Bill 293

                    Current Status

Bill Number:                       293
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19970204
Primary Sponsor:                   Drummond 
All Sponsors:                      Drummond 
Drafted Document Number:           jic\6135htc.96
Residing Body:                     Senate
Current Committee:                 Finance Committee 06 SF
Subject:                           Secretary of State, corporation
                                   and Uniform Commercial Code filing
                                   fees; computer equipment, Consumer
                                   Affairs

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

Senate  19970313  Recommitted to Committee                 06 SF
Senate  19970312  Committee report: Favorable with         06 SF
                  amendment
Senate  19970204  Introduced, read first time,             06 SF
                  referred to Committee

COMMITTEE REPORT

March 12, 1997

S. 293

S. Printed 3/12/97--S.

Read the first time February 4, 1997.

To whom was referred a Bill (S. 293), to amend the Code of Laws of South Carolina, 1976, by adding Section 1-5-40 so as to authorize the office of the Secretary of State, etc., respectfully

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, page 2, line 1, by striking SECTION 2 in its entirety and inserting in lieu thereof the following:

/SECTION 2. This act takes effect July 1, 1997. Section 1-5-40 is repealed effective July 1, 2002, unless re-enacted by the General Assembly in subsequent legislation./

Amend title to conform.

JOHN DRUMMOND, for Committee.

A Reduction in General Fund Revenue of $100,000

This bill would allow the Secretary of State's Office to retain $100,000 in revenue which is currently being deposited in the General Fund of the State.

Approved By:

Michael L. Shealy

Office of State Budget

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 1-5-40 SO AS TO AUTHORIZE THE OFFICE OF THE SECRETARY OF STATE TO RETAIN AN AMOUNT NOT TO EXCEED ONE HUNDRED THOUSAND DOLLARS IN A FISCAL YEAR OF CORPORATION AND UNIFORM COMMERCIAL CODE FILING FEES PAID TO THAT OFFICE TO BE EXPENDED FOR COMPUTER EQUIPMENT UPGRADES, MAINTENANCE, AND SOFTWARE FOR THE CORPORATE DIVISION'S COMPUTER SYSTEM, TO ALLOW THE CARRYFORWARD OF UNEXPENDED FEES TO THE SUCCEEDING FISCAL YEAR, AND TO PROVIDE THAT THIS PROVISION CONTINUES TO APPLY WITH RESPECT TO ANY SUCCESSOR AGENCY CHARGED WITH RECEIVING AND MAINTAINING THE CORPORATION AND UNIFORM COMMERCIAL CODE FILINGS REQUIRED BY LAW.

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

SECTION 1. Chapter 5, Title 1 of the 1976 Code is amended by adding:

"Section 1-5-40. An amount not to exceed one hundred thousand dollars in a fiscal year may be retained by the office of the Secretary of State from fees imposed pursuant to Chapter 1, Title 33 and Chapter 9, Title 36 and expended for upgrades, maintenance, and software for the Corporate Division's computer systems. Retained funds unexpended in a fiscal year may be carried forward to the succeeding fiscal year and expended for the same purposes. This authority to retain and expend fee revenues extends to any successor agency charged by law with receiving and maintaining the filings for which fees are imposed pursuant to these chapters."

SECTION 2. This act takes effect July 1, 1997.