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H*4612 Session 122 (2017-2018)
H*4612(Rat #0257, Act #0217 of 2018) General Bill, By Sandifer and Toole
Similar(S 870)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
40-11-262 SO AS TO PROVIDE APPLICANTS FOR GENERAL CONTRACTOR LICENSURE OR
MECHANICAL CONTRACT LICENSURE WHO ARE SUBJECT TO CERTAIN FINANCIAL STATEMENT
REQUIREMENTS MAY PROVIDE CERTAIN SURETY BONDS IN LIEU OF PROVIDING THESE
FINANCIAL STATEMENTS, TO PROVIDE REQUIREMENTS CONCERNING THESE SURETY BONDS,
AND TO PROVIDE PROCEDURES FOR FILING CLAIMS AGAINST THESE SURETY BONDS. -
ratified title
01/11/18 House Introduced and read first time (House Journal-page 594)
01/11/18 House Referred to Committee on Labor, Commerce and
Industry (House Journal-page 594)
01/23/18 House Member(s) request name added as sponsor: Toole
02/01/18 House Committee report: Favorable with amendment Labor,
Commerce and Industry (House Journal-page 15)
02/06/18 House Amended (House Journal-page 18)
02/06/18 House Read second time (House Journal-page 18)
02/06/18 House Roll call Yeas-105 Nays-0 (House Journal-page 19)
02/07/18 Scrivener's error corrected
02/07/18 House Read third time and sent to Senate
(House Journal-page 12)
02/07/18 Senate Introduced and read first time (Senate Journal-page 28)
02/07/18 Senate Referred to Committee on Labor, Commerce and
Industry (Senate Journal-page 28)
02/15/18 Senate Committee report: Favorable Labor, Commerce and
Industry (Senate Journal-page 13)
02/16/18 Scrivener's error corrected
02/27/18 Senate Amended (Senate Journal-page 25)
02/27/18 Senate Read second time (Senate Journal-page 25)
02/27/18 Senate Roll call Ayes-38 Nays-0 (Senate Journal-page 25)
03/01/18 Senate Read third time and returned to House with
amendments (Senate Journal-page 19)
03/08/18 House Returned to Senate with amendments
(House Journal-page 105)
03/08/18 House Roll call Yeas-80 Nays-19 (House Journal-page 106)
04/18/18 Senate Non-concurrence in House amendment
(Senate Journal-page 44)
04/18/18 Senate Roll call Ayes-0 Nays-37 (Senate Journal-page 44)
04/19/18 House House insists upon amendment and conference
committee appointed Reps. Sandifer, Henderson,
Anderson (House Journal-page 1)
04/24/18 Senate Conference committee appointed Bennett, Johnson,
Gambrell (Senate Journal-page 15)
05/08/18 House Free conference powers granted (House Journal-page 23)
05/08/18 House Free conference committee appointed Sandifer,
Anderson, Henderson (House Journal-page 23)
05/08/18 House Roll call Yeas-102 Nays-0 (House Journal-page 23)
05/08/18 House Free conference report adopted (House Journal-page 24)
05/08/18 House Roll call Yeas-99 Nays-0 (House Journal-page 26)
05/08/18 Senate Free conference powers granted (Senate Journal-page 86)
05/08/18 Senate Roll call Ayes-40 Nays-2 (Senate Journal-page 86)
05/08/18 Senate Free conference committee appointed Bennett,
Johnson, Gambrell (Senate Journal-page 86)
05/08/18 Senate Free conference report adopted (Senate Journal-page 87)
05/08/18 Senate Roll call Ayes-42 Nays-0 (Senate Journal-page 87)
05/08/18 Senate Ordered enrolled for ratification
(Senate Journal-page 87)
05/14/18 Ratified R 257
05/18/18 Signed By Governor
05/25/18 Effective date 05/18/18
05/31/18 Act No. 217
H. 4612
(A217, R257, H4612)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-11-262 SO AS TO PROVIDE APPLICANTS FOR GENERAL CONTRACTOR LICENSURE OR MECHANICAL CONTRACTOR LICENSURE WHO ARE SUBJECT TO CERTAIN FINANCIAL STATEMENT REQUIREMENTS MAY PROVIDE CERTAIN SURETY BONDS IN LIEU OF PROVIDING THESE FINANCIAL STATEMENTS, TO PROVIDE REQUIREMENTS CONCERNING THESE SURETY BONDS, AND TO PROVIDE PROCEDURES FOR FILING CLAIMS AGAINST THESE SURETY BONDS.
Be it enacted by the General Assembly of the State of South Carolina:
Surety bonds in lieu of financial statements
SECTION 1. Article 1, Chapter 11, Title 40 of the 1976 Code is amended by adding:
"Section 40-11-262. (A) In lieu of providing a financial statement showing a minimum net worth for a license group as required by Section 40-11-260, an applicant may provide a surety bond from a surety authorized to transact surety business in this State in an amount of two times the required net worth for the applicant's license group with his initial or renewal application.
(B) The surety bond provided in subsection (A) must:
(1) be continuous in form and must be maintained in effect for as long as the applicant maintains the license issued by the department or until the applicant submits a financial statement showing that he meets the net worth requirements for his license group as provided in Section 40-11-260;
(2) list the State of South Carolina as obligee for the bond;
(3) be for the benefit of any person who is damaged by an act or omission of the applicant constituting a breach of construction contract or a contract for the furnishing of labor, materials, or professional services for construction undertaken by the applicant, or by any unlawful act or omission of the applicant in performing construction; and
(4) be in addition to, and not in lieu of, any other surety bond required of the applicant by law or regulation, or by any party to a contract with the applicant.
(C) The surety bond provided in subsection (A) only may be canceled by notification to the board by the surety and the applicant thirty days prior to cancellation. When the surety bond is canceled, the licensee shall provide proof of net worth for his license group as required by Section 40-11-260 within ten days of cancellation or his license is suspended until written proof of net worth is provided.
(D) Claims may be filed against the bond on a form approved by the board in accordance with procedures established by the board in regulation."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 14th day of May, 2018.
Approved the 18th day of May, 2018.
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