H 3687 Session 112 (1997-1998)
H 3687 General Bill, By Altman
A BILL TO AMEND SECTION 38-53-270, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
1976, RELATING TO A PROFESSIONAL BONDSMAN'S MAINTENANCE OF DEPOSITS WITH THE
CLERK OF COURT, SO AS TO REVISE THE AMOUNT A PROFESSIONAL BONDSMAN SHALL
MAINTAIN AS A DEPOSIT WITH A CLERK OF COURT.
03/19/97 House Introduced and read first time HJ-26
03/19/97 House Referred to Committee on Judiciary HJ-26
A BILL
TO AMEND SECTION 38-53-270, AS AMENDED, CODE OF
LAWS OF SOUTH CAROLINA, 1976, RELATING TO A
PROFESSIONAL BONDSMAN'S MAINTENANCE OF
DEPOSITS WITH THE CLERK OF COURT, SO AS TO REVISE
THE AMOUNT A PROFESSIONAL BONDSMAN SHALL
MAINTAIN AS A DEPOSIT WITH A CLERK OF COURT.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Section 38-53-270 of the 1976 Code, as last amended
by Act 118 of 1995, is further amended to read:
"Section 38-53-270. Each professional bondsman acting as surety
on bail bonds in this State shall maintain deposits with the clerk of
court of the county in which the bondsman has his primary place of
business equal to at least one-fourth one-tenth the
amount of all bonds or undertakings written in this State on which he
is absolutely or conditionally liable as of the first day of the current
month. The deposits must be in the form of either passbook savings
accounts or certificates of deposit of building and loan associations
chartered by this State or federal savings and loan associations
located within this State in which deposits are guaranteed by the
Federal Savings and Loan Insurance Corporation, not to exceed the
amount covered by insurance, or of national banks located within this
State or banks chartered by this State in which deposits are
guaranteed by the Federal Deposit Insurance Corporation, not to
exceed the amount covered by insurance, or by the pledge of the
appraised value of real estate in South Carolina over any recorded
mortgages and contracts of sale. The value shall
must be determined by the county tax assessor for the county
where the subject property is located. The interest paid on the
deposits may be collected by the bondsman. The amount of the
deposits must be reconciled with the bondsman's liabilities as of the
first day of the month before the sixteenth of the month. The value
of the deposits may not be less than five thousand dollars. The first
ten thousand dollars of these deposits must be secured by passbook
savings or certificates of deposits only. Any amounts above ten
thousand dollars may be secured with pledges of other types of
collateral approved by the clerk of court."
SECTION 2. This act takes effect upon approval by the Governor.
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