Bill 3511

                    Current Status

Bill Number:                       3511
Type of Legislation:               Joint Resolution JR
Introducing Body:                  House
Introduced Date:                   19970220
Primary Sponsor:                   Miller
All Sponsors:                      Miller, Cobb-Hunter, Bailey,
                                   T. Brown, McLeod, Whipper,
                                   Moody-Lawrence, Mack, Rodgers,
                                   Mullen, Battle, Pinckney and Bowers
                                   
Drafted Document Number:           bbm\9176mm.97
Companion Bill Number:             470
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Real estate transfers, local
                                   bodies which held in escrow fees on
                                   to be used for original purposes,
                                   Property

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
House   19970220  Introduced, read first time,             30 HWM
                  referred to Committee

TO ALLOW LOCAL GOVERNING BODIES WHICH ENACTED, COLLECTED, AND HELD IN ESCROW FEES ON TRANSFERS OF REAL ESTATE TO USE THOSE FUNDS FOR THE PURPOSES FOR WHICH THE FEES WERE ORIGINALLY INTENDED.

Whereas, a number of local governing bodies enacted a fee on the transfer of real estate; and

Whereas, those local governing bodies enacted the fee with the intent of applying the collected funds to specific, identified, local purposes; and

Whereas, those local governing bodies disputed the requirement of Section 6-1-70 of the Code of Laws of South Carolina, 1976, as added by Act 497 of 1994, that the collected funds be remitted to the State Treasurer; and

Whereas, the local governing bodies continued to collect the fee on transfer of real estate, depositing the collected funds in various escrow accounts, pending resolution of their dispute; and

Whereas, the dispute now has been resolved legally, contrary to the interests of the local governing bodies; and

Whereas, those local governing bodies have accumulated substantial sums of monies in their respective escrow accounts; and

Whereas, they desire to allocate and expend those funds for their originally intended specific local purposes. Now, therefore,

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

SECTION 1. The local governing bodies which enacted, collected, and held in escrow fees on transfers of real estate pending resolution of their dispute over the requirement that the collected funds be remitted to the State Treasurer, be allowed to use those funds collected as of the effective date of this act for their originally intended specific local purposes, or in the alternative, to refund the fees to those who paid them.

SECTION 2. This joint resolution takes effect upon approval by the Governor.