Bridge Loans

2025-2026 Bill 787: Bridge Loans

South Carolina General Assembly

126th Session, 2025-2026

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A172, R151, S787

STATUS INFORMATION

General Bill

Sponsors: Senator Gambrell

Document Path: SR-0467KM26.docx

Introduced in the Senate on January 13, 2026

Introduced in the House on February 25, 2026

Last Amended on May 7, 2026

Currently residing in the Senate

Governor's Action: May 18, 2026, Signed

Summary: Bridge Loans

HISTORY OF LEGISLATIVE ACTIONS

Date

Body

Action Description with journal page number

1/13/2026

Senate

Introduced and read first time (
Senate Journal-page 53
)

1/13/2026

Senate

Referred to Committee on
Banking and Insurance
(
Senate Journal-page 53
)

2/12/2026

Senate

Committee report: Favorable
Banking and Insurance
(
Senate Journal-page 8
)

2/19/2026

Senate

Read second time (
Senate Journal-page 15
)

2/19/2026

Senate

Roll call Ayes-44 Nays-0 (
Senate Journal-page 15
)

2/24/2026

Senate

Read third time and sent to House (
Senate Journal-page 11
)

2/25/2026

House

Introduced and read first time (
House Journal-page 11
)

2/25/2026

House

Referred to Committee on
Labor, Commerce and Industry
(
House Journal-page 11
)

4/30/2026

House

Committee report: Favorable with amendment
Labor, Commerce and Industry
(
House Journal-page 7
)

5/5/2026

House

Debate adjourned until Wed., 5-6-26 (
House Journal-page 38
)

5/6/2026

House

Debate adjourned

5/7/2026

House

Amended (
House Journal-page 73
)

5/7/2026

House

Read second time (
House Journal-page 73
)

5/7/2026

House

Roll call Yeas-102 Nays-0 (
House Journal-page 74
)

5/7/2026

House

Unanimous consent for third reading on next
legislative day (
House Journal-page 75
)

5/8/2026

House

Read third time and returned to Senate with amendments (
House Journal-page 2
)

5/13/2026

Senate

Concurred in House amendment and enrolled (
Senate Journal-page 75
)

5/14/2026

Ratified R 151

5/18/2026

Signed By Governor

5/27/2026

Effective date 05/18/26

5/27/2026

Act No. 172

View the latest
legislative information
at the website

VERSIONS OF THIS BILL

01/13/2026
02/12/2026
04/30/2026
05/07/2026

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

NOTE: THIS IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL FINAL APPROVAL BY THE LEGISLATIVE COUNCIL.

(A172, R151, S787)

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.

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

Bridge loan

SECTION 1. Chapter 3, Title 37 of the S.C. Code is amended by adding:

Section 37-3-110. "Bridge loan" means a consumer loan with a maturity of less than twelve months to facilitate the acquisition or construction of residential real property intended to be occupied by the borrower. All bridge loans shall be offered under the following terms and conditions:

(1) the loan may be prepaid by the borrower at any time, without penalty; and

(2) the balloon payment, upon coming due, is allowed to be extended one time at the borrower's request for a period of three months, provided that the borrower continues to make monthly installments set forth in the original loan agreement.

Balloon payments

SECTION 2. Section 37-3-402(2) of the S.C. Code is amended to read:

(2) This section does not apply to:

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

(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) 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;

(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) bridge loans.

Time effective

SECTION 3. This act takes effect upon approval by the Governor.

Ratified the 14th day of May, 2026.

Approved the 18th day of May, 2026.

__________

This web page was last updated on
June 2, 2026 at 11:20 AM