Current Status Introducing Body:Senate Bill Number:398 Primary Sponsor:Waddell Committee Number:02 Type of Legislation:GB Subject:Property, short-term rental deposits, interest on Residing Body:Senate Current Committee:Banking and Insurance Computer Document Number:JIC/5081.HC Introduced Date:Jan 09, 1991 Last History Body:Senate Last History Date:Jan 09, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Waddell Type of Legislation:General Bill
Bill Body Date Action Description CMN
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398 Senate Jan 09, 1991 Introduced and read first 02
time, referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-57-255 SO AS TO PROVIDE THAT TRUST FUNDS IN THE FORM OF DEPOSITS ON SHORT-TERM RENTALS MAY BE PLACED IN INSURED SOUTH CAROLINA FINANCIAL INSTITUTIONS AND INTEREST EARNED ON THE DEPOSIT BELONGS TO THE OWNER OF THE FUNDS UNLESS OTHERWISE AGREED TO IN WRITING, AND TO PROVIDE THAT THE WRITING MAY BE INCLUDED AS PART OF A PREPRINTED CONTRACT FORM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 57, Title 40 of the 1976 Code is amended by adding:
"Section 40-57-255. Trust funds derived from deposits on short-term rentals may be placed in interest bearing accounts in insured South Carolina financial institutions. Interest earned on the funds belongs to the owner of the funds, unless otherwise agreed to in writing. The writing may be included as part of a preprinted contract form."
SECTION 2. This act takes effect upon approval by the Governor.