South Carolina S 871: Dr. Andrew Hugine, Jr., retirement

Bill Text

2025-2026 Bill 871 Text of Previous Version (Jan. 29, 2026) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 871

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING 
SECTION 40-58-50, RELATING TO REGULATION OF A QUALIFIED LOAN ORIGINATOR, SO AS 
TO PROVIDE AN EXCEPTION FOR EXPERIENCED QUALIFIED LOAN ORIGINATORS.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Section 40-58-50(E)(5) of the S.C. Code is amended to 
read:

 (E)(5) In addition to the activities 
prohibited by other provisions of state or federal law, it is unlawful for a 
qualified loan originator, unless that qualified loan 
originator has equal to or more experience required for an applicant for a 
mortgage broker's license in Section 40-58-50(B)(2), to:

 (a) 
be compensated on a basis that is dependent upon the interest rate, fees, or 
other terms of the loan originated, provided that this section does not 
prohibit compensation based on the principal balance of the loan;

 (b) 
offer loans other than fixed-term, fixed-rate, fully amortizing mortgage loans 
originated for a single mortgage lender with substantially equal monthly 
mortgage payments and without a prepayment penalty;

 (c) 
handle borrower or other third-party funds in connection with the origination 
of mortgage loans.

SECTION 2. This act takes effect upon approval 
by the Governor.

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This web page was last updated on January 29, 2026 at 11:48 AM