South Carolina General Assembly
119th Session, 2011-2012

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H. 3536

STATUS INFORMATION

General Bill
Sponsors: Reps. Hart and King
Document Path: l:\council\bills\agm\18450ab11.docx

Introduced in the House on February 2, 2011
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Mortgages

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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    2/2/2011  House   Introduced and read first time (House Journal-page 14)
    2/2/2011  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 14)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/2/2011

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

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.

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