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TO AMEND ACT 266 OF 2016, RELATING TO THE SOUTH CAROLINA ANTI-MONEY LAUNDERING ACT, SO AS TO REVISE THE ACT'S EFFECTIVE DATE IN ORDER TO GIVE IMMEDIATE EFFECT TO SPECIFIED PROVISIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. SECTION 5 of Act 266 of 2016 is amended to read:
"SECTION 5. (A) Except as provided in subsection (B), this act takes effect one year after approval of this act by the Governor or upon the publication in the State Register of final regulations implementing the act, whichever occurs later. The commissioner is authorized to begin promulgating these regulations upon approval of this act by the Governor which shall take effect when this act takes effect as provided in this section.
(B) Notwithstanding the general effective date contained in subsection (A), the provisions of Section 35-11-740 of the 1976 Code, as added by SECTION 1, and the amended version of Section 14-7-1630(A) of the 1976 Code, as amended by SECTION 2, take effect upon approval by the Governor of the act containing this subsection."
SECTION 2. This act takes effect upon approval by the Governor.
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