Current Status Introducing Body:Senate Bill Number:23 Primary Sponsor:Passailaigue Committee Number:06 Type of Legislation:GB Subject:Property taxes, escrow agents receiving Residing Body:Senate Current Committee:Finance Computer Document Number:23 Introduced Date:Jan 08, 1991 Last History Body:Senate Last History Date:Sep 10, 1990 Last History Type:Prefiled, referred to Committee Scope of Legislation:Statewide All Sponsors:Passailaigue Type of Legislation:General Bill
Bill Body Date Action Description CMN
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23 Senate Jan 08, 1991 Introduced and read first 06
time, referred to Committee
23 Senate Sep 10, 1990 Prefiled, referred to 06
Committee
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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 SEMIANNUALLY 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 semiannually to the appropriate taxing entity. Remittances are due no later than the fifteenth day of July 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 agency 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, 1991.