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Bill Number: 1088 Ratification Number: 538 Act Number 455 Introducing Body: Senate Subject: Relating to service charges by insurance premium service companies
(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:
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."
Section 2. This act shall take effect upon approval by the Governor.