Current StatusView additional legislative information at the LPITS web site.
Bill Number: 3368 Ratification Number: 555 Act Number 445 Introducing Body: House Subject: Relating to the legal rate of interest
(A445, R555, H3368)
AN ACT TO AMEND SECTION 34-31-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST, SO AS TO PROVIDE THAT IN ALL CASES OF ACCOUNTS STATED AND IN ALL CASES WHEREIN ANY SUM OF MONEY SHALL BE ASCERTAINED AND, BEING DUE, SHALL DRAW INTEREST, THE LEGAL INTEREST SHALL BE AT THE RATE OF EIGHT AND THREE-FOURTHS PERCENT PER ANNUM, AND TO PROVIDE THAT ALL MONEY DECREES AND JUDGMENTS OF COURTS ENROLLED OR ENTERED SHALL DRAW INTEREST ACCORDING TO LAW AND THAT THE LEGAL INTEREST SHALL BE AT THE RATE OF FOURTEEN PERCENT PER ANNUM.
Be it enacted by the General Assembly of the State of South Carolina:
Accounts shall draw interest
Section 1. Section 34-31-20 of the 1976 Code, as last amended by Act 159 of 1979, is further amended to read:
"Section 34-31-20. (A) In all cases of accounts stated and in all cases wherein any sum or sums of money shall be ascertained and, being due, shall draw interest according to law, the legal interest shall be at the rate of eight and three-fourths percent per annum.
(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be at the rate of fourteen percent per annum."
Section 2. This act shall take effect upon the approval by the Governor.