South Carolina General Assembly
117th Session, 2007-2008

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Bill 4586


Indicates Matter Stricken
Indicates New Matter


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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-101-210 SO AS TO PROVIDE THAT BOTH STATE-SUPPORTED AND PRIVATE ENTITIES THAT PROVIDE STUDENT LOANS TO BORROWERS ENROLLED IN HIGHER EDUCATION INSTITUTIONS IN THIS STATE SHALL ALLOW BORROWERS TO PREPAY THEIR LOANS WITHOUT PENALTY AND WITHOUT HAVING TO PAY UNACCRUED INTEREST.

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

SECTION    1.    Article 2, Chapter 101, Title 59 of the 1976 Code is amended by adding:

"Section 59-101-210.    An entity, whether state-supported or private, that provides student loans to borrowers enrolled in higher education institutions in this State, shall allow borrowers to prepay their loans without penalty and without having to pay unaccrued interest."

SECTION    2.    This act takes effect upon approval by the Governor.

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