Bill Text: SC H5004 | 2015-2016 | 121st General Assembly | Introduced
Bill Title: Timeshare Lien Foreclosure Act
Spectrum: Moderate Partisan Bill (Democrat 16-5)
Status: (Introduced - Dead) 2016-02-25 - Referred to Committee on Labor, Commerce and Industry [H5004 Detail]
Download: South_Carolina-2015-H5004-Introduced.html
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 27-32-312 SO AS TO PROVIDE THAT THE NONJUDICIAL FORECLOSURE PROCEDURES CONTAINED IN ARTICLE 3, CHAPTER 32, TITLE 27, "TIMESHARE LIEN FORECLOSURE ACT", DO NOT APPLY TO A MORTGAGOR OR AN OBLIGOR WHO IS A CURRENT MEMBER OF THE UNITED STATES ARMED FORCES, REGARDLESS OF THE DATE WHEN THE MORTGAGE IN QUESTION ORIGINATED, OR TO A PERSON ENTITLED TO PROTECTION UNDER THE SERVICEMEMBERS CIVIL RELIEF ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 32, Title 27 of the 1976 Code is amended by adding:
"Section 27-32-312. Notwithstanding another provision of law, the nonjudicial foreclosure procedures contained in this article may not be used to foreclose a mortgage lien or an assessment lien against a timeshare estate of either a mortgagor or an obligor who is a:
(1) current member of the United States Armed Forces, regardless of the date when the mortgage in question originated; or
(2) person entitled to protection under the Servicemembers Civil Relief Act of 2003, 50 U.S.C. App. Sec. 501 et seq."
SECTION 2. This act takes effect upon approval by the Governor.
