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Session 116 - (2005-2006)Printer Friendly
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H*3554 (Rat #0244, Act #0241 of 2006) General Bill, By Huggins
Summary: Self-insurer may use irrevocable letter of credit issued by certain banks to determine financial responsibility
AN ACT TO AMEND SECTION 56-9-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO QUALIFYING AS A SELF-INSURER FOR MOTOR VEHICLES, SO AS TO PROVIDE THAT AN IRREVOCABLE LETTER OF CREDIT ISSUED BY A BANK CHARTERED IN THIS STATE OR A MEMBER BANK OF THE FEDERAL RESERVE SYSTEM MAY BE SUBMITTED TO THE DEPARTMENT OF MOTOR VEHICLES IN LIEU OF THE CASH DEPOSIT REQUIRED TO BE SUBMITTED TO DETERMINE FINANCIAL RESPONSIBILITY OF A POTENTIAL SELF-INSURER, AND TO PROVIDE THAT A PERSON OR COMPANY THAT QUALIFIES AS A SELF-INSURER MAY ISSUE CERTIFICATES OF INSURANCE FOR ALL PURPOSES ONLY ON THE VEHICLES REGISTERED IN THE APPLICANT'S NAME; AND TO AMEND SECTION 58-23-1240, RELATING TO THE PUBLIC TAXI PLATE WHICH MUST BE AFFIXED TO A TAXI, SO AS TO PROVIDE THAT THE PLATE MUST BE AFFIXED ONLY TO THE REAR OF A TAXI, TO PROVIDE THAT A STICKER MAY BE AFFIXED TO THE TAXI IN LIEU OF A METAL PLATE, TO PROVIDE THAT THE CITY WHERE THE TAXI PRINCIPALLY OPERATES MUST APPROVE THE DIMENSIONS OF THE STICKER OR PLATE INSTEAD OF THE GOVERNING BODY OF THE COUNTY, TO REMOVE THE TERM "PUBLIC" AND THE TAXI LICENSE NUMBER FROM THE CONTENTS OF THE STICKER OR PLATE, TO DELETE THE REQUIREMENT THAT THE COLOR OF THE PLATE MUST BE CHANGED ANNUALLY, AND TO PROVIDE THAT THE OWNER OF A TAXI THAT QUALIFIES AS A SELF-INSURER MUST ISSUE TO EACH OPERATOR OF THE TAXI A CERTIFICATE OF INSURANCE WHICH MUST BE MAINTAINED IN THE TAXI WHILE IT IS IN OPERATION. - ratified title
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Summary: Self-insurer may use irrevocable letter of credit issued by certain banks to determine financial responsibility
AN ACT TO AMEND SECTION 56-9-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO QUALIFYING AS A SELF-INSURER FOR MOTOR VEHICLES, SO AS TO PROVIDE THAT AN IRREVOCABLE LETTER OF CREDIT ISSUED BY A BANK CHARTERED IN THIS STATE OR A MEMBER BANK OF THE FEDERAL RESERVE SYSTEM MAY BE SUBMITTED TO THE DEPARTMENT OF MOTOR VEHICLES IN LIEU OF THE CASH DEPOSIT REQUIRED TO BE SUBMITTED TO DETERMINE FINANCIAL RESPONSIBILITY OF A POTENTIAL SELF-INSURER, AND TO PROVIDE THAT A PERSON OR COMPANY THAT QUALIFIES AS A SELF-INSURER MAY ISSUE CERTIFICATES OF INSURANCE FOR ALL PURPOSES ONLY ON THE VEHICLES REGISTERED IN THE APPLICANT'S NAME; AND TO AMEND SECTION 58-23-1240, RELATING TO THE PUBLIC TAXI PLATE WHICH MUST BE AFFIXED TO A TAXI, SO AS TO PROVIDE THAT THE PLATE MUST BE AFFIXED ONLY TO THE REAR OF A TAXI, TO PROVIDE THAT A STICKER MAY BE AFFIXED TO THE TAXI IN LIEU OF A METAL PLATE, TO PROVIDE THAT THE CITY WHERE THE TAXI PRINCIPALLY OPERATES MUST APPROVE THE DIMENSIONS OF THE STICKER OR PLATE INSTEAD OF THE GOVERNING BODY OF THE COUNTY, TO REMOVE THE TERM "PUBLIC" AND THE TAXI LICENSE NUMBER FROM THE CONTENTS OF THE STICKER OR PLATE, TO DELETE THE REQUIREMENT THAT THE COLOR OF THE PLATE MUST BE CHANGED ANNUALLY, AND TO PROVIDE THAT THE OWNER OF A TAXI THAT QUALIFIES AS A SELF-INSURER MUST ISSUE TO EACH OPERATOR OF THE TAXI A CERTIFICATE OF INSURANCE WHICH MUST BE MAINTAINED IN THE TAXI WHILE IT IS IN OPERATION. - ratified title
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02/15/05 | House | Introduced and read first time HJ-11 |
02/15/05 | House | Referred to Committee on Labor, Commerce and Industry HJ-11 |
05/18/05 | House | Committee report: Favorable with amendment Labor, Commerce and Industry HJ-50 |
05/19/05 | House | Amended HJ-72 |
05/19/05 | House | Read second time HJ-73 |
05/19/05 | House | Unanimous consent for third reading on next legislative day HJ-73 |
05/20/05 | House | Read third time and sent to Senate HJ-2 |
05/24/05 | Senate | Introduced and read first time SJ-11 |
05/24/05 | Senate | Referred to Committee on Transportation SJ-11 |
05/31/05 | Senate | Recalled from Committee on Transportation SJ-53 |
05/31/05 | Senate | Committed to Committee on Banking and Insurance SJ-53 |
02/14/06 | Senate | Committee report: Favorable Banking and Insurance SJ-8 |
02/15/06 | Senate | Read second time SJ-32 |
02/16/06 | Senate | Read third time and enrolled SJ-18 |
03/14/06 | Ratified R 244 | |
03/15/06 | Signed By Governor | |
03/21/06 | Copies available | |
03/21/06 | Effective date 03/15/06 | |
04/05/06 | Act No. 241 |