Bill 989

                    Current Status

Bill Number:               989
Ratification Number:       432
Act Number                 386
Introducing Body:          Senate
Subject:                   Acceptable collateral

(A386, R432, S989)

AN ACT TO AMEND SECTION 23-43-160, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE BOND REQUIRED OF LICENSED MANUFACTURERS OF MODULAR BUILDINGS AND REPRESENTATIVES OF MANUFACTURERS OF MODULAR BUILDINGS, SO AS TO ALLOW COLLATERAL ACCEPTABLE TO THE STATE TREASURER TO BE SUBSTITUTED FOR THE BOND.

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

Acceptable collateral

SECTION 1. Section 23-43-160 of the 1976 Code is amended to read:

"Section 23-43-160. An applicant for a manufacturer's license shall at the time of making application for a license or renewal furnish a corporate surety bond or other collateral acceptable to the State Treasurer in the sum of seventy-five thousand dollars for the first year he is licensed, fifty thousand dollars for the second year, and twenty-five thousand dollars for the third and each subsequent year. A manufacturer's representative shall furnish a ten thousand dollar bond or other collateral acceptable to the State Treasurer annually. All collateral shall provide against any misappropriation of funds belonging to the purchaser, any alteration on the part of the manufacturer's representative to deceive the purchaser as to the manufacture or construction of the product, or any false and fraudulent representations or deceitful practices in selling or representing a product."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 3rd day of April, 1990.