Bill Text: SC H3364 | 2015-2016 | 121st General Assembly | Introduced

South Carolina House Bill 3364 (Prior Session Legislation)

Introduced

Bill Title: Mortgage payments

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-01-20 - Referred to Committee on Labor, Commerce and Industry [H3364 Detail]

Download: South_Carolina-2015-H3364-Introduced.html

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.