Amends South Carolina law to allow experienced loan originators to be compensated based on loan terms.
This bill amends South Carolina law to allow qualified loan originators with sufficient experience to be compensated based on the interest rate, fees, or other terms of the loan, provided this does not prohibit compensation based on the principal balance. It also allows these experienced originators to offer loans with varying terms and handle borrower funds in connection with mortgage origination. The changes take effect upon approval by the Governor.
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