S 787 — Bridge Loans

2025-2026 Bill 787 Text of Previous Version (Feb.(Jan.

12,13, 2026) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026(Text2025-2026Bill 787Indicates Matter StrickenIndicates New Matter(Text matches printed bills.

Document has been reformatted to meet World Wide Web specifications.) Indicates  Matter  Stricken  Indicates  New  Matter  Committee  Report  FebruaryA 12,bill 2026  S.TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 37-3-110 SO AS TO DEFINE BRIDGE LOANS;

787 Introduced by Senator Gambrell S.

Printed 2/12/26--S.

Read the first time January 13, 2026 ________ The committee on Senate Banking and Insurance To whom was referred a Bill (S.

787) 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, etc., respectfully Report:

That they have duly and carefully considered the same, and recommend that the same do pass:

   RONNIE CROMER for Committee.

_______ A bill TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 37-3-110 SO AS TO DEFINE BRIDGE LOANS;

  Be it enacted by the General Assembly of the State of South Carolina:

  SECTION 1.   ChapterChapter 3, Title 37 of the S.C.

   Section    Section 37-3-110.   "Bridge"Bridge loan" means a consumer loan with a maturity of less than eighteen months connected with the acquisition or construction of residential real property intended to be occupied by the borrower.

  SECTION 2.   SectionSection 37-3-402(2) of the S.C.

   (2)    (2) This section does not apply to:

          (a)  (a) a transaction pursuant to a revolving loan account;

          (b)  (b) a transaction to the extent that the payment schedule is adjusted to the seasonal or irregular income or scheduled payments or obligations of the consumer;

          (c)  (c) a credit transaction to the extent a formula for determining the rate of the loan finance charge and any change in the amount of payment upon renegotiation or refinancing is specified in the agreement between the parties or is an alternative mortgage instrument;instrument;  or        (d) a transaction of a class defined by rule of the administrator as not requiring for the protection of the consumer his right to refinance as provided in this section.;

or           (e)  (d)bridge aloans. transaction of a class defined by rule of the administrator as not requiring for the protection of the consumer his right to refinance as provided in this section.;

or     SECTION  (e)3.  bridgeThis loans.act takes effect upon approval by the Governor.

SECTION----XX---- 3. This  Thisweb actpage takeswas effectlast uponupdated approvalon byJanuary the13, Governor.2026 at 12:46 PM

----XX---- This web page was last updated on February 12, 2026 at 02:29 PM