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Bill Number: 4450 Ratification Number: 408 Act Number 370 Introducing Body: House Subject: Notes and bonds of the South Carolina State Housing, Finance, and Development
(A370, R408, H4450)
AN ACT TO AMEND SECTION 31-13-200, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE NOTES AND BONDS OF THE SOUTH CAROLINA STATE HOUSING, FINANCE, AND DEVELOPMENT AUTHORITY, SO AS TO PROVIDE THE AUTHORITY DISCRETION IN DETERMINING PERSONS OR FAMILIES OF A BENEFICIARY CLASS WHO MAY OBTAIN MORTGAGE LOANS.
Be it enacted by the General Assembly of the State of South Carolina:
Notes and bonds of the South Carolina State Housing, Finance, and Development Authority
SECTION 1. Section 31-13-200(c) of the 1976 Code, as last amended by Act 538 of 1988, is further amended to read:
"(c) Upon obtaining the approval of the Budget and Control Board pursuant to Section 31-13-220, the authority may issue its notes and bonds, the proceeds of which must be used to purchase federally insured or guaranteed mortgages or mortgages insured by a private mortgage company authorized to do business in this State from mortgage lenders upon the agreement of the mortgage lenders to use the proceeds of the sale of the mortgages to the authority to originate new mortgage loans to housing sponsors or to such persons or families of either beneficiary class as the authority determines. The notes and bonds must be secured both as to principal and interest by a pledge of the proceeds of the mortgages so purchased. The program authorized by this subitem is known as the 'Mortgage Purchase Program'."
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 19th day of March, 1990.