South Carolina General Assembly
119th Session, 2011-2012

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S. 1433

STATUS INFORMATION

Joint Resolution
Sponsors: Senator Sheheen
Document Path: l:\s-res\vas\008deed.kmm.vas.docx

Introduced in the Senate on April 12, 2012
Currently residing in the Senate Committee on Banking and Insurance

Summary: Deed of Trust Study Committee

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   4/12/2012  Senate  Introduced and read first time (Senate Journal-page 4)
   4/12/2012  Senate  Referred to Committee on Banking and Insurance 
                        (Senate Journal-page 4)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/12/2012

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

A JOINT RESOLUTION

TO ESTABLISH A DEED OF TRUST STUDY COMMITTEE TO DETERMINE THE EFFICACY AND FEASIBILITY OF UTILIZING A DEED OF TRUST RATHER THAN A MORTGAGE FOR A FORECLOSURE SECURITY INSTRUMENT, AND TO PROVIDE FOR THE DUTIES AND MEMBERSHIP OF THE STUDY COMMITTEE.

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

SECTION    1.    A Deed of Trust Study Committee shall be established to determine the efficacy and feasibility of utilizing a deed of trust rather than a mortgage for a foreclosure security instrument. The study committee shall:

(1)    perform an analysis of the benefits and disadvantages of the current utilization of a mortgage as a foreclosure security instrument compared to the benefits and disadvantages of utilizing a deed of trust as a foreclosure security instrument; and

(2)    make recommendations to the General Assembly no later than January 1, 2013.

SECTION    2.    The Deed of Trust Study Committee shall be composed of the following members:

(1)    two Senators appointed by the President Pro Tempore of the Senate;

(2)    two members of the House of Representatives appointed by the Speaker of the House of Representatives; and

(3)    a Master in Equity appointed by the Chief Justice of the South Carolina Supreme Court, who shall serve as chairman.

SECTION    3.    Members shall serve at the pleasure of the appointing authority.    Members of the study committee shall serve without compensation.

SECTION    4.    This joint resolution takes effect upon approval by the Governor.

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