H3805

South Carolina H3805 mandates a minimum 20-day grace period for mortgage payments on loans with monthly interest.

South Carolina H3805 amends the state code to establish a mandatory minimum grace period of twenty days for mortgage payments. This grace period applies to loans where interest is calculated monthly, allowing borrowers to make payments after the due date without incurring a late penalty. The bill defines "grace period" as the time after the due date during which a payment can be made without penalty. Notably, this provision does not apply to mortgages with simple interest or those where interest accrues daily. The act will take effect upon approval by the Governor.