South Carolina General Assembly
116th Session, 2005-2006

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Bill 46

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COMMITTEE REPORT

February 9, 2005

S. 46

Introduced by Senator Thomas

S. Printed 2/9/05--S.

Read the first time January 11, 2005.

            

THE COMMITTEE ON BANKING AND INSURANCE

To whom was referred a Bill (S. 46) to amend Section 29-5-21, Code of Laws of South Carolina, 1976, relating to surveyor's services as material furnished for the improvement of real estate, so as to provide, etc., respectfully

REPORT:

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

DAVID L. THOMAS for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

The Department of Labor, Licensing and Regulation indicates that this bill will have no impact on the General Fund of the State, or on federal and/or other funds.

Approved By:

Don Addy

Office of State Budget

A BILL

TO AMEND SECTION 29-5-21, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SURVEYOR'S SERVICES AS MATERIAL FURNISHED FOR THE IMPROVEMENT OF REAL ESTATE, SO AS TO PROVIDE THAT UNDER CERTAIN CONDITIONS, A REAL ESTATE LICENSEE WHO PERFORMS PROFESSIONAL SERVICES FOR THE OWNER OF REAL ESTATE INCIDENT TO A REAL ESTATE TRANSACTION PURSUANT TO A WRITTEN AGREEMENT HAS FURNISHED LABOR OR MATERIAL FOR THE IMPROVEMENT OF REAL ESTATE.

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

SECTION    1.    Section 29-5-21 of the 1976 Code is amended to read:

"Section 29-5-21.    (A)    A surveyor who surveys real estate by virtue of an agreement with the owner of such real estate shall be considered to have has furnished material for the improvement of real estate within the meaning of Section 29-5-20.

(B)(1)    A real estate licensee who, by virtue of a written management agreement with the owner, performs professional services for which he is licensed under Title 40 incident to marketing, developing, or improving commercial real estate preparatory to or as a part of a commercial real estate lease or rental transaction involving the commercial real estate, has furnished labor or material for the improvement of commercial real estate within the meaning of Section 29-5-20.

(2)    A real estate licensee shall not acquire a lien under this subsection unless:

(a)    the owner of the commercial real estate or the owner's authorized agent authorizes the real estate licensee, under the terms of a written management agreement, to lease an interest in the commercial real estate; and

(b)    the real estate licensee or the real estate licensee's affiliated licensees provides licensed services that result, during the term of a written management agreement described in item (1) of this subsection, in the procuring of a person or entity that rents or leases the commercial real estate or rents or leases an interest in the commercial real estate upon terms contained in a written management agreement described in item (1) of this subsection.

(3)    A real estate licensee shall not acquire a lien under this subsection upon residential real estate."

SECTION    2.    This act takes effect upon approval by the Governor.

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