South Carolina General Assembly
118th Session, 2009-2010

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Bill 3573


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A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 39-5-180 SO AS TO MAKE IT AN UNLAWFUL TRADE PRACTICE FOR A BANK, BUILDING AND LOAN ASSOCIATION, SAVINGS AND LOAN ASSOCIATION, SAVINGS BANK, OR OTHER FINANCIAL INSTITUTION DOING ANY KIND OF BANKING BUSINESS IN THIS STATE TO FAIL TO RESPOND TO A SHORT SALE OFFER FOR THE PURCHASE OF REAL ESTATE WITHIN THIRTY CALENDAR DAYS OF THE OFFER'S RECEIPT.

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

SECTION    1.    Article 1, Chapter 5, Title 39 of the 1976 Code is amended by adding:

"Section 39-5-180.    Notwithstanding another provision of law, a bank, building and loan association, savings and loan association, savings bank, or other financial institution doing any kind of banking business in this State must either accept or reject a short sale offer for the purchase of real estate within thirty calendar days of the offer's receipt. A bank, building and loan association, savings and loan association, savings bank, or other financial institution doing any kind of banking business in this State that fails to accept or reject a short sale offer for the purchase of real estate within thirty calendar days of the offer's receipt commits an unlawful trade practice under Section 39-5-20 and is subject to the provisions, penalties, and damages of the South Carolina Unfair Trade Practices Act."

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on February 18, 2009 at 12:15 PM