Current Status Bill Number:4803 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980312 Primary Sponsor:Bauer All Sponsors:Bauer and Knotts Drafted Document Number:jic\5324htc.98 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:College or universities, state-supported; registered trademarks; royalties received from, limit
Body Date Action Description Com Leg Involved
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House 19980312 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-101-410 SO AS TO LIMIT THE ROYALTIES ALLOWED TO BE RETAINED BY AN ENTITY WHICH CONTRACTS WITH A STATE INSTITUTION OF HIGHER LEARNING FOR THE LICENSING OF ITS REGISTERED TRADEMARKS TO NO MORE THAN TEN PERCENT OF THE ROYALTIES RECEIVED OR AN EQUIVALENT LIMIT WHEN PAYMENT IS BASED ON OTHER THAN A PERCENTAGE OF ROYALTIES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 101, Title 59 of the 1976 Code is amended by adding:
"Section 59-101-410. Contracts by public institutions of higher learning with any entity for the purpose of licensing products manufactured with the institution's registered trademarks must limit the percentage of royalties that may be retained by the licensing entity to no more than ten percent of total royalties or an equivalent limit when payment is based on other than a percentage of royalties."
SECTION 2. This act takes effect July 1, 1998, and applies to contracts entered into on or after that date.