South Carolina legislation · 126th General Assembly
South Carolina S787: Bridge Loans
Status: Signed into law, May 27, 2026
What the bill says
TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 37-3-110 SO AS TO DEFINE BRIDGE LOANS; AND BY AMENDING SECTION 37-3-402, RELATING TO BALLOON PAYMENTS, SO AS TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO BRIDGE LOANS. Amend Title To Conform B e it enacted by the General Assembly of the State of South Carolina: S ECTION 1. C hapter 3, Title 37 of the S.C. Code is amended by adding: S ection 37-3-110. " Bridge loan" means a consumer loan with a maturity of less than twelve months to facilitate the acquisition or construction of residential real property intended to be occupied.
From the amended text, May 7, 2026:
A bill TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 37-3-110 SO AS TO DEFINE BRIDGE LOANS; AND BY AMENDING SECTION 37-3-402, RELATING TO BALLOON PAYMENTS, SO AS TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO BRIDGE LOANS. Amend Title To Conform B e it enacted by the General Assembly of the State of South Carolina: S ECTION 1. C hapter 3, Title 37 of the S.C. Code is amended by adding: S ection 37-3-110. " Bridge loan" means a consumer loan with a maturity of less than twelve months to facilitate the acquisition or construction of residential real property intended to be occupied by the borrower. All bridge loans shall be offered under the following terms and conditions: ( 1) the loan may be prepaid by the borrower at any time, without penalty; and ( 2) the balloon payment, upon coming due, is allowed to be extended one time at the borrower's request for a period of three months, provided that the borrower continues to make monthly installments set forth in the original loan agreement. S ECTION 2. S ection 37-3-402(2) of the S.C. Code is amended to read: ( 2) This section does not apply to: ( a) a transaction pursuant to a revolving loan account; ( b) a transaction to the extent that …
Sponsors
- Michael Gambrell (R, 4) · primary sponsor