South Carolina General Assembly
112th Session, 1997-1998

Bill 4009


Indicates Matter Stricken
Indicates New Matter


                    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



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
House   19970410  Introduced, read first time,             26 HLCI
                  referred to Committee

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

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.

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