South Carolina General Assembly
103rd Session, 1979-1980

Bill 1088

                    Current Status

Bill Number:               1088
Ratification Number:       538
Act Number                 455
Introducing Body:          Senate
Subject:                   Relating to service charges by insurance
                           premium service companies
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A455, R538, S1088)

AN ACT TO AMEND SECTION 38-27-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SERVICE CHARGES BY INSURANCE PREMIUM SERVICE COMPANIES, SO AS TO INCREASE THE SERVICE CHARGE FROM THREE-FOURTHS OF ONE PERCENT TO ONE PERCENT PER MONTH COMPUTED ON THE REMAINDER OF THE OUTSTANDING BALANCE.

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

Service charge

Section 1. Item (e) of Section 38-27-90 of the 1976 Code is amended to read:

"(e) The service charge shall be at the rate of one percent per month computed on the remainder of the outstanding balance. However, in the event of cancellation by the borrower prior to maturity of the contract, the unearned service charge shall be refunded on a short rate basis as determined by the Commission."

Time effective.

Section 2. This act shall take effect upon approval by the Governor.