1999-2000 Bill 3702: Loan Agreement Secured by Lien on Real Estate, Prepayment Allowed

BIL:3702

TYP:General Bill GB

INB:House

IND:19990310

PSP:Quinn

SPO:Quinn, Barfield, Battle, Bowers, T.Brown, Dantzler, Davenport, Emory, Fleming, Harrison, Hinson, Inabinett, Koon, Loftis, Mason, McGee, Rhoad, Riser, Robinson, Simrill, Stille, Stuart, Taylor, Vaughn, Whatley, Whipper and YoungBrickell

DDN:l:\council\bills\dka\3159mm99.doc

RBY:Senate

COM:Banking and Insurance Committee 02 SBI

LAD:19990601

SUB:Loan agreement secured by lien on real estate, prepayment allowed when secured by mortgage; Property, Banks

HST:

BodyDateAction DescriptionComLeg Involved

______

Senate19990603Introduced, read first time,02 SBI

referred to Committee

House19990602Read third time, sent to Senate

House19990601Amended, read second time

House19990527Committee report: Favorable with25 HJ

amendment

House19990310Introduced, read first time,25 HJ

referred to Committee

Printed Versions of This Bill

Ordered Printed on 19990527

Ordered Printed on 19990601

TXT:

Indicates Matter Stricken

Indicates New Matter

AMENDED

June 1, 1999

H.3702

Introduced by Reps. Quinn, Barfield, Battle, Bowers, T.Brown, Dantzler, Davenport, Emory, Fleming, Harrison, Hinson, Inabinett, Koon, Loftis, Mason, McGee, Rhoad, Riser, Robinson, Simrill, Stille, Stuart, Taylor, Vaughn, Whatley, Whipper and YoungBrickell

S. Printed 6/1/99--H.

Read the first time March 10, 1999.

[3702-1]

A BILL

TO AMEND SECTION 3710103, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PAYMENTS MADE ON A LOAN AGREEMENT SECURED BY A LIEN ON REAL ESTATE, SO AS TO DELETE THE ONE HUNDRED THOUSAND DOLLAR LIMIT AND ALLOW PREPAYMENT WITHOUT PENALTY OF A LOAN OF ANY AMOUNT SECURED BY A MORTGAGE.

Amend Title To Conform

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

SECTION1.Section 3710103 of the 1976 Code is amended to read:

“Section 3710103. With respect to a loan agreement which is secured in whole or in part by a first or junior lien on real estate under which the aggregate of all sums advanced or contemplated by the parties in good faith to be advanced will not exceed onetwo hundred thousand dollars., the:

(1)The debtor has the right tomay prepay the debt in full at any time without penalty; and

(2)The rate of the loan finance charge ismust be a fixed, nonvariable rate. This subsectionitem does not apply:

(a)if the borrower otherwise agrees otherwise,; and either the:

(b)(a)The loan is primarily for a business or agricultural purpose or is used for the construction of any improvements on the real estate which provides theis the security for the loan; or

(c)(b) The creditor makes the loan in accordance with anya regulation governing alternative mortgage loans promulgated by the State Board of Financial Institutions or a federal regulatory agency.”

SECTION2.This act takes effect upon approval by the Governor.

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