Bill Text: SC H3358 | 2015-2016 | 121st General Assembly | Introduced
Bill Title: Mandatory minimum grace period for mortgage payments
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-01-20 - Referred to Committee on Labor, Commerce and Industry [H3358 Detail]
Download: South_Carolina-2015-H3358-Introduced.html
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.
