S 1509 General Bill, By Senate 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.

   04/23/92  Senate Introduced, read first time, placed on calendar
                     without reference SJ-10
   04/28/92  Senate Read second time SJ-53
   04/28/92  Senate Unanimous consent for third reading on next
                     legislative day SJ-53
   04/29/92  Senate Read third time and sent to House SJ-287
   04/30/92  House  Introduced and read first time HJ-13
   04/30/92  House  Referred to Committee on Medical, Military,
                     Public and Municipal Affairs HJ-13

INTRODUCED

April 23, 1992

S. 1509

S. Printed 4/23/92--S.

Read the first time April 23, 1992.

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.