S.C. Code Ann. § 12-44-130 – Minimum investment to qualify for fee; notice to department of all sponsors or sponsor affiliates with investments subject to fee exemption

(A) To be eligible for the fee, a sponsor and each sponsor affiliate must invest the minimum investment as defined in Section 12-44-30(14). The county and the sponsors who are part of the fee agreement may agree that investments by other sponsors or sponsor affiliates within the investment period qualify for the payment regardless of whether the sponsor or sponsor affiliate was part of the fee agreement, except that each new sponsor affiliate must invest at least the minimum investment in the project. To qualify for the exemption, the other sponsors or sponsor affiliates must be approved specifically by the county and must agree to be bound by agreements with the county relating to the exemption. These sponsors are not bound by agreements, or portions of agreements, which do not affect the county.
(B) The department and the county must be notified in writing of all sponsors or sponsor affiliates which have investments subject to the fee exemption before or within sixty days after the execution of the fee agreement covering the investment by the sponsor or sponsor affiliate. The department may extend the sixty-day period upon written request. Failure to meet this notice requirement does not affect adversely the exemption, but a penalty may be assessed by the department for late notification of up to ten thousand dollars a month or portion of a month, with the total penalty not to exceed one hundred twenty thousand dollars.