H*3403(Rat #0416, Act #0344 of 2000)  General Bill, By Robinson, Kelley, 
H. Brown, Easterday, Littlejohn, Sandifer, Vaughn, Leach, Fleming, Trotter, 
Klauber, McKay, Simrill, Hinson, Barrett, Keegan, Law and Rice
 A BILL TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO THE LEGAL RATE OF INTEREST, SO AS TO REDUCE THE ANNUAL INTEREST
 RATE ON MONEY DECREES AND JUDGMENTS FROM FOURTEEN TO TWELVE PERCENT; BY ADDING
 SECTION 38-77-144, SO AS TO PROVIDE THAT THERE IS NO PERSONAL INJURY
 PROTECTION (PIP) COVERAGE MANDATED UNDER THE AUTOMOBILE INSURANCE LAWS OF
 SOUTH CAROLINA, AND PROVIDE THAT, IF AN INSURER SELLS NO-FAULT INSURANCE
 COVERAGE WHICH PROVIDES PERSONAL INJURY PROTECTION, MEDICAL PAYMENT COVERAGE,
 OR ECONOMIC LOSS COVERAGE, SUCH COVERAGE SHALL NOT BE ASSIGNED OR SUBROGATED
 AND IS NOT SUBJECT TO A SETOFF; AND TO MAKE THE PROVISIONS OF THIS ACT
 NONSEVERABLE.-AMENDED TITLE

   01/28/99  House  Introduced and read first time HJ-9
   01/28/99  House  Referred to Committee on Judiciary HJ-10
   04/21/99  House  Committee report: Favorable with amendment
                     Judiciary HJ-70
   04/27/99  House  Amended HJ-21
   04/27/99  House  Read second time HJ-22
   04/28/99  House  Read third time and sent to Senate HJ-11
   04/28/99  Senate Introduced and read first time SJ-12
   04/28/99  Senate Referred to Committee on Banking and Insurance SJ-12
   05/20/99  Senate Recalled from Committee on Banking and Insurance SJ-6
   06/01/99  Senate Read second time SJ-36
   06/01/99  Senate Ordered to third reading with notice of
                     amendments SJ-36
   01/11/00  Senate Committed to Committee on Judiciary SJ-62
   04/26/00  Senate Recalled from Committee on Judiciary SJ-2
   05/02/00  Senate Recommitted to Committee on Judiciary SJ-33
   05/16/00  Senate Polled out of committee Judiciary SJ-11
   05/16/00  Senate Committee report: Favorable with amendment
                     Judiciary SJ-11
   05/25/00  Senate Special order SJ-111
   05/30/00  Senate Amended SJ-65
   05/30/00  Senate Read second time SJ-65
   05/30/00  Senate Unanimous consent for third reading on next
                     legislative day SJ-65
   05/31/00  Senate Read third time and returned to House with
                     amendments SJ-76
   06/01/00  House  Concurred in Senate amendment and enrolled HJ-30
   06/08/00         Ratified R 416
   06/14/00         Signed By Governor
   06/14/00         Effective date 01/01/01 and applies with respect
                     to interest calculated pursuant to causes of
                     action arising or accruing on or after that date
   06/27/00         Copies available
   06/27/00         Act No. 344

AN ACT TO AMEND SECTION 34-31-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE LEGAL RATE OF INTEREST, SO AS TO REDUCE THE ANNUAL INTEREST RATE ON MONEY DECREES AND JUDGMENTS FROM FOURTEEN TO TWELVE PERCENT; BY ADDING SECTION 38-77-144, SO AS TO PROVIDE THAT THERE IS NO PERSONAL INJURY PROTECTION (PIP) COVERAGE MANDATED UNDER THE AUTOMOBILE INSURANCE LAWS OF SOUTH CAROLINA, AND PROVIDE THAT, IF AN INSURER SELLS NO-FAULT INSURANCE COVERAGE WHICH PROVIDES PERSONAL INJURY PROTECTION, MEDICAL PAYMENT COVERAGE, OR ECONOMIC LOSS COVERAGE, SUCH COVERAGE SHALL NOT BE ASSIGNED OR SUBROGATED AND IS NOT SUBJECT TO A SETOFF; AND TO MAKE THE PROVISIONS OF THIS ACT NONSEVERABLE.

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

Interest rate reduced

SECTION 1. Section 34-31-20(B) of the 1976 Code is amended to read:

"(B) All money decrees and judgments of courts enrolled or entered shall draw interest according to law. The legal interest is at the rate of twelve percent a year."

PIP coverage not mandated

SECTION 2. The 1976 Code is amended by adding:

"Section 38-77-144. There is no personal injury protection (PIP) coverage mandated under the automobile insurance laws of this State. Any reference to personal injury protection in Title 38 or 56 or elsewhere is deleted. If an insurer sells no-fault insurance coverage which provides personal injury protection, medical payment coverage, or economic loss coverage, the coverage shall not be assigned or subrogated and is not subject to a setoff."

Provisions nonseverable

SECTION 3. The provisions of this act are declared by the General Assembly to be nonseverable, and if any portion of this act is declared by a court of competent jurisdiction to be invalid, unconstitutional, unenforceable, or unlawful, the remaining provisions are declared to be null and void.

Time effective

SECTION 4. This act takes effect January 1, 2001, and applies with respect to interest calculated pursuant to causes of action arising or accruing on or after that date.

Ratified the 8th day of June, 2000.

Approved the 14th day of June, 2000.