South Carolina · S.C. Code §§29-3-310, -320South Carolina mortgage satisfaction: the 3-month rule and the penalty

In South Carolina, a holder of record of a mortgage that has received full payment must enter satisfaction in the proper office within three months after a request – sent by certified mail or another delivery with proof of delivery – from the mortgagor, a purchaser, or anyone else with an interest in the property, together with tender of the recording fees; the satisfaction forever discharges the mortgage (S.C. Code §29-3-310). A holder that doesn't forfeits to the person aggrieved up to one-half of the debt secured or $25,000, whichever is less, plus actual damages, costs and attorney's fees in the court's discretion, and the court orders the satisfaction entered (§29-3-320). The holder may charge a reasonable fee of up to $25 for processing and recording the satisfaction; if the mortgagor says it will file the satisfaction itself, the holder mails or delivers the satisfied mortgage with no fee (§29-3-320).