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H. 3676

STATUS INFORMATION

General Bill
Sponsors: Rep. Hart
Document Path: l:\council\bills\df\13005cz21.docx

Introduced in the House on January 14, 2021
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Mortgage payment

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/14/2021  House   Introduced and read first time (House Journal-page 547)
   1/14/2021  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 547)

View the latest legislative information at the website

VERSIONS OF THIS BILL

1/14/2021

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:

SSECTION    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.

This web page was last updated on January 26, 2021 at 4:15 PM