S*0699(Rat #0361, Act #0332 of 1996)  General Bill, By L.E. Richter

Similar(S 289, H 3901)
 A Bill to amend Section 12-51-90, Code of Laws of South Carolina, 1976,
 relating to the redemption of real property sold for delinquent taxes, so as
 to increase the interest rate from eight to twelve percent in the last six
 months of the redemption period for all real property not assessed as
 owner-occupied residential property; to amend Section 12-51-60, as amended,
 relating to delinquent tax sales, so as to require notice to the delinquent
 taxpayer of any excess due the taxpayer for the successful bid and to
 prescribe the method of the notice; and to amend Section 12-51-120, relating
 to notice required of the end of the redemption period, so as to conform the
 reference to the interest rate to the amendment contained in this Act.-amended
 title

   04/05/95  Senate Introduced and read first time SJ-7
   04/05/95  Senate Referred to Committee on Finance SJ-7
   03/21/96  Senate Recalled from Committee on Finance SJ-2
   03/26/96  Senate Read second time SJ-44
   03/26/96  Senate Ordered to third reading with notice of
                     amendments SJ-44
   03/27/96  Senate Read third time and sent to House SJ-21
   03/28/96  House  Introduced and read first time HJ-10
   03/28/96  House  Referred to Committee on Ways and Means HJ-10
   04/03/96  House  Committee report: Favorable with amendment Ways
                     and Means HJ-4
   04/10/96  House  Amended HJ-26
   04/10/96  House  Read second time HJ-28
   04/11/96  House  Read third time and returned to Senate with
                     amendments HJ-16
   04/17/96  Senate Non-concurrence in House amendment SJ-19
   04/18/96  House  House insists upon amendment and conference
                     committee appointed Reps. Harrell, McKay & White HJ-6
   04/23/96  Senate Conference committee appointed Sens. Martin,
                     Richter, Alexander SJ-34
   05/08/96  House  Conference report received and adopted HJ-5
   05/08/96  Senate Conference report received and adopted SJ-4
   05/08/96  Senate Ordered enrolled for ratification SJ-7
   05/14/96         Ratified R 361
   05/20/96         Signed By Governor
   05/20/96         Effective date 05/20/96 and applies with respect
                     to delinquent tax sales occurring on and after
                     that date
   05/31/96         Copies available
   05/31/96         Act No. 332

AN ACT TO AMEND SECTION 12-51-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REDEMPTION OF REAL PROPERTY SOLD FOR DELINQUENT TAXES, SO AS TO INCREASE THE INTEREST RATE FROM EIGHT TO TWELVE PERCENT IN THE LAST SIX MONTHS OF THE REDEMPTION PERIOD FOR ALL REAL PROPERTY NOT ASSESSED AS OWNER-OCCUPIED RESIDENTIAL PROPERTY; TO AMEND SECTION 12-51-60, AS AMENDED, RELATING TO DELINQUENT TAX SALES, SO AS TO REQUIRE NOTICE TO THE DELINQUENT TAXPAYER OF ANY EXCESS DUE THE TAXPAYER FOR THE SUCCESSFUL BID AND TO PRESCRIBE THE METHOD OF THE NOTICE; AND TO AMEND SECTION 12-51-120, RELATING TO NOTICE REQUIRED OF THE END OF THE REDEMPTION PERIOD, SO AS TO CONFORM THE REFERENCE TO THE INTEREST RATE TO THE AMENDMENT CONTAINED IN THIS ACT.

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

Interest rate

SECTION 1. Section 12-51-90 of the 1976 Code is amended to read:

"Section 12-51-90. The defaulting taxpayer, any grantee from the owner, or any mortgage or judgment creditor may within twelve months from the date of the delinquent tax sale redeem each item of real estate by paying to the person officially charged with the collection of delinquent taxes, assessments, penalties, and costs, together with eight percent interest on the whole amount of the delinquent tax sale bid. In the case of a redemption in the last six months of the redemption period, for all real property except that classified pursuant to Section 12-43-220(c) at the time of the delinquent sale, the applicable rate of interest is twelve percent. If prior to the expiration of the redemption period, the purchaser assigns his interest in any real property purchased at a delinquent tax sale, the grantee from the successful bidder shall furnish the person officially charged with the collection of delinquent taxes a conveyance, witnessed and notarized. The person officially charged with the collection of delinquent taxes shall replace the successful bidder's name and address with the grantee's name and address in the delinquent tax sale book."

Notice of excess

SECTION 2. Section 12-51-60 of the 1976 Code, as last amended by Act 296 of 1994, is further amended to read:

"Section 12-51-60. The successful bidder at the delinquent tax sale shall pay legal tender to the person officially charged with the collection of delinquent taxes in the full amount of the bid on the day of the sale. Upon payment, the person officially charged with the collection of delinquent taxes shall furnish the purchaser a receipt for the purchase money and attach a copy of the receipt to the execution with the endorsement of his actions which must be retained by him. Expenses of the sale must be paid first, and the balance of all delinquent tax sale monies collected must be turned over to the treasurer. Upon receipt of the funds, the treasurer shall immediately mark the public tax records regarding the property sold as follows: Paid by tax sale held on (insert date). All other monies received, including any excess due the defaulting taxpayer after payment of delinquent taxes, assessments, penalties, and costs, must be retained, paid out, and accounted for by the delinquent tax collector. The defaulting taxpayer must be notified in writing by the delinquent tax collector of any excess due the taxpayer. The notice must be addressed and mailed to the defaulting taxpayer in the manner provided in Section 12-51-40(b) for taking exclusive possession of real property. Expenses of providing this notice are considered costs of the sale for purposes of determining the amount, if any, of the excess."

Notice of redemption period

SECTION 3. Section 12-51-120 of the 1976 Code is amended to read:

"Section 12-51-120. Neither more than forty-five days nor less than twenty days prior to the end of the redemption period for real estate sold for taxes, the person officially charged with the collection of delinquent taxes shall mail a notice by `certified mail, return receipt requested-deliver to addressee only' to the owner of record immediately preceding the end of the redemption period at the best address of the owner available to the person officially charged with the collection of delinquent taxes that the real property described on the notice has been sold for taxes and if not redeemed by paying taxes, assessments, penalties, costs, and interest at the applicable rate on the bid price in the total amount of --- dollars on or before ---- (twelve months from date of sale)

(date) -----,

a tax title will be delivered to the successful purchaser at the tax sale. Under this chapter, the return of the certified mail `undelivered' is not grounds for a tax title to be withheld or be found defective and ordered set aside or canceled of record."

Time effective

SECTION 4. This act takes effect upon approval by the Governor and applies with respect to delinquent tax sales occurring on and after that date.

Approved the 20th day of May, 1996.