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A173, R174, S637
STATUS INFORMATION
General Bill
Sponsors: Senator Cromer
Document Path: l:\council\bills\df\13009cz21.docx
Introduced in the Senate on March 2, 2021
Introduced in the House on March 2, 2022
Passed by the General Assembly on May 5, 2022
Governor's Action: May 16, 2022, Signed
Summary: SC Dodd-Frank Conformity
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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3/2/2021 Senate Introduced and read first time (Senate Journal-page 12)
3/2/2021 Senate Referred to Committee on Banking and Insurance
(Senate Journal-page 12)
2/23/2022 Senate Committee report: Favorable Banking and Insurance
(Senate Journal-page 8)
3/1/2022 Senate Read second time
3/1/2022 Senate Roll call Ayes-42 Nays-0
3/2/2022 Senate Read third time and sent to House
(Senate Journal-page 11)
3/2/2022 House Introduced and read first time (House Journal-page 101)
3/2/2022 House Referred to Committee on Labor, Commerce and Industry
(House Journal-page 101)
4/28/2022 House Committee report: Favorable Labor, Commerce and Industry
(House Journal-page 7)
5/4/2022 House Read second time (House Journal-page 78)
5/4/2022 House Roll call Yeas-105 Nays-0 (House Journal-page 78)
5/5/2022 House Read third time and enrolled (House Journal-page 11)
5/12/2022 Ratified R 174 (Senate Journal-page 208)
5/16/2022 Signed By Governor
5/31/2022 Effective date 05/16/22
5/31/2022 Act No. 173
View the latest legislative information at the website
VERSIONS OF THIS BILL
(A173, R174, S637)
AN ACT TO AMEND SECTION 37-22-110, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS APPLICABLE TO THE MORTGAGE LENDING LAWS OF THIS STATE, SO AS TO ESTABLISH CERTAIN CRITERIA A RETAILER OF MANUFACTURED OR MODULAR HOMES MUST MEET TO QUALIFY AS AN "EXEMPT PERSON"; AND TO AMEND SECTION 40-58-20, RELATING TO DEFINITIONS APPLICABLE TO THE LICENSING OF MORTGAGE BROKERS ACT, SO AS TO ESTABLISH CERTAIN CRITERIA A RETAILER OF MANUFACTURED OR MODULAR HOMES MUST MEET TO QUALIFY AS AN "EXEMPT PERSON".
Be it enacted by the General Assembly of the State of South Carolina:
Definition of "exempt person"
SECTION 1. Section 37-22-110(18)(i) of the 1976 Code is amended to read:
"(i) a retailer of manufactured or modular homes or an employee of the retailer if the retailer or employee:
(i) does not receive compensation or other gain for engaging in activities described in item (1), (2), or (26) in excess of any compensation or gain received in a comparable cash transaction;
(ii) discloses in writing to the consumer any corporate affiliation with any creditor and, if a corporate affiliation exists, the identity of at least one unaffiliated creditor; and
(iii) does not directly negotiate with the consumer or lender on loan terms including, but not limited to, rates, fees, and other costs; or"
Definition of "exempt person"
SECTION 2. Section 40-58-20(16)(i) of the 1976 Code is amended to read:
"(i) a retailer of manufactured or modular homes or an employee of the retailer if the retailer or employee:
(i) does not receive compensation or other gain for engaging in activities described in item (1), (2), or (24) in excess of any compensation or gain received in a comparable cash transaction;
(ii) discloses in writing to the consumer any corporate affiliation with any creditor and, if a corporate affiliation exists, the identity of at least one unaffiliated creditor; and
(iii) does not directly negotiate with the consumer or lender on loan terms including, but not limited to, rates, fees, and other costs; or"
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Ratified the 12th day of May, 2022.
Approved the 16th day of May, 2022.
This web page was last updated on June 10, 2022 at 3:58 PM