South Carolina General Assembly
103rd Session, 1979-1980

Bill 3263

                    Current Status

Bill Number:               3263
Ratification Number:       435
Act Number                 379
Introducing Body:          House
Subject:                   State Board of Financial
                           Institutions
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A379, R435, H3263)

AN ACT TO ALLOW THE STATE BOARD OF FINANCIAL INSTITUTIONS TO PROMULGATE REGULATIONS PERMITTING STATE CHARTERED SAVINGS AND LOAN ASSOCIATIONS TO OFFER VARIABLE RATES ON FIRST MORTGAGE REAL ESTATE LOANS AND TO AMEND ACT 7 OF 1979, RELATING TO INTEREST RATE LIMITATIONS ON CERTAIN FIRST MORTGAGE LOANS, SO AS TO PERMIT STATE CHARTERED SAVINGS AND LOAN ASSOCIATIONS TO OFFER SUCH VARIABLE RATE LOANS UPON PROMULGATION AND APPROVAL OF REGULATIONS AUTHORIZING SAME BY THE STATE BOARD OF FINANCIAL INSTITUTIONS.

Be it enacted by the General Assembly of the State of South Carolina:

Board may promulgate regulations

Section 1. Notwithstanding the provisions of Act 7 of 1979 and Section 34-31-90, Code of Laws of South Carolina, 1976, the State Board of Financial Institutions may promulgate regulations permitting state chartered savings and loan associations to offer variable rate first mortgage real estate loans; provided, that this authority shall extend only to the identical authorization granted to federally chartered savings and loan associations by regulation of the Federal Home Loan Bank Board.

Associations may offer variable rate first mortgage loans

Section 2. Section 3 of Act 7 of 1979 is amended by changing the period at the end to a semicolon and adding: "provided, however, that state chartered savings and loan associations shall be permitted to offer variable rate first mortgage real estate loans upon promulgation and approval of regulations authorizing same by the State Board of Financial Institutions as permitted by law." The section when amended shall read:

"Section 3. With respect to a loan of one hundred thousand dollars or less, this act shall not apply unless the agreement provides for a fixed interest rate and the right to prepay the debt in full at any time without penalty; provided, however, that state chartered savings and loan associations shall be permitted to offer variable rate first mortgage real estate loans upon promulgation and approval of regulations authorizing same by the State Board of Financial Institutions as permitted by law."

Time effective

Section 3. This act shall take effect upon approval by the Governor.