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3808Ratification Number: 456Act Number: 395Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19990331Primary Sponsor: KelleyAll Sponsors: Kelley, Keegan, Witherspoon, Edge, Miller, Simrill, Rhoad, Altman, Barrett, Battle, Campsen, Davenport, Emory, Limehouse, R. Smith, Vaughn, Walker and WilkesDrafted Document Number: l:\council\bills\nbd\11265jm99.docCompanion Bill Number: 701Date Bill Passed both Bodies: 20000622Date of Last Amendment: 20000622Governor's Action: SDate of Governor's Action: 20000720Subject: Deed recording fee, exemption if transfer realty from agent to principal; Property, Limited liability company, BusinessHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20000824 Act No. A395 ------ 20000720 Signed by Governor ------ 20000622 Ratified R456 Senate 20000622 Free Conference Committee Report 89 SFCC adopted, enrolled for ratification Senate 20000622 Free Conference Powers granted, 89 SFCC Passailaigue appointed Senators to Committee Rankin of Free Conference Ravenel House 20000622 Free Conference Committee Report 99 HFCC adopted House 20000622 Free Conference Powers granted, 99 HFCC Campsen appointed Reps. to Committee of Seithel Free Conference Taylor Senate 20000622 Conference powers granted, 88 SCC Passailaigue appointed Senators to Committee Rankin of Conference Ravenel House 20000622 Conference powers granted, 98 HCC Campsen appointed Reps. to Committee of Seithel Conference Taylor House 20000622 Insists upon amendment Senate 20000621 Non-concurrence in House amendment House 20000601 Senate amendments amended, returned to Senate with amendment Senate 20000601 Read third time, returned to House with amendment Senate 20000531 Unanimous consent for third reading on Thursday, 20000601 Senate 20000531 Amended, read second time Senate 20000525 Recalled from Committee, 06 SF placed on the Calendar Senate 20000502 Introduced, read first time, 06 SF referred to Committee House 20000428 Read third time, sent to Senate House 20000427 Read second time, unanimous consent for third reading on Friday, 20000428 House 20000427 Request for debate withdrawn by Representative Robinson House 20000427 Request for debate withdrawn by Representative Cato Cooper Fleming House 20000426 Request for debate by Representative Robinson Cato Kirsh Knotts House 20000426 Amended House 20000426 Request for debate by Representative Fleming Cooper House 20000419 Committee report: Favorable with 25 HJ amendment House 19990331 Introduced, read first time, 25 HJ referred to Committee Versions of This Bill Revised on April 19, 2000 - Word format Revised on April 26, 2000 - Word format Revised on April 27, 2000 - Word format Revised on May 25, 2000 - Word format Revised on May 31, 2000 - Word format Revised on June 1, 2000 - Word format Revised on June 22, 2000 - Word format
(A395, R456, H3808)
AN ACT TO AMEND SECTION 12-24-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEEDS EXEMPTED FROM THE STATE'S DEED RECORDING FEE, SO AS TO ALLOW AN EXEMPTION FOR DEEDS THAT TRANSFER REALTY FROM AN AGENT TO THE AGENT'S PRINCIPAL IN WHICH THE REALTY WAS PURCHASED WITH FUNDS OF THE PRINCIPAL; AND TO AMEND SECTION 33-44-211, RELATING TO LIMITED LIABILITY COMPANIES SUBMITTING ANNUAL REPORTS TO THE SECRETARY OF STATE, SO AS TO CHANGE THE DATE FOR SUBMITTING SUCH REPORTS ON OR BEFORE THE FIFTEENTH DAY OF THE THIRD MONTH FOLLOWING THE CLOSE OF THE TAXABLE YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
Deeds exempt from recording fee
SECTION 1. Section 12-24-40 of the 1976 Code, as last amended by Act 324 of 1998, is further amended by adding at the end an appropriately numbered item as follows:
"( ) transferring realty from an agent to the agent's principal in which the realty was purchased with funds of the principal, provided that a notarized document is also filed with the deed that establishes the fact that the agent and principal relationship existed at the time of the original purchase as well as for the purpose of purchasing the realty."
Date changed for submitting report
SECTION 2. Section 33-44-211(c) of the 1976 Code, as added by Act 343 of 1996, is amended to read:
"(c) The first annual report must be delivered to the Secretary of State between January first and April first of the year following the calendar year in which a limited liability company was organized or a foreign company was authorized to transact business. Subsequent annual reports must be delivered to the Secretary of State on or before the fifteenth day of the third month following the close of the taxable year."
SECTION 3. This act takes effect upon approval by the Governor, and Section 1 applies with respect to deeds recorded on and after that date.
Ratified the 22nd day of June, 2000.
Approved the 20th day of July, 2000.
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