South Carolina General Assembly
107th Session, 1987-1988

Bill 3409


                    Current Status

Bill Number:               3409
Ratification Number:       377
Act Number                 359
Introducing Body:          House
Subject:                   Definition of "consumer credit
                           insurance"
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A359, R377, H3409)

AN ACT TO AMEND SECTION 37-4-103, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITION OF "CONSUMER CREDIT INSURANCE", SO AS TO EXCLUDE FROM THE DEFINITION INSURANCE ON WHICH A PAYMENT IS SCHEDULED MORE THAN FIFTEEN YEARS AFTER THE EXTENSION OF CREDIT IF THE DEBT IS SECURED BY REAL ESTATE.

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

Definition

SECTION 1. Section 37-4-103 of the 1976 Code is amended to read:

"Section 37-4-103. In this title 'consumer credit insurance' means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include:

(a) insurance provided in relation to a credit transaction in which a payment is scheduled more than ten years after the extension of credit or insurance on which a payment is scheduled more than fifteen years after the extension of credit if the debt is secured by real estate;

(b) insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring debtors of the creditor; or

(c) insurance indemnifying the creditor against loss due to the debtor's default."

Time effective

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