Current Status Introducing Body:Senate Bill Number:172 Ratification Number:12 Act Number:193 Primary Sponsor:Giese Type of Legislation:JR Subject:Home Equity Conversion Mortgages Task Force Companion Bill Number:3019 Date Bill Passed both Bodies:19930223 Computer Document Number:436/12772.AC Governor's Action:S Date of Governor's Action:19930308 Introduced Date:19930112 Last History Body:------ Last History Date:19930308 Last History Type:Act No. 193 Scope of Legislation:Statewide All Sponsors:Giese Passailaigue Elliott Holland Lander McGill Mitchell Russell Short Greg Smith Waldrep Washington Glover Rose Type of Legislation:Joint Resolution
Bill Body Date Action Description CMN Leg Involved
---- ------ ------------ ------------------------------ --- ------------
172 ------ 19930308 Act No. 193
172 ------ 19930308 Signed by Governor
172 ------ 19930303 Ratified R 12
172 House 19930223 Read third time, enrolled for
ratification
172 House 19930218 Read second time
172 House 19930217 Committee Report: Favorable 27
172 House 19930204 Referred to Committee 27
172 House 19930204 Recalled from Committee 26
172 House 19930203 Introduced, read first time, 26
referred to Committee
172 Senate 19930203 Read third time, sent to House
172 Senate 19930202 Read second time
172 Senate 19930128 Committee Report: Favorable 02
172 Senate 19930112 Introduced, read first time, 02
referred to Committee
View additional legislative information at the LPITS web site.
(A193, R12, S172)
A JOINT RESOLUTION TO DIRECT THE SOUTH CAROLINA COMMISSION ON AGING IN COOPERATION WITH THE SOUTH CAROLINA HOUSING FINANCE AND DEVELOPMENT AUTHORITY TO ESTABLISH A TASK FORCE TO STUDY HOME EQUITY CONVERSION MORTGAGES AND TO REPORT TO THE JOINT LEGISLATIVE COMMITTEE ON AGING.
Whereas, the vast majority of the state's elderly citizens live on fixed incomes that often are not sufficient to meet daily living expenses, as well as rapidly rising medical and health care costs; and
Whereas, many of these older persons are homeowners and if this asset could be used for these expenses without being sold, these persons could meet their financial obligations and continue living independently; and
Whereas, one solution that would be of great benefit and value to many in the state's aging population is a Home Equity Conversion or a "reverse" mortgage; and
Whereas, a Home Equity Conversion or "reverse" mortgage is a loan against home equity providing cash advances to an elderly homeowner and requiring no repayment until a future time, usually when the borrower dies, sells the home, or permanently moves; and
Whereas, it would be beneficial to the State and its elderly citizens to assess the availability of these mortgages and the steps that must be taken to make these mortgages more available. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
Task force to be established
SECTION 1. The South Carolina Commission on Aging in conjunction with the South Carolina Housing Finance and Development Authority shall establish a task force to study Home Equity Conversion Mortgages (Reverse Mortgages) with special attention to expanding the availability and usage of these mortgages and developing a legislative proposal if statutory changes are needed or would be beneficial in achieving this expansion. The task force must be composed of those members the commission and the authority find necessary to study this matter but shall include a minimum of three mortgage bankers.
The task force shall report to the Joint Legislative Committee on Aging within six months after this resolution's effective date. Upon submission of the report the task force is dissolved.
Time effective
SECTION 2. This joint resolution takes effect upon approval by the Governor.
Approved the 8th day of March, 1993.