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2017 South Carolina Code of Laws
Title 29 - Mortgages and Other Liens
CHAPTER 3 - MORTGAGES AND DEEDS OF TRUST GENERALLY
Section 29-3-70. Limitation on requirement of casualty insurance by mortgagee.
Universal Citation: SC Code § 29-3-70 (2017)
A bank, savings and loan association, financial institution, mortgage company, or any public or private mortgagee doing business in this State, when making a mortgage loan, may not require, as a condition or term of the mortgage, that the mortgagor purchase casualty insurance on property which is the subject of the mortgage in an amount in excess of the replacement cost of the buildings or appurtenances on the mortgaged premises.
HISTORY: 1988 Act No. 428, Section 1.
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