The bill S. 787 aims to amend the South Carolina Code of Laws by introducing a new definition for "bridge loans" and modifying existing regulations regarding balloon payments. Specifically, it adds Section 37-3-110, which defines a bridge loan as a consumer loan with a maturity of less than eighteen months that is associated with the acquisition or construction of residential real property intended for occupancy by the borrower.

Additionally, the bill amends Section 37-3-402 to clarify that the regulations concerning balloon payments do not apply to bridge loans. This amendment includes a new provision (e) that explicitly states that bridge loans are exempt from the balloon payment requirements outlined in the section. The bill is currently under consideration in the Senate Committee on Banking and Insurance and will take effect upon approval by the Governor.

Statutes affected:
Latest Version: 37-3-110, 37-3-402