Current Status Bill Number:4705 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960306 Primary Sponsor:Easterday All Sponsors:Easterday, Sandifer, Tripp, Rice, Trotter, Cato and Loftis Drafted Document Number:pt\2269jm.96 Residing Body:House Current Committee:Labor, Commerce and Industry Committee 26 HLCI Subject:Mortgage loan broker, official place of business
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19960306 Introduced, read first time, 26 HLCI
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-58-67 SO AS TO PERMIT A MORTGAGE LOAN BROKER TO CONDUCT BUSINESS WITHOUT HAVING TO MAINTAIN A PRINCIPAL OFFICE OR "AN OFFICIAL PLACE OF BUSINESS" UNDER CERTAIN CONDITIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 40-58-67. Notwithstanding Section 40-58-65 or any other provision of this chapter, a mortgage loan broker may conduct business without having to maintain a principal office or `an official place of business' if such broker files with the Department of Consumer Affairs a sworn statement indicating where such broker can be located and the name, address, and telephone number of the financial institution or other office where any escrow funds are maintained."
SECTION 2. This act takes effect upon approval by the Governor.