H 3237 Session 119 (2011-2012)
H 3237 General Bill, By Herbkersman
A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
39-5-180 SO AS TO MAKE IT AN UNLAWFUL TRADE PRACTICE FOR A BANK, BUILDING AND
LOAN ASSOCIATION, SAVINGS AND LOAN ASSOCIATION, SAVINGS BANK, OR OTHER
FINANCIAL INSTITUTION DOING ANY KIND OF BANKING BUSINESS IN THIS STATE TO FAIL
TO RESPOND TO A SHORT SALE OFFER FOR THE PURCHASE OF REAL ESTATE WITHIN THIRTY
CALENDAR DAYS OF THE OFFER'S RECEIPT.
12/14/10 House Prefiled
12/14/10 House Referred to Committee on Labor, Commerce and Industry
01/11/11 House Introduced and read first time (House Journal-page 95 )
01/11/11 House Referred to Committee on Labor, Commerce and
Industry (House Journal-page 95)
H. 3237
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 39-5-180 SO AS TO MAKE IT AN UNLAWFUL TRADE PRACTICE FOR A BANK, BUILDING AND LOAN ASSOCIATION, SAVINGS AND LOAN ASSOCIATION, SAVINGS BANK, OR OTHER FINANCIAL INSTITUTION DOING ANY KIND OF BANKING BUSINESS IN THIS STATE TO FAIL TO RESPOND TO A SHORT SALE OFFER FOR THE PURCHASE OF REAL ESTATE WITHIN THIRTY CALENDAR DAYS OF THE OFFER'S RECEIPT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 5, Title 39 of the 1976 Code is amended by adding:
"Section 39-5-180. Notwithstanding another provision of law, a bank, building and loan association, savings and loan association, savings bank, or other financial institution doing any kind of banking business in this State must either accept or reject a short sale offer for the purchase of real estate within thirty calendar days of the offer's receipt. A bank, building and loan association, savings and loan association, savings bank, or other financial institution doing any kind of banking business in this State that fails to accept or reject a short sale offer for the purchase of real estate within thirty calendar days of the offer's receipt commits an unlawful trade practice under Section 39-5-20 and is subject to the provisions, penalties, and damages of the South Carolina Unfair Trade Practices Act."
SECTION 2. This act takes effect upon approval by the Governor.
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