S*172 Session 110 (1993-1994)
S*0172(Rat #0012, Act #0193) Joint Resolution, By Giese, Elliott, Glover,
Holland, Lander, McGill, T.W. Mitchell, Passailaigue, M.T. Rose, Russell, Short,
G. Smith, Waldrep and Washington
Similar(H 3019)
A Joint Resolution to direct the South Carolina Commission on Aging in
cooperation with the South Carolina Housing Finance and Development Authority
to establish a task force to study home equity conversion mortgages and to
report to the Joint Legislative Committee on Aging.
01/12/93 Senate Introduced and read first time SJ-71
01/12/93 Senate Referred to Committee on Banking and Insurance SJ-71
01/28/93 Senate Committee report: Favorable Banking and Insurance SJ-14
02/02/93 Senate Read second time SJ-9
02/03/93 Senate Read third time and sent to House SJ-10
02/03/93 House Introduced and read first time HJ-22
02/03/93 House Referred to Committee on Labor, Commerce and
Industry HJ-22
02/04/93 House Recalled from Committee on Labor, Commerce and
Industry HJ-37
02/04/93 House Committed to Committee on Medical, Military,
Public and Municipal Affairs HJ-37
02/17/93 House Committee report: Favorable Medical, Military,
Public and Municipal Affairs HJ-4
02/18/93 House Read second time HJ-17
02/23/93 House Read third time and enrolled HJ-17
03/03/93 Ratified R 12
03/08/93 Signed By Governor
03/08/93 Effective date 03/08/93
03/15/93 Copies available
(A193, R12, S172)
A JOINT RESOLUTION TO DIRECT THE SOUTH CAROLINA
COMMISSION ON AGING IN COOPERATION WITH THE SOUTH
CAROLINA HOUSING FINANCE AND DEVELOPMENT
AUTHORITY TO ESTABLISH A TASK FORCE TO STUDY HOME
EQUITY CONVERSION MORTGAGES AND TO REPORT TO THE
JOINT LEGISLATIVE COMMITTEE ON AGING.
Whereas, the vast majority of the state's elderly citizens live on fixed
incomes that often are not sufficient to meet daily living expenses, as well
as rapidly rising medical and health care costs; and
Whereas, many of these older persons are homeowners and if this asset
could be used for these expenses without being sold, these persons could
meet their financial obligations and continue living independently; and
Whereas, one solution that would be of great benefit and value to many in
the state's aging population is a Home Equity Conversion or a
"reverse" mortgage; and
Whereas, a Home Equity Conversion or "reverse" mortgage is a
loan against home equity providing cash advances to an elderly homeowner
and requiring no repayment until a future time, usually when the borrower
dies, sells the home, or permanently moves; and
Whereas, it would be beneficial to the State and its elderly citizens to assess
the availability of these mortgages and the steps that must be taken to make
these mortgages more available. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
Task force to be established
SECTION 1. The South Carolina Commission on Aging in conjunction
with the South Carolina Housing Finance and Development Authority shall
establish a task force to study Home Equity Conversion Mortgages
(Reverse Mortgages) with special attention to expanding the availability
and usage of these mortgages and developing a legislative proposal if
statutory changes are needed or would be beneficial in achieving this
expansion. The task force must be composed of those members the
commission and the authority find necessary to study this matter but shall
include a minimum of three mortgage bankers.
The task force shall report to the Joint Legislative Committee on Aging
within six months after this resolution's effective date. Upon submission of
the report the task force is dissolved.
Time effective
SECTION 2. This joint resolution takes effect upon approval by the
Governor.
Approved the 8th day of March, 1993. |