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S 0187 - Requires candidates to open an Interest on Campaign Account

Tracking Level: Of Interest
Sponsor: Greg Hembree (R)
Last Action: 3/11/2021 - Senate - Referred to Subcommittee: Campsen (ch), Hutto, Young, McLeod, Garrett
Senate Committee: Judy
Assigned To:
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Staff Analysis of the Legislation

03.16.2021 A Senate Judiciary subcommittee carried this bill over.
Summary of the bill as introduced: Requires candidates to deposit all contributions received by the candidate into an Interest on Campaign Account, or IOCA, that benefits the SC State Ethics Commission.

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Session 124 - (2021-2022)Printer Friendly
(pdf format)
S 0187 General Bill, By Hembree, Rankin, M. Johnson and Young
Summary: Campaign bank accounts
    A BILL TO AMEND SECTION 8-13-1312, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CAMPAIGN BANK ACCOUNTS, SO AS TO DEFINE RELEVANT TERMS APPLICABLE TO THIS ACT, TO PROVIDE THAT ALL CONTRIBUTIONS RECEIVED BY CANDIDATES SHALL BE DEPOSITED INTO AN INTEREST ON CAMPAIGN ACCOUNT KNOWN AS AN "IOCA", TO PROVIDE THAT IOCAS SHALL BENEFIT THE STATE ETHICS COMMISSION, TO PROVIDE THAT IOCAS MUST BE ESTABLISHED WITH ELIGIBLE INSTITUTIONS THAT VOLUNTARILY CHOOSE TO PARTICIPATE, TO PROVIDE FOR THE RATE OF INTEREST OR DIVIDENDS PAYABLE ON AN IOCA, TO PROVIDE THAT ONE PERCENT OF ALL CONTRIBUTIONS DEPOSITED INTO AN IOCA MUST BE REMITTED TO BENEFIT THE COMMISSION, AND TO PROVIDE THAT THE FUNDS REMITTED TO THE COMMISSION PURSUANT TO THIS ACT MUST BE USED BY THE COMMISSION TO CREATE A POSITION OR POSITIONS WITHIN ITS EMPLOY TO CHECK AND CONFIRM THE COMPLETENESS OF CANDIDATE FILINGS; TO AMEND SECTION 8-13-320, RELATING TO THE DUTIES AND POWERS OF THE STATE ETHICS COMMISSION, SO AS TO PROVIDE THAT THOSE DUTIES AND RESPONSIBILITIES INCLUDE RECEIVING, ADMINISTERING, INVESTING, DISBURSING, AND SEPARATELY ACCOUNTING FOR FUNDS REMITTED TO IT PURSUANT TO SECTION 8-13-1312; AND TO AMEND SECTION 8-13-340, RELATING TO THE ANNUAL REPORT OF THE STATE ETHICS COMMISSION, SO AS TO PROVIDE THAT THE STATE ETHICS COMMISSION ALSO SHALL INCLUDE IN ITS ANNUAL REPORT TO THE GENERAL ASSEMBLY AND TO THE GOVERNOR THE AMOUNT OF FUNDS IT HAS RECEIVED FROM IOCAS.
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12/09/20Senate Prefiled
12/09/20Senate Referred to Committee on Judiciary
01/12/21Senate Introduced and read first time (Senate Journal-page 208)
01/12/21Senate Referred to Committee on Judiciary (Senate Journal-page 208)
03/11/21Senate Referred to Subcommittee: Campsen (ch), Hutto, Young, McLeod, Garrett



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