Current Status Bill Number:4113 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950412 Primary Sponsor:Cotty All Sponsors:Cotty and Hodges Drafted Document Number:bbm\10144jm.95 Residing Body:Senate Date of Last Amendment:19950524 Subject:Real estate appraisals
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19960320 Committee report: Favorable 11 SJ
Senate 19950529 Introduced, read first time, 11 SJ
referred to Committee
House 19950526 Read third time, sent to Senate
House 19950525 Unanimous consent for third
reading on the next Legislative day
House 19950525 Read second time
House 19950525 Objection withdrawn by Representative Scott
Lloyd
Govan
White
House 19950524 Objection by Representative Govan
White
Cave
House 19950524 Amended
House 19950524 Objection by Representative Scott
Lloyd
House 19950518 Committee report: Favorable 25 HJ
House 19950412 Introduced, read first time, 25 HJ
referred to Committee
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Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
March 20, 1996
H. 4113
S. Printed 3/20/96--S.
Read the first time May 29, 1995.
To whom was referred a Bill (H. 4113), to amend Section 29-3-680, Code of Laws of South Carolina, 1976, relating to mortgages and deeds of trust, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
ADDISON G. WILSON, for Committee.
TO AMEND SECTION 29-3-680, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MORTGAGES AND DEEDS OF TRUST, FORECLOSURE, AND APPLICATION FOR ORDER OF APPRAISAL, SO AS TO PROVIDE, AMONG OTHER THINGS, THAT, EXCEPT IN ANY REAL ESTATE FORECLOSURE PROCEEDING RELATING TO A DWELLING PLACE OR TO A CONSUMER CREDIT TRANSACTION, A DEFENDANT AGAINST WHOM A PERSONAL JUDGMENT MAY BE TAKEN ON A REAL ESTATE SECURED TRANSACTION MAY WAIVE THE APPRAISAL RIGHTS IF THE DEBTORS, MAKERS, BORROWERS, AND/OR GUARANTORS ARE NOTIFIED IN WRITING BEFORE THE TRANSACTION THAT A WAIVER OF APPRAISAL RIGHTS WILL BE REQUIRED AND UPON SIGNING A CERTAIN STATEMENT DURING THE TRANSACTION; AND TO AMEND SECTION 29-3-700, RELATING TO MORTGAGES AND DEEDS OF TRUST, FORECLOSURE, AND THE ORDER FOR APPRAISAL, SO AS TO PROVIDE THAT THE APPRAISAL BE CONDUCTED BY THREE DISINTERESTED STATE CERTIFIED GENERAL REAL ESTATE APPRAISERS, RATHER THAN "THREE DISINTERESTED FREEHOLDERS OF THE COUNTY IN WHICH THE PROPERTY IS LOCATED".
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 29-3-680 of the 1976 Code is amended to read:
"Section 29-3-680. (A) In any real estate foreclosure proceeding a defendant against whom a personal judgment be is taken or asked, whether he has theretofore appeared in the action or not, may within thirty days after the sale of the mortgaged property apply by verified petition to the clerk of court in which the decree or order of sale was taken for an order of appraisal.
(B) Except in any real estate foreclosure proceeding relating to a dwelling place, as defined in Section 12-37-250, or to a consumer credit transaction, as defined in Section 37-1-301(11), a defendant against whom a personal judgment may be taken on a real estate secured transaction may waive the appraisal rights as provided by this section if the debtors, makers, borrowers, and/or guarantors are notified in writing before the transaction that a waiver of appraisal rights will be required and upon signing a statement during the transaction similar to the following:
`The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE MORTGAGED PROPERTY.'
This waiver may be in any document relating to the transaction; however, the required language must be on a page containing the signature of the person making the waiver and the capitalized sentence must be underlined, in capital letters, or disclosed in another prominent manner."
SECTION 2. Section 29-3-700 of the 1976 Code is amended to read:
"Section 29-3-700. Upon the filing of such petition and deposit with the clerk of a sufficient sum to pay the costs of the subsequent proceedings he shall issue an order that the property be appraised at its true value as of the date of sale by three disinterested freeholders of the county in which the property is located individuals who must be state certified general real estate appraisers as defined in Section 40-60-20(20), state certified residential real estate appraisers as defined by Section 40-60-20(21), or state licensed real estate appraisers as defined by Section 40-60-20(22), who shall not be parties to the action or connected in business with or related by blood or marriage within the sixth degree to any such party."
SECTION 3. This act takes effect upon approval by the Governor.