(2)    must be awarded from the date the action is filed to the date of the award; and

(3)    must be calculated at the rate equal to the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year for which damages are awarded, plus two percent, compounded annually."

B.     Section 34-31-20(B) of the 1976 Code, as last amended by Act 344 of 2000, is further amended to read:

"(B)    All A money decrees decree and or judgments judgment of the courts court enrolled or entered shall must draw interest according to law. The legal rate of interest is at the rate of twelve percent a year equal to the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year for which the damages are awarded, plus four percent, compounded annually. The South Carolina Supreme Court shall issue a court order by January 15 of each year confirming the annual prime rate."

SECTION    2.    The repeal or amendment by this act of any law, whether temporary or permanent or civil or criminal, does not affect pending actions, rights, duties, or liabilities founded thereon, or alter, discharge, release or extinguish any penalty, forfeiture, or liability incurred under the repealed or amended law, unless the repealed or amended provision shall so expressly provide. After the effective date of this act, all laws repealed or amended by this act must be taken and treated as remaining in full force and effect for the purpose of sustaining any pending or vested right, civil action, special proceeding, criminal prosecution, or appeal existing as of the effective date of this act, and for the enforcement of rights, duties, penalties, forfeitures, and liabilities as they stood under the repealed or amended laws.

SECTION    3.    This act takes effect upon approval by the Governor and applies to a cause of action arising on or after the effective date of this act.

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