South Carolina (“SC”) interest rate laws are stated in SC Code of Laws, Title 34 (banking, Financial Institutions and Money). Under Section 34-31-20, the state legal maximum interest rate is eight and three-fourths percent per annum. Interest rate on a money judgment will be the prime rate listed in the first edition of the Wall Street Journal published in January with an addition of four percent annually. South Carolina Consumer Protection Code has exempted some transactions and institutions from the state prescribed interest rate.
S.C. Code Ann. § 34-31-20 reads:
§ 34-31-20. Legal rate of interest.
(A) In all cases of accounts stated and in all cases wherein any sum or sums of money shall be ascertained and, being due, shall draw interest according to law, the legal interest shall be at the rate of eight and three-fourths percent per annum.
(B) A money decree or judgment of a court enrolled or entered must draw interest according to law. The legal rate of interest is equal to the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year for which the damages are awarded, plus four percentage points, compounded annually. The South Carolina Supreme Court shall issue an order by January 15 of each year confirming the annual prime rate. This section applies to all judgments entered on or after July 1, 2005. For judgments entered between July 1, 2005, and January 14, 2006, the legal rate of interest shall be the first prime rate as published in the first edition of the Wall Street Journal after January 1, 2005, plus four percentage points.