S 0545 General Bill, By M.T. Rose
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 40-5-315 so as to provide that every attorney at law, as a condition of being
 licensed to practice in this State, shall enter into a bond or self-insurance
 guarantee approved by the Supreme Court conditioned upon faithful performance
 of the attorney's duties to clients and the courts, to provide that this bond
 or self-insurance guarantee, among other purposes, must protect clients from
 loss arising from the attorney's misuse or conversion of funds belonging to
 that client or for that client's benefit, and to provide that the amount and
 duration of the bond or guarantee and the manner of its execution and filing
 shall be specified by the Supreme Court.

   02/21/95  Senate Introduced and read first time SJ-5
   02/21/95  Senate Referred to Committee on Judiciary SJ-5

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-5-315 SO AS TO PROVIDE THAT EVERY ATTORNEY AT LAW, AS A CONDITION OF BEING LICENSED TO PRACTICE IN THIS STATE, SHALL ENTER INTO A BOND OR SELF-INSURANCE GUARANTEE APPROVED BY THE SUPREME COURT CONDITIONED UPON FAITHFUL PERFORMANCE OF THE ATTORNEY'S DUTIES TO CLIENTS AND THE COURTS, TO PROVIDE THAT THIS BOND OR SELF-INSURANCE GUARANTEE, AMONG OTHER PURPOSES, MUST PROTECT CLIENTS FROM LOSS ARISING FROM THE ATTORNEY'S MISUSE OR CONVERSION OF FUNDS BELONGING TO THAT CLIENT OR FOR THAT CLIENT'S BENEFIT, AND TO PROVIDE THAT THE AMOUNT AND DURATION OF THE BOND OR GUARANTEE AND THE MANNER OF ITS EXECUTION AND FILING SHALL BE SPECIFIED BY THE SUPREME COURT.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 40-5-315. Every attorney at law, as a condition of being licensed to practice in this State, shall enter into a bond or a self-insurance guarantee approved by the Supreme Court, conditioned upon faithful performance of the attorney's duties to clients and the courts. This bond or self-insurance guarantee, among other purposes, must protect clients from loss arising from the attorney's misuse or conversion of funds belonging to that client or for that client's benefit. The amount and duration of the bond or guarantee, and the manner of its execution and filing shall be specified by the Supreme Court."

SECTION 2. This act takes effect upon approval by the Governor.