South Carolina General Assembly
111th Session, 1995-1996

Bill 1280

Indicates Matter Stricken
Indicates New Matter 

                    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
History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

Senate  19960321  Introduced, read first time,             02 SBI
                  referred to Committee
View additional legislative information at the LPITS web site.

(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 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.

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