The bill H. 3447 aims to amend the South Carolina Code of Laws concerning homeowners associations (HOAs) by introducing new requirements for foreclosure procedures and the enforceability of governing documents. Specifically, it adds Section 29-3-810, which mandates that any HOA intending to foreclose on a member's property due to default must first apply for a rule to show cause, prohibiting any foreclosure sale from being noticed before this application is issued. This provision is set to take effect on January 1, 2026.

Additionally, the bill amends Section 27-30-130 to stipulate that for HOA governing documents to be enforceable, they must be recorded in the appropriate county office. It also requires that any governing documents not recorded before the effective date of the amendment must be recorded by January 10 of the following year. Furthermore, it establishes that rules and regulations adopted by HOAs must be recorded annually to remain enforceable and that any foreclosure authority granted in governing documents must comply with the new requirements outlined in Section 29-3-810. The bill will take effect upon the Governor's approval.

Statutes affected:
12/05/2024: 29-3-810, 27-30-130
Latest Version: 29-3-810, 27-30-130