South Carolina General Assembly
110th Session, 1993-1994

Bill 688

                    Current Status
Introducing Body:               Senate
Bill Number:                    688
Ratification Number:            194
Act Number:                     139
Primary Sponsor:                O'Dell
Type of Legislation:            GB
Subject:                        Insurance premiums
Date Bill Passed both Bodies:   19930602
Computer Document Number:       CYY/15471SD.93
Governor's Action:              S
Date of Governor's Action:      19930614
Introduced Date:                19930414
Last History Body:              ------
Last History Date:              19930614
Last History Type:              Act No. 139
Scope of Legislation:           Statewide
All Sponsors:                   O'Dell
Type of Legislation:            General Bill
History

Bill   Body    Date          Action Description              CMN  Leg Involved
----   ------  ------------  ------------------------------  ---  ------------
688    ------  19930614      Act No. 139
688    ------  19930614      Signed by Governor
688    ------  19930610      Ratified R 194
688    House   19930602      Read third time, enrolled for
                             ratification
688    House   19930601      Read second time
688    House   19930526      Committee Report: Favorable     26
688    House   19930504      Introduced, read first time,    26
                             referred to Committee
688    Senate  19930430      Read third time, sent to House
688    Senate  19930429      Read second time, unanimous
                             consent for third reading on
                             Friday, April 30, 1993
688    Senate  19930429      Recalled from Committee         02
688    Senate  19930414      Introduced, read first time,    02
                             referred to Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A139, R194, S688)

AN ACT TO PROVIDE THAT CREDIT LIFE, PROPERTY, AND ACCIDENT AND HEALTH INSURANCE PREMIUMS CHARGED BY SUPERVISED LENDERS UNDER THE CONSUMER PROTECTION CODE OR BY RESTRICTED LENDERS UNDER THE CONSUMER FINANCE LAW ARE SUBJECT TO A MINIMUM CHARGE AND A MINIMUM RETENTION OF THREE DOLLARS.

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

Minimum charges and retentions

SECTION 1. Notwithstanding any other provision of law, credit life, property, and accident and health insurance premiums charged by supervised lenders under the Consumer Protection Code or by restricted lenders under the consumer finance law are each subject to a minimum charge and a minimum retention of three dollars.

The provisions of this section do not require a creditor to grant a refund or credit of a life, accident and health, or property insurance premium on any contract to the debtor if any refund or credit due to the debtor under this section is less than three dollars.

Time effective

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

Approved the 14th day of June, 1993.