South Carolina General Assembly
113th Session, 1999-2000

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Bill 3808

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

April 19, 2000

H. 3808

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 4/19/00--H.

Read the first time March 31, 1999.

            

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (H. 3808), 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, etc., respectfully

REPORT:

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

Amend the bill, as and if amended, by striking SECTION 1 in its entirety and inserting:

/ 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." /

Renumber sections to conform.

Amend title to conform.

JAMES H. HARRISON, for Committee.

A BILL

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.

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."

SECTION 2. This act takes effect upon approval by the Governor and applies with respect to deeds recorded on and after that date.

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