(A) The Department of Motor Vehicles may issue "Homeownership: The American Dream" special motor vehicle license plates to owners of private passenger motor vehicles as defined in Section 56-3-630 registered in the owners' names, which may have imprinted on the plate an emblem, a seal, or other symbol approved by the South Carolina Association of Realtors and the department. The South Carolina Association of Realtors may submit to the department for approval the emblem, seal, or symbol the South Carolina Association of Realtors wishes to display on the plate. The association must submit to the department written authorization for the use of any copyrighted or registered logo, trademark, or design. The association may request a change in the emblem, seal, or symbol used not more than once in five years. Each special license plate must be of the same size and general design of regular motor vehicle license plates. Each special license plate must be issued or revalidated for a biennial period which expires twenty-four months from the month the special license plate is issued. The fee for each special license plate is the regular motor vehicle license fee set forth in Article 5, Chapter 3 of this title and one hundred dollars for a special plate.

(B) Notwithstanding any other provision of law, from the fees collected pursuant to this section, the Comptroller General shall place into the State Highway Fund as established by Section 57-11-20, to be distributed as provided in Section 11-43-167, an amount equal to the expenses of the Department of Motor Vehicles in producing and administering the special license plates. The remaining funds collected from the special motor vehicle license fee must be administered by the South Carolina Association of Realtors and deposited in an appropriate nonprofit account designated by the association for distribution to Habitat for Humanity International or another nonprofit fund designated by the association for the construction of new homes for low income families in South Carolina.

(C) Before the department produces and distributes the "Homeownership: The American Dream" special license plate pursuant to this section, it must receive:

(1) four hundred or more prepaid applications for the special license plate or a deposit of four thousand dollars from the individual or organization seeking issuance of the license plate. If a deposit of four thousand dollars is made by an individual or organization pursuant to this section, the department must refund the four thousand dollars once an equivalent amount of license plate fees is collected for that organization's license plate. If the equivalent amount is not collected within four years of the first issuance of the respective license plate, the department must retain the deposit;

(2) a plan to market the sale of the special license plate which must be approved by the department.

(D) If the department receives less than three hundred biennial applications and renewals for the plate, it may not produce additional special license plates in that series. The department shall continue to issue special license plates of that series until the existing inventory is exhausted.

HISTORY: 2004 Act No. 310, Section 1; 2008 Act No. 347, Section 26, eff June 16, 2008; 2016 Act No. 275 (S.1258), Section 44, eff July 1, 2016.