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Bill Number: 3408 Ratification Number: 661 Act Number 575 Introducing Body: House Subject: Home equity conversion mortgages
(A575, R661, H3408)
AN ACT TO AMEND SECTION 31-3-140, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWERS AND DUTIES OF THE STATE HOUSING AUTHORITY, SO AS TO AUTHORIZE THE AUTHORITY TO MAKE HOME EQUITY CONVERSION MORTGAGES TO ANY PERSON WHO IS A MEMBER OF A BENEFICIARY CLASS OF THE AUTHORITY AND OVER SIXTY-FIVE YEARS OF AGE, PROVIDE FOR A PROGRAM FOR THE MORTGAGES, PROVIDE FOR THE EFFECT OF OBTAINING THE MORTGAGE, AND DEFINE TERMS.
Be it enacted by the General Assembly of the State of South Carolina:
Home equity conversion mortgages
SECTION 1. Section 31-3-140 of the 1976 Code is amended to read:
"Section 31-3-140. Except as otherwise provided in this article, the Authority and its commissioners have the same functions, rights, powers, duties, privileges, immunities, and limitations as those provided for housing authorities created for cities, counties or groups of counties, and the commissioners of the housing authorities. The Authority also may make home equity conversion mortgages to any person who is a member of a beneficiary class of the Authority as provided in Section 31-13-170 (b), (o), and (p) and who is over sixty-five years of age. The Authority may prepare and administer a program for the home equity conversion mortgages and may coordinate any available funding for the program with the federal government and the private sector. Money received as a result of obtaining a home equity conversion mortgage must not be counted as income in a determination of entitlement to any public assistance. The term 'home conversion mortgage' means a first mortgage which provides for future payments to the homeowner based on accumulated equity.
The provisions of this chapter and Chapter 11 apply to the Authority in the same manner and to the same extent as the provisions are applicable to a housing authority created for a city or a county, and the term 'Authority' or 'Housing Authority' as used in the provisions includes the South Carolina State Housing Authority unless a different meaning clearly appears from the context."
SECTION 2. This act takes effect upon approval by the Governor.