S 780 — Consumer Home Loans
Last action — Act No. 171
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed House
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced January 13, 2026. Enacted.
Signed by Governor Henry McMaster (Republican) on May 18, 2026.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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1 sponsor
1 primary, 0 co-sponsors signed on.
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Cleared a recorded vote
Passed 2 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
In plain language
The bill amends definitions related to high-cost and consumer home loans in South Carolina.
This bill changes the definition of the conventional mortgage rate to mean the average prime offer rate. It updates the South Carolina Code of Laws regarding home loans.
What this means for you
- Consumers: This means consumers may experience changes in how home loans are classified and potentially their borrowing costs.
Summary
AN ACT 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. - RATIFIED TITLE
Bill Text
What changed in the latest version
64 added · 93 removedPlain-language change summary
The recent amendment to Bill S 780 changes the definition of "conventional mortgage rate" from a more complex calculation based on certain federal loan requirements to a simpler standard defined by the average prime offer rate, as published by the Consumer Financial Protection Bureau. This change matters because it aims to make it easier for consumers and lenders to understand and apply mortgage rates, potentially leading to clearer loan agreements and better financial planning for borrowers.
2025-2026 Bill 780 Text of Previous Version (Feb.(Jan.
12,13, 2026) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 780Indicates 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 ReportA Februarybill 12, 2026TO AMEND S.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.
780 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.
780) 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, 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 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.
----XX---- This web page was last updated on FebruaryJanuary 12,13, 2026 at 02:2812:42 PM
Action History
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Act No. 171
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Effective date 05/18/26
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Signed By Governor
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Ratified R 150
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Read third time and enrolled
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Unanimous consent for third reading on next legislative day
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Roll call Yeas-98 Nays-0
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Read second time
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Debate adjourned
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Debate adjourned until Wed., 5-6-26
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Scrivener's error corrected
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Committee report: Favorable Labor, Commerce and Industry
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Referred to Committee on Labor, Commerce and Industry
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Introduced and read first time
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Read third time and sent to House
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Roll call Ayes-44 Nays-0
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Read second time
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Committee report: Favorable Banking and Insurance
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Referred to Committee on Banking and Insurance
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Introduced and read first time
Sponsors
- Senator Michael W. Gambrell · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 169 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (169)
169 members have not signed on to this bill.
Show all 169 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 94 | 0 | 0 | 25 |
| Republican | 2 | 0 | 0 | 0 |
| Democrat | 1 | 0 | 0 | 1 |
| Total | 97 | 0 | 0 | 26 |
| % of votes cast | 79% | 0% | 0% | 21% |
How each member voted (123)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 44 | 0 | 0 | 2 |
| Total | 44 | 0 | 0 | 2 |
| % of votes cast | 96% | 0% | 0% | 4% |
How each member voted (46)
Subjects
Frequently asked questions
- What does S 780 do?
- AN ACT 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. - RATIFIED TITLE
- Who sponsors S 780?
- S 780 is sponsored by Senator Michael W. Gambrell.
- What is the current status of S 780?
- This bill has been enacted into law. Introduced January 13, 2026. Enacted.
- Where can I track S 780?
- Track S 780 free on One Click Politics — get push/email alerts when it moves.
Make your voice heard on S 780
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