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Current Status Bill Number:View additional legislative information at the LPITS web site.3403 Ratification Number:416 Act Number:344 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990128 Primary Sponsor:Robinson All Sponsors:Robinson, Kelley, H. Brown, Easterday, Littlejohn, Sandifer, Vaughn, Leach, Fleming, Trotter, Klauber, McKay, Simrill, Hinson, Barrett, Keegan, Law, Rice Drafted Document Number:l:\council\bills\kgh\15226htc99.doc Date Bill Passed both Bodies:20000601 Date of Last Amendment:20000530 Governor's Action:S Date of Governor's Action:20000614 Subject:Judgments and monetary decrees, legal interest rate; Courts, Banks; Insurance, Motor vehicle, personal injury protection History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20000628 Act No. A344 ------ 20000614 Signed by Governor ------ 20000608 Ratified R416 House 20000601 Concurred in Senate amendment, enrolled for ratification Senate 20000531 Read third time, returned to House with amendment Senate 20000530 Unanimous consent for third reading on Wednesday, 20000531 Senate 20000530 Amended, read second time, under the provisions of Rule 26D Senate 20000525 Made Special Order Senate 20000516 Polled out of Committee: 11 SJ Favorable with amendment Senate 20000502 Recommitted to Committee 11 SJ Senate 20000426 Recalled from Committee, 11 SJ placed on the Calendar Senate 20000111 Committed to Committee 11 SJ Senate 19990601 Read second time, notice of general amendments Senate 19990520 Recalled from Committee, 02 SBI Placed on the Calendar Senate 19990428 Introduced, read first time, 02 SBI referred to Committee House 19990428 Read third time, sent to Senate House 19990427 Amended, read second time House 19990422 Co-Sponsor added by Rep. Law Rice House 19990421 Committee report: Favorable with 25 HJ amendment House 19990304 Co-Sponsor added (Rule 5.2) by Rep. Keegan House 19990128 Introduced, read first time, 25 HJ referred to Committee Versions of This Bill Revised on April 21, 1999 - Word format Revised on April 27, 1999 - Word format Revised on May 20, 1999 - Word format Revised on April 26, 2000 - Word format Revised on May 16, 2000 - Word format Revised on May 30, 2000 - Word format
(A344, R416, H3403)
AN ACT TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST, SO AS TO REDUCE THE ANNUAL INTEREST RATE ON MONEY DECREES AND JUDGMENTS FROM FOURTEEN TO TWELVE PERCENT; BY ADDING SECTION 38-77-144, SO AS TO PROVIDE THAT THERE IS NO PERSONAL INJURY PROTECTION (PIP) COVERAGE MANDATED UNDER THE AUTOMOBILE INSURANCE LAWS OF SOUTH CAROLINA, AND PROVIDE THAT, IF AN INSURER SELLS NO-FAULT INSURANCE COVERAGE WHICH PROVIDES PERSONAL INJURY PROTECTION, MEDICAL PAYMENT COVERAGE, OR ECONOMIC LOSS COVERAGE, SUCH COVERAGE SHALL NOT BE ASSIGNED OR SUBROGATED AND IS NOT SUBJECT TO A SETOFF; AND TO MAKE THE PROVISIONS OF THIS ACT NONSEVERABLE.
Be it enacted by the General Assembly of the State of South Carolina:
Interest rate reduced
SECTION 1. Section 34-31-20(B) of the 1976 Code is amended to read:
"(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest is at the rate of twelve percent a year."
PIP coverage not mandated
SECTION 2. The 1976 Code is amended by adding:
"Section 38-77-144. There is no personal injury protection (PIP) coverage mandated under the automobile insurance laws of this State. Any reference to personal injury protection in Title 38 or 56 or elsewhere is deleted. If an insurer sells no-fault insurance coverage which provides personal injury protection, medical payment coverage, or economic loss coverage, the coverage shall not be assigned or subrogated and is not subject to a setoff."
Provisions nonseverable
SECTION 3. The provisions of this act are declared by the General Assembly to be nonseverable, and if any portion of this act is declared by a court of competent jurisdiction to be invalid, unconstitutional, unenforceable, or unlawful, the remaining provisions are declared to be null and void.
Time effective
SECTION 4. This act takes effect January 1, 2001, and applies with respect to interest calculated pursuant to causes of action arising or accruing on or after that date.
Ratified the 8th day of June, 2000.
Approved the 14th day of June, 2000.
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