H 3236 General Bill, By J.T. McElveen
 A Bill to amend Section 37-4-203, Code of Laws of South Carolina, 1976,
 relating to forms and schedules of consumer credit insurers, and Section
 34-29-160, as amended, relating to insurance on security and the borrower
 under the consumer finance law, so as to reduce the rate for coverage.

   01/17/91  House  Introduced and read first time HJ-10
   01/17/91  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-11
   04/10/91  House  Committee report: Favorable with amendment Labor,
                     Commerce and Industry HJ-2
   04/16/91  House  Objection by Rep. White, D. Williams & K. Bailey HJ-12
   04/16/91  House  Debate adjourned until Wednesday, April 17, 1991 HJ-12
   04/17/91  House  Objection by Rep. McCain, Carnell, Rama, Felder,
                     Rhoad, Koon & Inabinett HJ-39
   04/24/91  House  Objection withdrawn by Rep. Rhoad HJ-30
   01/16/92  House  Debate adjourned HJ-24
   01/29/92  House  Amended HJ-24
   01/29/92  House  Read second time HJ-25
   01/30/92  House  Point of order- McCain no longer a member-name
                     removed as objector HJ-40
   01/30/92  House  Read third time and sent to Senate HJ-41
   02/04/92  Senate Introduced and read first time SJ-12
   02/04/92  Senate Referred to Committee on Banking and Insurance SJ-1

AMENDED

January 29, 1992

H. 3236

S. Printed 1/29/92--H.

Read the first time January 17, 1991.

A BILL

TO AMEND SECTION 37-4-203, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FORMS AND SCHEDULES OF CONSUMER CREDIT INSURERS, AND SECTION 34-29-160, AS AMENDED, RELATING TO INSURANCE ON SECURITY AND THE BORROWER UNDER THE CONSUMER FINANCE LAW, SO AS TO REDUCE THE RATE FOR COVERAGE.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 37-4-203(5) of the 1976 Code is amended to read:

"(5) Credit life insurance premiums for each one hundred dollars of indebtedness are considered reasonable and may be charged if they are not greater than the amounts given in the following table times the number of years, or fraction of a year, that the indebtedness is scheduled to continue, subject to a minimum charge of two dollars:

Decreasing

Balance Level

Balance Individual $ .85 .65 $1.70 1.30 Joint Insurance $1.42 1.08 $2.84 2.16"

SECTION 2. The last paragraph of Section 34-29-160 of the 1976 Code is amended to read:

"Credit life insurance premiums for each one hundred dollars of indebtedness are considered reasonable and may be charged if they are not greater than the amounts given in the following table times the number of years, or fraction of a year, that the indebtedness is scheduled to continue, subject to a minimum charge of two dollars:

Decreasing

Balance Level

Balance Individual $ .85 .65 $1.70 1.30 Joint Insurance $1.42 1.08 $2.84 2.16"

SECTION 3. This act takes effect upon approval by the Governor, except the individual and joint insurance decreasing and level balance changes reduced in Section 37-4-203(5) of the 1976 Code in Section 1 and the last paragraph of Section 34-29-160 of the 1976 Code in Section 2 take effect January 1, 1994. The $ .85 individual decreasing balance charge is reduced to $ .75 January 1, 1993. The $1.70 individual level balance charge is reduced to $1.50 January 1, 1993. The $1.42 joint decreasing balance charge is reduced to $1.25 January 1, 1993. The $2.84 joint level balance charge is reduced to $2.50 January 1, 1993.