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H. 3678

STATUS INFORMATION

General Bill
Sponsors: Rep. Hart
Document Path: l:\council\bills\df\13004cz21.docx

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

Summary: Mortgage

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 29-1-60 SO AS TO PROVIDE NOTWITHSTANDING ANOTHER PROVISION OF LAW OR CONTRACT, WHEN A MORTGAGEE MAKES A PAYMENT ON A LOAN SECURED BY A MORTGAGE, THE MORTGAGOR SHALL APPLY AT LEAST THIRTY PERCENT OF THE PAYMENT RECEIVED TOWARD THE PRINCIPAL BALANCE OF THE LOAN SECURED BY THE MORTGAGE, AND TO PROVIDE A PENALTY.

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 29-1-60.    (A)    Notwithstanding another provision of law or contract, when a mortgagee makes a payment on a loan secured by a mortgage, the mortgagor shall apply at least thirty percent of the payment received toward the principal balance of the loan secured by the mortgage.

    (B)    A violation of this section must result in a civil penalty against the mortgagor and payable to the mortgagee in an amount equal to treble the amount of the mortgage payment."

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