South Carolina 2025-2026 Regular Session Status: In Committee

S 871 — Qualified Loan Originator

Last action — Referred to Committee on Labor, Commerce and Industry

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the Senate. Introduced January 29, 2026. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Senate.

Prognosis

Stalled 14% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

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.

Bill Text

What changed in the latest version

30 added · 9 removed

Plain-language change summary

The updated version of Bill S 871 amends the regulations for qualified loan originators in South Carolina by allowing experienced loan originators to have some exceptions to existing restrictions. Specifically, the changes lift certain compensation rules and loan offerings for those with sufficient experience, which could help facilitate more flexible lending options for borrowers. This matters because it could lead to more competitive loan terms as experienced professionals may offer better products, ultimately benefiting consumers looking for mortgages.

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2025-2026 Bill 871 Text of Previous Version (Jan.
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29, 2026) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 871Indicates Matter StrickenIndicates 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.
----XX---- This web page was last updated on January 29, 2026 at 11:48 AM
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Action History

  1. Referred to Committee on Labor, Commerce and Industry

  2. Introduced and read first time

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 169 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (169)

169 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 871 do?
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.
Who sponsors S 871?
S 871 is sponsored by Senator Jason Elliott.
What is the current status of S 871?
This bill is in committee in the Senate. Introduced January 29, 2026. It must pass committee before a floor vote.
Where can I track S 871?
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