South Carolina passed a bill amending the Consumer Protection Code. This bill defines bridge loans as short-term consumer loans for residential real property acquisition or construction. The bill also establishes specific terms and conditions for bridge loans including prepayment rights and balloon payment extensions. In addition, the bill also exempts bridge loans from certain balloon payment restrictions. The bill went into effect May 18, 2026.
Click to view the SC SB 787: https://www.tenaco.com/wp-content/uploads/2026/06/SC-SB-787-05-18-26.pdf
