All Roll Calls
Yes: 142 • No: 0
South CarolinaS 0780126th General Assembly (2025-2026)SenateWALLET
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.
Sponsored By: Michael W. Gambrell (Republican)
Signed by Governor
Summary
Consumer Home Loans
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Fewer fees count in high-cost loan test
Beginning May 18, 2026, some discount points and a conventional prepayment penalty do not count as fees. If the base rate is at most 1% above the conventional mortgage rate, up to 2 discount points are excluded. If the base rate is at most 2% above it, up to 1 discount point is excluded. These exclusions apply when adding up points and fees to see if a loan is a high-cost mortgage.
Conventional mortgage rate now uses federal index
Beginning May 18, 2026, the law defines the conventional mortgage rate using a federal index. It uses the average prime offer rate published by the Consumer Financial Protection Bureau. Use the rate posted on the last day your lender set your interest rate before closing. If that index is not available, the state administrator can adopt a substitute index.
Sponsors & Cosponsors
Sponsor
Michael W. Gambrell
Republican • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 5/7/2026
(Consumer Home Loans)Passage of Bill
Yes: 98 • No: 0
Senate vote • 2/18/2026
(Consumer Home Loans)2nd Reading
Yes: 44 • No: 0
Actions Timeline
Act No. 171
5/27/2026legislatureEffective date 05/18/26
5/27/2026legislatureSigned By Governor
5/18/2026GovernorRatified R 150
5/14/2026legislatureRead third time and enrolled
5/8/2026HouseUnanimous consent for third reading on next legislative day
5/7/2026HouseRoll call Yeas-98 Nays-0
5/7/2026HouseRead second time
5/7/2026HouseDebate adjourned
5/6/2026HouseDebate adjourned until Wed., 5-6-26
5/5/2026HouseScrivener's error corrected
5/4/2026legislatureCommittee report: Favorable Labor, Commerce and Industry
4/30/2026HouseReferred to Committee on Labor, Commerce and Industry
2/25/2026HouseIntroduced and read first time
2/25/2026HouseRead third time and sent to House
2/24/2026SenateRoll call Ayes-44 Nays-0
2/18/2026SenateRead second time
2/18/2026SenateCommittee report: Favorable Banking and Insurance
2/12/2026SenateReferred to Committee on Banking and Insurance
1/13/2026SenateIntroduced and read first time
1/13/2026Senate
Bill Text
Introduced
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