S 825 Session 109 (1991-1992)
S 0825 General Bill, By H.U. Fielding
A Bill to amend Section 32-7-50, Code of Laws of South Carolina, 1976,
relating to the regulatory authority of the State Board of Financial
Institutions with respect to preneed burial contracts, so as to provide that
the license which must be obtained from the Board by persons holding or
accepting preneed burial contracts must be renewed annually for a fee in an
amount established by the Board to defray its expenses in administering its
regulatory authority with respect to preneed burial contracts.
03/28/91 Senate Introduced and read first time SJ-6
03/28/91 Senate Referred to Committee on Banking and Insurance
A BILL
TO AMEND SECTION 32-7-50, CODE OF LAWS OF SOUTH
CAROLINA, 1976, RELATING TO THE REGULATORY
AUTHORITY OF THE STATE BOARD OF FINANCIAL
INSTITUTIONS WITH RESPECT TO PRENEED BURIAL
CONTRACTS, SO AS TO PROVIDE THAT THE LICENSE WHICH
MUST BE OBTAINED FROM THE BOARD BY PERSONS
HOLDING OR ACCEPTING PRENEED BURIAL CONTRACTS
MUST BE RENEWED ANNUALLY FOR A FEE IN AN AMOUNT
ESTABLISHED BY THE BOARD TO DEFRAY ITS EXPENSES IN
ADMINISTERING ITS REGULATORY AUTHORITY WITH
RESPECT TO PRENEED BURIAL CONTRACTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) Section 32-7-50(B) of the 1976 Code is amended
to read:
"(B) Upon receipt of the application, a one time payment
of a license fee, and the deposit in an amount to be determined by
the board of such security or proof of financial responsibility as the
board may determine, the board shall issue a license or an annual
renewal license unless it determines that the applicant has made
false statements or representations in the application, or is insolvent, or
has conducted his business in a fraudulent manner, or is not duly
authorized to transact business in this State, or if in the judgment of the
board, the applicant should be denied a license for some other good and
sufficient reason."
(B) Section 32-7-50 of the 1976 Code is amended by adding:
"(D) The board shall collect annually from the provider an
annual renewal license fee in an amount established by the board to
defray expenses incurred by the board in administering the provisions of
this chapter."
SECTION 2. This act takes effect upon approval by the Governor.
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