South Carolina General Assembly
115th Session, 2003-2004

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Bill 360

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COMMITTEE REPORT

April 9, 2003

S. 360

Introduced by Senator Hutto

S. Printed 4/9/03--H.

Read the first time March 19, 2003.

            

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Bill (S. 360) to amend Section 36-9-525, as amended, Code of Laws of South Carolina, 1976, relating to the fees charged for filing and indexing certain records, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. HARRELL, JR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

REVENUE IMPACT 1/

This bill is expected to increase departmental revenues within the general fund by $420,000 in FY 2003-04.

Explanation

This bill would re-establish the filing fee schedule for processing Uniform Commercial Code (UCC) documents in the Secretary of State's Office to an $8 base-filing fee if written records are one or two pages, to a $10 fee if written records exceed two pages, and to a $10 fee if written records are sent by other means. This same fee schedule, originally adopted in Act 67 of 2001 under Section 36-9-525(a), was inadvertently deleted by scrivener error in Act 329 of 2002. This Act lowered the UCC fee schedule under current law to $2 for the first page and $1 for every additional page, effective June 18, 2002. Language changes in this bill amend UCC fees to the former schedule. All UCC filing fees go to the general fund.

Based on historical revenue collections for UCC filings under current and former law, the BEA estimates a return to the former $8 and $10 fee schedule would raise departmental revenues within the general fund by $420,000 in FY 2003-04.

Approved By:

William C. Gillespie

Board of Economic Advisors

1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact, Section 2-7-76 for a local revenue impact, and Section 6-1-85(B) for an estimate of the shift in local property tax incidence.

A BILL

TO AMEND SECTION 36-9-525, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FEES CHARGED FOR FILING AND INDEXING CERTAIN RECORDS IN ACCORDANCE WITH TITLE 36 OF THE 1976 CODE, SO AS TO RECALCULATE HOW THE FEE IS ASSESSED.

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

SECTION    1.    Section 36-9-525(a) of the 1976 Code, as last amended by Act 329 of 2002, is further amended to read:

"(a)    Except as otherwise provided in subsection (e), the fee for filing and indexing a record under this part, other than an initial financing statement of the kind described in subsection (b), is the amount specified in subsection (c), if applicable, plus: two dollars for the first page and one dollar for each additional page

(1)    eight dollars if the record is communicated in writing and consists of one or two pages;

(2)    ten dollars if the record is communicated in writing and consists of three pages and one dollar for each additional page after the third page; and

(3)    ten dollars if the record is communicated by another medium authorized by filing-office rule."

SECTION    2.    This act takes effect upon approval by the Governor.

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