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
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19960321 Introduced, read first time, 02 SBI referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-58-120 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.