H 4534 General Bill, By Stavrinakis, McCoy, Sottile and Merrill
Summary: Cause of action for foreclosure
    A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 29-3-635 SO AS TO PROVIDE NO CAUSE OF ACTION FOR FORECLOSURE OF A REAL ESTATE MORTGAGE MAY BE COMMENCED IF THE ALLEGED DEFAULT WAS BASED SOLELY ON A FAILURE TO PURCHASE OR MAINTAIN FLOOD INSURANCE COVERING THE MORTGAGED PROPERTY; TO PROVIDE NO CAUSE OF ACTION EXISTS FOR FORECLOSING A REAL ESTATE MORTGAGE WHEN THE ALLEGED DEFAULT WAS BASED SOLELY ON A FAILURE TO PURCHASE OR MAINTAIN FLOOD INSURANCE COVERING THE MORTGAGED PROPERTY; TO PROVIDE REMAINING PROVISIONS IN A MORTGAGE REMAIN IN FULL FORCE AND EFFECT DESPITE A FAILURE TO PURCHASE OR MAINTAIN FLOOD INSURANCE COVERING THE MORTGAGED PROPERTY; AND TO PROVIDE COMPLIANCE WITH THESE PROVISIONS DOES NOT CONSTITUTE A WAIVER OF ANY OTHER RIGHTS OR TERMS OF A MORTGAGE AND DOES NOT ESTOP A MORTGAGOR OR MORTGAGEE FROM ASSERTING THOSE OTHER RIGHTS.
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01/22/14	House	Introduced and read first time (House Journal-page 12)
01/22/14	House	Referred to Committee on Judiciary (House Journal-page 12)