S780 is a bill in the South Carolina Legislature (126th General Assembly): Consumer Home Loans.

What is the status of S780?

Signed into law as of May 27, 2026. Latest action: Act No. 171 (May 27, 2026).

Where is the official record for S780?

On the South Carolina Legislature website: https://www.scstatehouse.gov/sess126_2025-2026/bills/780.htm

South Carolina legislation · 126th General Assembly

South Carolina S780: Consumer Home Loans

Q: What does S780 do?

In its own words: TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 37-23-20, RELATING TO HIGH-COST AND CONSUMER HOME LOANS DEFINITIONS, SO AS TO PROVIDE THAT THE CONVENTIONAL MORTGAGE RATE MEANS THE AVERAGE PRIME OFFER RATE. B e it enacted by the General Assembly of the State of South Carolina: S ECTION 1. S ection 37-23-20(6) and (15) of the S.C. Code is amended to read: ( 6) "Conventional mortgage rate" means the required net yield for a ninety-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Hom.

Status: Signed into law, May 27, 2026

What the bill says

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 37-23-20, RELATING TO HIGH-COST AND CONSUMER HOME LOANS DEFINITIONS, SO AS TO PROVIDE THAT THE CONVENTIONAL MORTGAGE RATE MEANS THE AVERAGE PRIME OFFER RATE. B e it enacted by the General Assembly of the State of South Carolina: S ECTION 1. S ection 37-23-20(6) and (15) of the S.C. Code is amended to read: ( 6) "Conventional mortgage rate" means the required net yield for a ninety-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Hom.

From the amended text, May 4, 2026:

A bill TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 37-23-20, RELATING TO HIGH-COST AND CONSUMER HOME LOANS DEFINITIONS, SO AS TO PROVIDE THAT THE CONVENTIONAL MORTGAGE RATE MEANS THE AVERAGE PRIME OFFER RATE. B e it enacted by the General Assembly of the State of South Carolina: S ECTION 1. S ection 37-23-20(6) and (15) of the S.C. Code is amended to read: ( 6) "Conventional mortgage rate" means the required net yield for a ninety-day standard mandatory delivery commitment for a reasonably comparable loan from either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, whichever is greater. average prime offer rate as defined in 12 C.F.R. 1026.35(a)(2) that applies to a comparable transaction, as published by the United States Consumer Financial Protection Bureau as of the last date the interest rate for the transaction is set. ( a) The relevant date to use to determine the average prime offer rate for a comparable transaction is the date on which the interest rate was set by the lender for the final time before final action is taken including, but not limited to, consummation, regardless of whether market rates have increased, decreased, or remained the same since the final rate was set. ( b) If the index is not available, the administrator may …

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South Carolina S780: Consumer Home Loans

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