Download This Version in Microsoft Word format
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-5-390 SO AS TO PROVIDE A TIME LIMIT FOR AN ATTORNEY TO PAY A TITLE ABSTRACTOR, PROVIDE A REMEDY FOR A TITLE ABSTRACTOR WHO IS NOT PAID BY THE ATTORNEY WHO REQUESTED THE TITLE ABSTRACT, AND PROVIDE A PENALTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 5, Chapter 5, Title 40 of the 1976 Code is amended by adding:
"Section 40-5-390. (A) An attorney shall pay a title abstractor for services rendered in connection with the title search within the earlier of:
(1) seven days after the closing of the property searched; or
(2) forty-five days after the attorney receives the completed title work.
(B) If a title abstractor is not paid by the attorney who requested the services within the time specified in subsection (A), the title abstractor may withdraw the abstractor's certification of title.
(C) A person who violates a provision of this section is subject to a civil fine of not more than five hundred dollars."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Thursday, June 25, 2009 at 9:28 A.M.