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H. 3296

STATUS INFORMATION

Joint Resolution
Sponsors: Reps. Sellers and Alexander
Document Path: l:\council\bills\ggs\22193ab09.docx

Introduced in the House on January 15, 2009
Currently residing in the House Committee on Judiciary

Summary: Mortgages

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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   1/15/2009  House   Introduced and read first time HJ-421
   1/15/2009  House   Referred to Committee on Judiciary HJ-421

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/15/2009

TO IMPOSE A MORATORIUM ON RESIDENTIAL MORTGAGE FORECLOSURES IN THIS STATE FOR A PERIOD OF ONE YEAR EXCEPT WHERE THE PARTY BRINGING THE FORECLOSURE ACTION STATES BY AFFIDAVIT THAT THE MORTGAGE LENDER DID NOT STEER THE BORROWER INTO A SUBPRIME MORTGAGE LOAN IN CERTAIN CIRCUMSTANCES.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Notwithstanding another provision of law, for a period of one year from the effective date of this joint resolution a moratorium is imposed on residential real estate foreclosure actions in this State except where the foreclosing party provides an affidavit stating the mortgage lender did not steer the borrower into a subprime mortgage and loan without regard to whether the borrower would have qualified for a prime loan or if the borrower were not able to meet a term of the subprime mortgage.

SECTION    2.    This joint resolution takes effect upon approval by the Governor.

This web page was last updated on Monday, November 23, 2009 at 2:53 P.M.