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COMMITTEE AMENDMENT ADOPTED AND AMENDED
May 30, 2000
H. 3403
Introduced by Reps. Robinson, Kelley, H. Brown, Easterday, Littlejohn, Sandifer, Vaughn, Leach, Fleming, Trotter, Klauber, McKay, Simrill, Hinson, Barrett, Keegan, Law and Rice
S. Printed 5/30/00--S.
Read the first time April 28, 1999.
TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST, SO AS TO ESTABLISH THE LEGAL INTEREST RATE AT THE PRIME RATE; TO PROVIDE THAT THE RATE FOR MONEY DECREES AND JUDGMENTS IS THE PRIME RATE PLUS ONE PERCENT; AND TO PROVIDE HOW THE PRIME RATE IS TO BE CALCULATED.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-31-20(B) of the 1976 Code is amended to read:
"(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest shall be is at the rate of fourteen twelve percent per annum a year."
SECTION 2. The 1976 Code is amended by adding:
"Section 38-77-144. There is no personal injury protection (PIP) coverage mandated under the automobile insurance laws of this State. Any reference to personal injury protection in Titles 38 or 56 or elsewhere is deleted. If an insurer sells no-fault insurance coverage which provides personal injury protection, medical payment coverage, or economic loss coverage, the coverage shall not be assigned or subrogated and is not subject to a setoff."
SECTION 3. The provisions of this act are declared by the General Assembly to be nonseverable, and if any portion of this act is declared by a court of competent jurisdiction to be invalid, unconstitutional, unenforceable, or unlawful, the remaining provisions are declared to be null and void.
SECTION 4. This act takes effect January 1, 2001, and applies with respect to interest calculated pursuant to causes of action arising or accruing on or after that date.
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