Bill > H3805

This bill amends South Carolina law by establishing a mandatory minimum grace period of twenty days for mortgage payments. Specifically, the bill requires that mortgages issued in the state must include a grace period of at least 20 days after the loan payment's due date, during which borrowers can make a payment without incurring a late penalty. The bill defines "grace period" as the timeframe after a payment's due date when a borrower can still make a payment without being charged a late fee. Importantly, this provision only applies to mortgages where interest is calculated monthly, and it does not cover simple interest mortgages or mortgages where interest accrues daily. The goal of the legislation appears to be providing additional financial flexibility for mortgage borrowers by ensuring they have a standardized window to make their payment after the original due date without facing immediate financial penalties. The bill will take effect upon receiving the Governor's approval.

Justice

https://www.scstatehouse.gov/billsearch.php?billnumbers=3805&session=126&summary=B