On May 19, 2017 Gov. Henry McMaster (R-SC) signed into law SC S366 (2017) which amends various provisions under Chapter 22 of the South Carolina Consumer Protection Code (Title 37; bill can be viewed by visiting http://www.scstatehouse.gov/billsearch.php and entering “366” in the “Bill Numbers” field). Among other items, this bill sets forth a new definition of “loan correspondent” which holds that a “loan correspondent” is not a mortgage lender (i.e. provisions applicable only to mortgage lenders would not apply to loan correspondents). These amendments take effect on September 20, 2017.
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (http://blog.docutechcorp.com/category/document-updates).