South Carolina passed a bill amending the Licensing of Mortgage Brokers Act (LMBA). The amendments to the LMBA: remove the requirement that mortgage brokers maintain an official place of business in South Carolina; add a definition for “loan correspondent”; revise pre-licensing and continuing education requirements to include 3 hours (for pre-licensing education) and 1 hour (for continuing education) on South Carolina law; remove the de minimus exemption for persons that originate or servicer no more than 5 purchase money mortgages in 1 calendar year; exempts from the LMBA persons deemed exempt pursuant to the federal Secure and Fair Enforcement for Mortgage Licensing Act; and permit the Department of Consumer Affairs to license a loan originator’s personal residence as a branch office if the residence is more than 75 miles from a commercial branch office. The bill went into effect September 19, 2017.
See South Carolina Legislature website for the full text of the Statutes:
