South Carolina General Assembly
121st Session, 2015-2016

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H. 3358

STATUS INFORMATION

General Bill
Sponsors: Rep. Hart
Document Path: l:\council\bills\agm\18488ab15.docx

Introduced in the House on January 20, 2015
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Mandatory minimum grace period for mortgage payments

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   1/20/2015  House   Introduced and read first time (House Journal-page 17)
   1/20/2015  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 17)

View the latest legislative information at the website

VERSIONS OF THIS BILL

1/20/2015

(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 29-1-70 SO AS TO PROVIDE A MANDATORY MINIMUM GRACE PERIOD OF TWENTY DAYS FOR A MORTGAGE PAYMENT, TO DEFINE THE TERM GRACE PERIOD, AND TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO A SIMPLE INTEREST OR OTHER MORTGAGE IN WHICH INTEREST ACCRUES DAILY.

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

SECTION    1.    Chapter 1, Title 29 of the 1976 Code is amended by adding:

"Section 29-1-70.    (A)(1)    A mortgagee in this State is entitled to a grace period of at least twenty days following the due date of the loan payment. The terms of a note securing a mortgage issued in this State shall provide the specific grace period allowed, regardless of whether the twenty-day period required by this section is the only grace period allowed or if more than this minimum twenty-day period is allowed.

(2)    For the purposes of this section, 'grace period' means the period of time during which payment on a mortgage loan may be made after its due date without incurring a late penalty.

(B)    The provisions of this section apply only to a mortgage on which interest is calculated monthly and do not apply to a simple interest mortgage or other mortgage in which interest accrues daily."

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

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This web page was last updated on January 22, 2015 at 1:49 PM