EXPLANATION: Requires 50% of the National Mortgage Settlement funds be transferred to the S.C. State Housing Authority to meet the goals of the class action suit with the remaining funds transferred to dept of commerce for the deal closing fund.
Amend the bill, as and if amended, Part IB, Section 90, STATEWIDE REVENUE, page 516, paragraph 90.19, lines 31-32, by striking the lines in their entirety and inserting /contained herein, the Attorney General shall transfer 50% of the portion of the National Mortgage Settlement that would otherwise have been credited to the General Fund to the South Carolina State Housing Authority to comply with the terms agreed to in the National Mortgage Settlement Agreement to meet the goals of the class action suit. The balance of these funds shall be transferred to the Department of Commerce's Deal Closing Fund./
Renumber sections to conform.
Amend totals and titles to conform.