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H. 3296
STATUS INFORMATION
Joint Resolution
Sponsors: Reps. Sellers and Alexander
Document Path: l:\council\bills\ggs\22193ab09.docx
Introduced in the House on January 15, 2009
Currently residing in the House Committee on Judiciary
Summary: Mortgages
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/15/2009 House Introduced and read first time HJ-421 1/15/2009 House Referred to Committee on Judiciary HJ-421
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VERSIONS OF THIS BILL
TO IMPOSE A MORATORIUM ON RESIDENTIAL MORTGAGE FORECLOSURES IN THIS STATE FOR A PERIOD OF ONE YEAR EXCEPT WHERE THE PARTY BRINGING THE FORECLOSURE ACTION STATES BY AFFIDAVIT THAT THE MORTGAGE LENDER DID NOT STEER THE BORROWER INTO A SUBPRIME MORTGAGE LOAN IN CERTAIN CIRCUMSTANCES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Notwithstanding another provision of law, for a period of one year from the effective date of this joint resolution a moratorium is imposed on residential real estate foreclosure actions in this State except where the foreclosing party provides an affidavit stating the mortgage lender did not steer the borrower into a subprime mortgage and loan without regard to whether the borrower would have qualified for a prime loan or if the borrower were not able to meet a term of the subprime mortgage.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
This web page was last updated on Monday, November 23, 2009 at 2:53 P.M.