South Carolina General Assembly
119th Session, 2011-2012

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H. 3237

STATUS INFORMATION

General Bill
Sponsors: Rep. Herbkersman
Document Path: l:\council\bills\agm\18269bh11.docx

Introduced in the House on January 11, 2011
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Unlawful trade practice

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/14/2010  House   Prefiled
  12/14/2010  House   Referred to Committee on Labor, Commerce and Industry
   1/11/2011  House   Introduced and read first time (House Journal-page 95)
   1/11/2011  House   Referred to Committee on Labor, Commerce and Industry 
                        (House Journal-page 95)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/14/2010

(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 39-5-180 SO AS TO MAKE IT AN UNLAWFUL TRADE PRACTICE FOR A BANK, BUILDING AND LOAN ASSOCIATION, SAVINGS AND LOAN ASSOCIATION, SAVINGS BANK, OR OTHER FINANCIAL INSTITUTION DOING ANY KIND OF BANKING BUSINESS IN THIS STATE TO FAIL TO RESPOND TO A SHORT SALE OFFER FOR THE PURCHASE OF REAL ESTATE WITHIN THIRTY CALENDAR DAYS OF THE OFFER'S RECEIPT.

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

SECTION    1.    Article 1, Chapter 5, Title 39 of the 1976 Code is amended by adding:

"Section 39-5-180.    Notwithstanding another provision of law, a bank, building and loan association, savings and loan association, savings bank, or other financial institution doing any kind of banking business in this State must either accept or reject a short sale offer for the purchase of real estate within thirty calendar days of the offer's receipt. A bank, building and loan association, savings and loan association, savings bank, or other financial institution doing any kind of banking business in this State that fails to accept or reject a short sale offer for the purchase of real estate within thirty calendar days of the offer's receipt commits an unlawful trade practice under Section 39-5-20 and is subject to the provisions, penalties, and damages of the South Carolina Unfair Trade Practices Act."

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

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