Current Status Bill Number:View additional legislative information at the LPITS web site.
3522Ratification Number: 340Act Number: 311Introducing Body: HouseSubject: Relating to the authority of the South Carolina Real Estate Commission to establish and allocate license fees
(A311, R340, H3522)
AN ACT TO AMEND SECTION 40-57-150, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF THE SOUTH CAROLINA REAL ESTATE COMMISSION TO ESTABLISH AND ALLOCATE LICENSE FEES, SO AS TO PROVIDE THAT PORTIONS OF FEES ALLOCATED FOR EDUCATION AND RESEARCH SHALL GO TO THE SOUTH CAROLINA REAL ESTATE COMMISSION EDUCATION AND RESEARCH FUND, AND TO CORRECT A TECHNICAL REFERENCE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-57-150, as last amended by Section 1 of Act 94 of 1983, is further amended to read:
"Section 40-57-150. The Real Estate Commission is authorized to establish license fees by regulation. None of the license fees provided for are in lieu of any business license fees or taxes imposed by a municipality. In addition to the fees authorized by this section, the Commission is authorized to contract with a state-funded institution of higher learning to conduct examinations for the Commission and the institution is authorized to charge and collect examination fees, not to exceed the reasonable cost to conduct examinations, which must be retained by the institution to defray the cost of conducting those examinations.
The Real Estate Commission may allocate a sum of up to five dollars from each real estate broker's and salesman's annual renewal fee to the South Carolina Real Estate Commission Education and Research Fund to be used for the following purposes: (1) to carry out the advancement of education and research for the benefit of those licensed under the provisions of this chapter and for the improvement and increased efficiency of the real estate industry in this State; (2) to provide for the analysis and evaluation of factors which affect the real estate industry in South Carolina; and (3) to provide for the dissemination of the results of the research.
The funds collected from the fee authorized in the above paragraph must be deposited in a special fund by the State Treasurer to be used exclusively for the purposes provided in the above paragraph. Withdrawals from the fund must be made upon the written request of the South Carolina Real Estate Commission."
SECTION 2. This act shall take effect upon approval by the Governor.