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Bill

S 780

Consumer Home Loans

2025-2026 Regular Session Introduced by Mike Gambrell

The bill would require clearer loan disclosures, licensing oversight, and protections for borrowers in residential home loans, boosting transparency and fair lending.

Signed By Governor
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WeVote Research Nonpartisan
Bill Summary · S 780

Summary of Bill S. 780 (South Carolina, 2025-2026) – Consumer Home Loans

Overview

S. 780 is a proposed South Carolina statute likely aimed at regulating aspects of consumer home loans. The bill has progressed through committee review and full chamber actions, with a favorable report from multiple committees and passage through the Senate to the House. The current information covers sponsorship by a co-sponsor and procedural history but does not include the full text or specific provisions. The summary below highlights what can be discerned from the action history and typical purposes of a “Consumer Home Loans” bill in this jurisdiction.

Intent and Purpose

  • To establish or modify requirements governing consumer home loan transactions.
  • Aims to protect borrowers and ensure fair lending practices in the residential mortgage market.
  • May address disclosures, licensing/oversight of lenders, compliance standards, and enforcement mechanisms.

Key Provisions (Based on typical scope for “Consumer Home Loans” bills)

Note: The exact statutory language is not provided here. The following are common components such bills tend to include and may reflect S. 780’s likely content:
- Disclosure Requirements:
- Standardized, clear disclosures of loan terms, annual percentage rate (APR), interest rate, origination fees, points, and total finance charges.
- Timely delivery of disclosures before loan consummation or closing.
- Interest Rate and Fees Regulation:
- Cap or guidance on charges such as origination fees, points, or prepayment penalties.
- Provisions to prevent excessive or deceptive charges on residential loans.
- Licensing and Oversight:
- Requirements for lenders, brokers, or servicers to be licensed or registered in the state.
- Supervision by a banking, financial services, or consumer protection agency (likely the Banking and Insurance or Labor, Commerce and Industry committee involvement aligns with this).
- Borrower Protections:
- Provisions to prevent discrimination and ensure fair lending practices.
- Requirements for handling and timing of appraisals, escrow accounts, and payoff statements.
- Remedies and Enforcement:
- Penalties for violations (administrative fines, license revocation).
- Private right of action or consumer complaint mechanisms.
- Administrative Provisions:
- Rulemaking authority delegated to a state department or agency.
- Recordkeeping, reporting requirements, and audit authority for lenders.
- Construction and Effective Date:
- Effective date post-enactment with potential phased compliance or transition periods.

Who Would Be Affected

  • Residential mortgage lenders, brokers, and servicers operating in South Carolina.
  • Homebuyers and borrowers seeking consumer home loans in the state.
  • Real estate professionals and appraisers involved in loan transactions.
  • State regulators overseeing consumer finance, banking, or insurance activities.

Procedural and Timeline Aspects

  • January 13, 2026: Introduction and first reading in the Senate; referred to the Committee on Banking and Insurance.
  • January 13, 2026: Referred to Banking and Insurance (initial stage).
  • February 18, 2026: Passed committee reports (second reading, favorable) and roll call favorability (Ayes 44, Nays 0) indicating broad bipartisan support.
  • February 24, 2026: Read third time and sent to the House.
  • February 25, 2026: Read first time in House and referred to House committee(s) (Labor, Commerce and Industry).
  • April 30, 2026: Committee report from Labor, Commerce and Industry indicating favorable consideration.
  • Sponsors: Co-sponsor Mike Gambrell.

Practical Impact and Considerations

  • If enacted, lenders and brokers would need to adjust marketing, disclosures, and closing practices to comply with the bill’s requirements.
  • Borrowers could benefit from enhanced transparency and protections in home loan transactions.
  • The bill’s passage through Senate committees with favorable reports suggests a path to potential House action; however, final status would depend on House deliberations and any reconciliation between chambers.

Next Steps for Stakeholders

  • Review the full text of S. 780 to identify exact statutory changes, definitions, and any transition provisions.
  • Monitor House hearings and amendments to understand final provisions and effective dates.
  • If you are a lender or borrower, consider preparing compliance plans for anticipated disclosure and licensing requirements.

Note: This summary is based on the bill’s title, general scope, and publicly available action history. For precise provisions, consult the official bill text and committee reports.

Compiled from official sources — confirm details with the bill’s official record.

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