South Carolina General Assembly
111th Session, 1995-1996

Bill 1280


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       1280
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19960321
Primary Sponsor:                   Thomas 
All Sponsors:                      Thomas 
Drafted Document Number:           bbm\10695jm.96
Companion Bill Number:             4783
Residing Body:                     Senate
Current Committee:                 Banking and Insurance Committee
                                   02 SBI
Subject:                           Mortgage loan broker, annual
                                   compliance review



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

Senate  19960321  Introduced, read first time,             02 SBI
                  referred to Committee

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(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 40-58-120 SO AS TO PROVIDE THAT AN ANNUAL COMPLIANCE REVIEW OF A MORTGAGE LOAN BROKER SHALL NOT BE CONDUCTED UNLESS A LEGITIMATE, VERIFIABLE COMPLAINT IS FILED WITH THE DEPARTMENT OF CONSUMER AFFAIRS.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 40-58-120. Notwithstanding any other provision of law, an annual compliance review of a mortgage loan broker shall not be conducted unless a legitimate, verifiable complaint is filed with the department against such broker."

SECTION 2. This act takes effect upon approval by the Governor.

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