2018 South Carolina Code of Laws
Title 29 - Mortgages and Other Liens
CHAPTER 4 - REVERSE MORTGAGES
Section 29-4-60. Independent information and counseling services.

(A) No lender authorized by this chapter to make reverse mortgages may accept an application for a reverse mortgage until the lender has obtained from the South Carolina State Housing Finance and Development Authority the content and format of a statement regarding the advisability and availability of independent information and counseling services on reverse mortgages that must be provided by the lender to the borrower pursuant to subsection (B).

(B) No reverse mortgage commitment may be made by a lender unless the loan applicant attests in writing that the applicant received from the lender at the time of initial inquiry the statement provided for in subsection (A).

(C) The Housing Finance and Development Authority shall:

(1) develop and make available to lenders the content and format of the statement described in subsection (A);

(2) refer consumers to independent counseling services with expertise in reverse mortgages.

Text of (D) effective until January 1, 2019.

(D) The Office of the Governor, Division on Aging shall provide independent consumer information on reverse mortgages and their alternatives."

Text of (D) effective January 1, 2019.

(D) The Department on Aging shall provide independent consumer information on reverse mortgages and their alternatives.

HISTORY: 1994 Act No. 376, Section 1; 2018 Act No. 261 (S.107), Pt I, Section 5, eff January 1, 2019.

Code Commissioner's Note

At the direction of the Code Commissioner, references to "Department on Aging" and "department" were substituted for "Division on Aging" and "division" to comply with amendments made by 2018 Act No. 261.

Effect of Amendment

2018 Act No. 261, Section 5, in (D), substituted "Department on Aging" for "Office of the Governor, Division on Aging".