Bill Text: SC S0636 | 2021-2022 | 124th General Assembly | Introduced

South Carolina Senate Bill 636 (Prior Session Legislation)

Introduced

Bill Title: Manufactured Home Loan Points

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2021-03-02 - Referred to Committee on Banking and Insurance [S0636 Detail]

Download: South_Carolina-2021-S0636-Introduced.html

A BILL

TO AMEND SECTION 37-3-210, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REBATES DUE UPON PREPAYMENT IN FULL OF A CONSUMER LOAN, SO AS TO PROVIDE THAT A REBATE MAY NOT BE DUE UPON PREPAYMENT OF A LOAN SECURED BY A MANUFACTURED HOME.

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

SECTION 1. Section 37-3-210 of the 1976 Code is amended by adding an appropriately numbered subsection to read:

"( )(a) Notwithstanding any other provision of law, no refund of any points and fees may be due upon prepayment of a loan secured by a manufactured home provided the loan is not a high-cost home loan.

(b) For the purposes of this subsection, the terms 'high-cost home loan' and 'points and fees' have the same meaning as provided in Section 37-23-20."

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