South Carolina passed a bill amending the South Carolina High-Cost and Consumer Home Loans Act. The bill redefines “conventional mortgage rate” to mean the average prime offer rate as defined in federal regulations published by the Consumer Financial Protection Bureau. The bill also provides detailed provisions for determining the relevant date for rate calculations and includes extensive definitions related to loan transaction thresholds. The bill went into effect May 18, 2026.
Click to view the SC SB 780: https://www.tenaco.com/wp-content/uploads/2026/06/SC-SB-780-05-19-26.pdf
