Current Status Introducing Body:House Bill Number:4730 Primary Sponsor:J. Bailey Committee Number:25 Type of Legislation:GB Subject:Professional bondsmen, deposits Residing Body:House Current Committee:Judiciary Computer Document Number:CYY/15697AC.94 Introduced Date:19940215 Last History Body:House Last History Date:19940215 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:J. Bailey Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
4730 House 19940215 Introduced, read first time, 25
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 38-53-270, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROFESSIONAL BONDSMEN MAINTAINING DEPOSITS WITH CLERKS OF COURT, SO AS TO PROVIDE THAT DEPOSITS IN THE FORM OF PLEDGES OF THE VALUE OF REAL ESTATE IN SOUTH CAROLINA MUST BE BASED UPON THE APPRAISED VALUE RATHER THAN THE ASSESSED VALUE OF THE PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-53-270 of the 1976 Code is amended to read:
"Section 38-53-270. Each A professional bondsman acting as surety on bail bonds in this State shall maintain deposits with the clerk of court of the county in which the bondsman has his primary place of business equal to at least one-fourth the amount of all bonds or undertakings written in this State on which he is absolutely or conditionally liable as of the first day of the current month. The deposits must be in the form of either passbook savings accounts or certificates of deposit of building and loan associations chartered by this State or federal savings and loan associations located within this State in which deposits are guaranteed by the Federal Savings and Loan Insurance Corporation, not to exceed the amount covered by insurance, or of national banks located within this State or banks chartered by this State in which deposits are guaranteed by the Federal Deposit Insurance Corporation, not to exceed the amount covered by insurance, or by the pledge of the assessed appraised value of real estate in South Carolina over any recorded mortgages and contracts of sale. The interest paid on the deposits may be collected by the bondsman. The amount of the deposits must be reconciled with the bondsman's liabilities as of the first day of the month before the sixteenth of the month. The value of the deposits may not be less than five thousand dollars. The first ten thousand dollars of such deposits must be secured by passbook savings or certificates of deposits only. Any Amounts above ten thousand dollars may be secured with pledges of other types of collateral approved by the clerk of court."
SECTION 2. This act takes effect upon approval by the Governor.