S 0081 General Bill, By M.T. Rose
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 12-45-72 so as to require escrow agents receiving ad valorem tax payments on
 real property to remit the total amount received for taxes to the appropriate
 taxing entity on a quarterly basis, to provide for due dates, and to provide a
 penalty for failure to make timely remittances which may be waived upon good
 cause shown.

   09/10/90  Senate Prefiled
   09/10/90  Senate Referred to Committee on Finance
   01/08/91  Senate Introduced and read first time SJ-45
   01/08/91  Senate Referred to Committee on Finance SJ-45

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-45-72 SO AS TO REQUIRE ESCROW AGENTS RECEIVING AD VALOREM TAX PAYMENTS ON REAL PROPERTY TO REMIT THE TOTAL AMOUNT RECEIVED FOR TAXES TO THE APPROPRIATE TAXING ENTITY ON A QUARTERLY BASIS, TO PROVIDE FOR DUE DATES, AND TO PROVIDE A PENALTY FOR FAILURE TO MAKE TIMELY REMITTANCES WHICH MAY BE WAIVED UPON GOOD CAUSE SHOWN.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Chapter 45, Title 12 of the 1976 Code is amended by adding:

"Section 12-45-72. An escrow agent who receives payments to be applied toward the ad valorem tax liability of the owner of real property shall remit the payments received during the last completed calendar quarter to the appropriate taxing entity. Remittances are due no later than the fifteenth day of April, July, October, and January. The taxing entity shall assess a penalty in an amount equal to five percent of the payment required on payments which are not timely made for each month or part of a month of the delinquency. This penalty must be paid by the escrow agent and must not be charged back to the taxpayer. The taxing entity may waive the penalty for good cause shown."

SECTION 2. This act takes effect July 1, 1990.