South Carolina General Assembly
112th Session, 1997-1998

Bill 470

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Bill Number:                    470
Type of Legislation:            Joint Resolution JR
Introducing Body:               Senate
Introduced Date:                19970304
Primary Sponsor:                Land 
All Sponsors:                   Land 
Drafted Document Number:        dka\4145mm.97
Companion Bill Number:          3511
Residing Body:                  Senate
Current Committee:              Judiciary Committee 11 SJ
Subject:                        Property, real estate transfer
                                fees, to use for original purposes,
                                Political Subdivisions, counties,
                                council
History

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

Senate  19980527  Recommitted to Committee                 11 SJ
Senate  19970501  Recalled from Committee,                 11 SJ
                  placed on the Calendar
Senate  19970304  Introduced, read first time,             11 SJ
                  referred to Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

RECALLED

May 1, 1997

S. 470

Introduced by Senator Land

S. Printed 5/1/97--S.

Read the first time March 4, 1997.

A JOINT RESOLUTION

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, are allowed to use those funds collected as of the effective date of this act for their originally intended specific local purposes.

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

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