(A)(1) No more than one hundred twenty days after the effective date of this act, the Executive Director of the State Fiscal Accountability Authority shall develop or contract to develop, using credible information available to the public, a list of persons it determines engage in investment activities in Iran as described in Section 11-57-310. If the executive director has contracted to develop the list, the list shall be finally developed no more than one hundred twenty days after the effective date of this act. The list, when completed, shall be posted on the website of the State Fiscal Accountability Authority.
(2) The executive director shall update the list every one hundred eighty days.
(3) Before finalizing an initial list or an updated list, the executive director must do all of the following before a person is included on the list:
(a) Provide ninety days' written notice of the executive director's intent to include the person on the list. The notice shall inform the person that inclusion on the list would make the person ineligible to contract with the State. The notice shall specify that the person, if it ceases its engagement in investment activities in Iran, may be removed from the list.
(b) The executive director shall provide a person with an opportunity to comment in writing that it is not engaged in investment activities in Iran. If the person demonstrates to the executive director that the person is not engaged in investment activities in Iran, the person shall not be included on the list.
(4) The executive director shall make every effort to avoid erroneously including a person on the list.
(B) A person that is identified on a list created pursuant to subsection (A) as a person engaging in investment activities in Iran as described in Section 11-57-300, is ineligible to contract with the State.
(C) Any contract entered into with a person that is ineligible to contract with the State shall be void ab initio.
HISTORY: 2014 Act No. 267 (H.3021), Section 1, eff September 7, 2014.
Code Commissioner's Note
At the direction of the Code Commissioner, references in this section to the offices of the former State Budget and Control Board, Office of the Governor, or other agencies, were changed to reflect the transfer of them to the Department of Administration or other entities, pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1).