All Roll Calls
Yes: 146 • No: 0
South CarolinaS 0787126th General Assembly (2025-2026)SenateWALLET
AN ACT 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, SO AS TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO BRIDGE LOANS.
Sponsored By: Michael W. Gambrell (Republican)
Signed by Governor
Summary
Bridge Loans
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
South Carolina bridge home loans: more flexibility, fewer protections
Starting May 18, 2026, South Carolina sets rules for bridge loans. A bridge loan is a consumer loan under 12 months to buy or build a home you will live in. You can prepay at any time with no penalty. If your loan ends with a balloon payment, you can ask once to delay that final payment by three months. To get the delay, you must keep making the monthly payments in your original contract. The state's general balloon‑payment protections do not apply to bridge loans.
Sponsors & Cosponsors
Sponsor
Michael W. Gambrell
Republican • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 5/7/2026
(Bridge Loans)Passage of Bill
Yes: 102 • No: 0
Senate vote • 2/19/2026
(Bridge Loans)2nd Reading
Yes: 44 • No: 0
Actions Timeline
Act No. 172
5/27/2026legislatureEffective date 05/18/26
5/27/2026legislatureSigned By Governor
5/18/2026GovernorRatified R 151
5/14/2026legislatureConcurred in House amendment and enrolled
5/13/2026SenateRead third time and returned to Senate with amendments
5/8/2026HouseUnanimous consent for third reading on next legislative day
5/7/2026HouseRoll call Yeas-102 Nays-0
5/7/2026HouseRead second time
5/7/2026HouseAmended
5/7/2026HouseDebate adjourned
5/6/2026HouseDebate adjourned until Wed., 5-6-26
5/5/2026HouseCommittee report: Favorable with amendment 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
2/19/2026SenateRead second time
2/19/2026SenateCommittee 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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