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SC S0787
Bill
Status
Engrossed
2/24/2026
Primary Sponsor
Michael Gambrell
Click for details
AI Summary
- Defines "bridge loan" as a consumer loan with maturity of less than 18 months connected with acquiring or constructing residential real property intended to be occupied by the borrower
- Exempts bridge loans from South Carolina's balloon payment regulations under Section 37-3-402
- Adds bridge loans to the existing list of exemptions that already includes revolving loan accounts, seasonal payment adjustments, alternative mortgage instruments, and administrator-defined transaction classes
- Introduced by Senator Gambrell and received a favorable committee report from the Senate Banking and Insurance Committee on February 12, 2026
Legislative Description
Bridge Loans
Last Action
Referred to Committee on Labor, Commerce and Industry
2/25/2026
Committee Referrals
Labor, Commerce and Industry2/25/2026
Banking and Insurance1/13/2026
Full Bill Text
No bill text available