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|SC LEGISLATIVE UPDATES|
H. 3243: On May, 7th, Senate Judiciary Committee Chairman, Luke Rankin, recalled H. 3243 from the Judiciary Committee, and the bill was placed on the Senate calendar to be taken up for 2nd reading on May, 8th. The bill was amended on second and third readings and was rushed to the House on Thursday afternoon in hopes that the House would concur in the Senate amendments before the mandatory 5:00 Sine Die adjournment. Just a few minutes before 5:00, the House concurred in the Senate amendments, and the bill was sent to Legislative Counsel to be enrolled for ratification. The bill was ratified on May 13th and signed by the Governor’s on May 16th. The law became effective on August, 1, 2019. The new law revises filing and recording fees to include a flat fee of twenty-five dollars for certain documents filed or recorded within the offices of the register of deeds or clerk of court and a flat fee of ten dollars for certain other documents filed or recorded within these offices. There is a filing fee of $15 for filing a power of attorney. That particular fee would be waived if the person filing the power of attorney was deployed to a combat zone. There is also a flat filing fee of $15 for filing a deed.
H. 3245: by Representative Brown. This bill would provide that if a customer residing in this state, certifies, by written affidavit, to his state or federally chartered bank, credit union, or other financial institution which is doing business in this State, that he has no personal Internet access, the bank, credit union, or financial institution must provide in paper form, all account statements at least monthly, and related correspondence and may not charge a fee for this service. Any bank, credit union, or other financial institution violating the provisions of this section is subject to a civil fine not exceeding one hundred dollars for each violation which may be imposed by the governing board or entity which has jurisdiction over that bank, credit union, or financial institution. Each violation constitutes a separate offense.
This bill was introduced on 1/8/19 and was referred to the House Labor, Commerce, and Industry Committee.
H. 3380: by Representative Newton. This bill would provide that all deeds or mortgages of real estate executed after June 1, 2019, to be recorded must include identifying and contact information of the preparer of the instrument or an attorney licensed to practice in South Carolina assisting with the closing of the instrument in order for the deed or mortgage to be recorded. Provided, however, that upon a showing satisfactory to the clerk of court or register of deeds that identifying and contact information of the preparer of the instrument is not available, the clerk of court or register of deeds may record the deed or mortgage.
The bill was introduced on 1/8/19 and was referred to the House Judiciary Committee. The bill is similar to the bill that Representative Newton introduced last session. A subcommittee meeting was not held on the bill introduced last session.
H. 3446: by Representative Pitts. This bill would authorize the standing committees in the House of Representatives to issue subpoenas or subpoenas duces tecum to private entities or individuals as required by law, including, but not limited to, financial institutions. ‘Financial institution’ would mean:
(1) a bank with deposits insured by the Federal Deposit Insurance Corporation;
(2) a credit union with accounts insured by the National Credit Union Administration Board;
(3) a federal home loan bank or a member, as defined in Section 2 of the Federal Home Loan Bank Act, 12 U.S.C. Section 1422, of the federal home loan bank system; or
(4) a bank, banking association, land bank, intermediate credit bank, bank for cooperatives, production credit association, land bank association, mortgage association, trust company, savings bank, or other banking or financial institution organized or operating under the laws of the United States or its states.
The bill was introduced on 1/8/19 and was referred to the House Judiciary Committee. The bill was added to the Constitutional Laws Subcommittee agenda at the last minute on 1/24/19. The bill was amended and adopted by the Subcommittee. The amendment deletes the provision which authorizes subpoenas to be issued to private entities or individuals and provides that subpoenas may be issued for “financial institutions.” Subsections (3) and (4) of the definition of “Financial Institutions” have been deleted. The bill was adopted by the House on 2/1/19 and read for the first time in the Senate on 2/5/19. It was referred to the Senate Judiciary Committee.
H. 3619: by Representative Leon Howard. This Joint Resolution would urge lending institutions that do business in the State of South Carolina to implement a ninety-day moratorium for foreclosures and late fees on consumer debt for federal employees who are currently unpaid because of the government shutdown.
This Joint Resolution was introduced on 1/16/19 and was referred to the House Labor, Commerce, and Industry Committee. On 1/24/19, the bill was recalled from House LCI and will be placed on the House calendar on 1/29/19 to move quickly through the legislative process. The bill was recommitted to House LCI on 2/20/19.
H. 3627: by Representative Hart. This bill would provide that notwithstanding another provision of law or contract, when a mortgagee makes a payment on a loan secured by a mortgage, the mortgagor shall apply at least thirty percent of the payment received toward the principal balance of the loan secured by the mortgage. A violation of this section would result in a civil penalty against the mortgagor and payable to the mortgagee in an amount equal to treble the amount of the mortgage payment.
In addition to miscalculating the math, the bill swaps the terms mortgagee and mortgagor. A similar bill has been introduced in prior sessions and was not given a hearing.
The bill was introduced on 1/16/19 and was referred to the House Labor, Commerce, and Industry Committee.
H. 4429: This bill, sponsored by Representative King, would establish certain requirements for HOA’s regarding annual budgeting and operating expenses.
The bill was introduced on 4/9/2019 and referred to the House Labor, Commerce, and Industry Committee.
S. 486: The Secretary of State’s E-Notary Task Force bill passed the Senate and crossed over to the House where it was referred to the House Judiciary Committee. H. 3917 (Representative Clemmons’ bill) passed the House Judiciary Committee but was recommitted to the House Ways and Means Committee for “privacy and financial issues". The Senate bill was tacked on to a health care bill, H. 3602, as an amendment, on Tuesday, May 7th, as legislators scrambled to get bills passed. The House refused to concur in the Senate’s amendment, and instead, amended H. 3602 back to the House version, which did not include the e-notary language. H. 3602 went to conference committee, which met on May 20th, and the e-notary language was taken off the table altogether by the House Conferees. The Secretary of State’s Task Force, which drafted the Senate bill, is committed to continuing to work on the issues raised by House members and finding a resolution which will be suitable to everyone. The Deputy Secretary of State, Melissa Dunlap, attended a conference this summer where she discussed e-notary with other groups from across the country who were also debating the issue in their home states. The Task Force will continue work this fall to resolve all outstanding issues.
S. 573: This bill, sponsored by Senator Cromer, would provide that the State Board of Financial Institutions may participate in the NMLS. The bill would also provide for the definition of "nationwide multistate licensing system" and "unique identifier." The bill would further provide that a licensing application must be accompanied with certain actual costs of obtaining credit reports and criminal history record checks. The bill would further provide that when promulgating regulations, the board may waive or modify certain requirements.
The bill was introduced in the Senate on 2/27/19 and adopted by the Senate on 3/26/19. The bill was given first reading in the House on 3/27/19 and referred to the House LCI Committee.
S. 418: This Concurrent Resolution, sponsored by Senator Scott, would memorialize banks, credit unions, utility providers, and other lending institutions operating in this state to assist federal employees affected by the government shutdown.
The Concurrent Resolution was introduced on 1/23/19 and referred to the Banking and Insurance Committee. On 1/24/19, the Resolution was recalled from the Committee, placed on the Senate calendar and adopted. On 1/29/19, the Concurrent Resolution was given first reading in the House and referred to the House Invitations Committee.