S 0565 General Bill, By Thomas
Summary: Foreclosure proceedings
    A BILL TO AMEND SECTION 29-3-680, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO APPLICATION FOR AN ORDER OF APPRAISAL IN CONNECTION WITH A FORECLOSURE PROCEEDING, SO AS TO PROVIDE THAT THE STATUTORY RIGHT TO APPRAISAL PURSUANT TO APPLICATION TO THE COURT MUST NOT BE WAIVED BY A DEBTOR, MAKER, BORROWER, GUARANTOR, OR OTHER OBLIGOR, AND TO PROVIDE THAT A CREDITOR WHO ELECTS TO SEEK A PERSONAL JUDGMENT ON THE UNDERLYING DEBT AS OPPOSED TO A FORECLOSURE OF THE MORTGAGE MAY RECOVER ONLY THE DIFFERENCE BETWEEN THE STATUTORY APPRAISED VALUE AND THE AMOUNT DUE ON THE DEBT.
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03/13/07	Senate	Introduced and read first time SJ-8
03/13/07	Senate	Referred to Committee on Banking and Insurance SJ-8