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SC S0871
Bill
Status
Introduced
1/29/2026
Primary Sponsor
Jason Elliott
Click for details
AI Summary
- Creates an exception for experienced qualified loan originators from certain business practice restrictions under South Carolina mortgage law
- Allows qualified loan originators with experience equal to or greater than that required for a mortgage broker's license (as specified in Section 40-58-50(B)(2)) to bypass restrictions that apply to less experienced originators
- Experienced loan originators would be permitted to receive compensation based on interest rates, fees, or other loan terms rather than only on principal balance
- Experienced loan originators could offer loan products beyond fixed-term, fixed-rate, fully amortizing mortgages without prepayment penalties
- Takes effect upon Governor's approval
Legislative Description
Qualified Loan Originator
Last Action
Referred to Committee on Labor, Commerce and Industry
1/29/2026
Committee Referrals
Labor, Commerce and Industry1/29/2026
Full Bill Text
No bill text available