H 4262 Joint Resolution, By  House Regulations and Administrative Procedures
 A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE STATE BOARD OF FINANCIAL
 INSTITUTIONS - CONSUMER FINANCE DIVISION, RELATING TO MORTGAGE LENDING,
 DESIGNATED AS REGULATION DOCUMENT NUMBER 4690, PURSUANT TO THE PROVISIONS OF
 ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.

   05/03/17  House  Introduced, read first time, placed on calendar
                     without reference (House Journal-page 83)
   05/09/17  House  Recommitted to Committee on Regulations and
                     Administrative Procedures (House Journal-page 95)

INTRODUCED

May 3, 2017

H. 4262

Introduced by Regulations and Administrative Procedures Committee

S. Printed 5/3/17--H.

Read the first time May 3, 2017.

TO APPROVE REGULATIONS OF THE STATE BOARD OF FINANCIAL INSTITUTIONS - CONSUMER FINANCE DIVISION, RELATING TO MORTGAGE LENDING, DESIGNATED AS REGULATION DOCUMENT NUMBER 4690, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    The regulations of the State Board of Financial Institutions - Consumer Finance Division, relating to Mortgage Lending, designated as Regulation Document Number 4690, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.

SECTION    2.    This joint resolution takes effect upon approval by the Governor.

The South Carolina State Board of Financial Institutions - Consumer Finance Division seeks to amend Regulation 15-64 in order to comply with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) and with rules issued by the Consumer Financial Protection Bureau (CFPB). Further, state-specific items in the South Carolina Mortgage Lending Act will be clarified or modified to meet the statutory requirements of both the S.A.F.E. Act and CFPB rules.

The Notice of Drafting was published in the State Register on September 23, 2016.