Current Status Bill Number:4009 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970410 Primary Sponsor:Govan All Sponsors:Govan Drafted Document Number:gjk\20503sd.97 Residing Body:House Current Committee:Labor, Commerce and Industry Committee 26 HLCI Subject:Mortgage loans, guaranty insurance required, broker disclosure requirements; Consumer Affairs, Banks and Savings
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19970410 Introduced, read first time, 26 HLCI referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-58-15 SO AS TO PROVIDE THAT A MORTGAGE BROKER, A BANK, OR OTHER PERSON MAKING A FIRST MORTGAGE LOAN ON RESIDENTIAL REAL PROPERTY, WHERE MORTGAGE GUARANTY INSURANCE IS REQUIRED, MUST DISCLOSE TO THE BORROWER THAT ONCE THE LOAN TO VALUE RATIO IS LESS THAN EIGHTY PERCENT, THE MORTGAGE GUARANTY INSURANCE REQUIREMENT MAY BE ELIMINATED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 40-58-15.
SECTION . This act takes effect upon approval by the Governor.