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FREE CONFERENCE COMMITTEE REPORT ADOPTED -- NOT PRINTED
June 22, 2000
Introduced by Reps. Kelley, Keegan, Witherspoon, Edge, Miller, Simrill, Rhoad, Altman, Barrett, Battle, Campsen, Davenport, Emory, Limehouse, R. Smith, Vaughn, Walker and Wilkes
S. Printed 5/31/00--S.
Read the first time May 2, 2000.
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.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-24-40 of the 1976 Code, as added by Part II, Section 57A of Act 458 of 1996 and 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."
SECTION 2. Section 33-44-211(c) of the 1976 Code 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
between January first and April first of the ensuing calendar years 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.
Ernest L. Passailaigue /s/Lynn Seithel
/s/Arthur Ravenel, Jr. /s/George E. Campsen III
/s/Luke A. Rankin /s/J. Adam Taylor
On Part of the Senate. On Part of the House.
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