Current Status Introducing Body:Senate Bill Number:1509 Primary Sponsor:Committee (02) Committee Number:27 Type of Legislation:GB Subject:Preneed burial contracts Residing Body:House Current Committee:Medical, Military, Public and Municipal Affairs Computer Document Number:BBM/10001.JM Introduced Date:Apr 23, 1992 Last History Body:House Last History Date:Apr 30, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide Sponsor Committee:Banking and Insurance Sponsor Committee Number:02 Type of Legislation:General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 1509 House Apr 30, 1992 Introduced, read first time, 27 referred to Committee 1509 Senate Apr 29, 1992 Read third time, sent to House 1509 Senate Apr 28, 1992 Read second time, unanimous consent for third reading on Wednesday, April 29, 1992 1509 Senate Apr 23, 1992 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
INTRODUCED
April 23, 1992
S. 1509
S. Printed 4/23/92--S.
Read the first time April 23, 1992.
TO AMEND SECTION 32-7-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REGULATORY AUTHORITY OF THE STATE BOARD OF FINANCIAL INSTITUTIONS WITH RESPECT TO PRENEED BURIAL CONTRACTS, SO AS TO PROVIDE THAT THE LICENSE WHICH MUST BE OBTAINED FROM THE BOARD BY PERSONS HOLDING OR ACCEPTING PRENEED BURIAL CONTRACTS MUST BE RENEWED ANNUALLY FOR A FEE IN AN AMOUNT ESTABLISHED BY THE BOARD TO DEFRAY ITS EXPENSES IN ADMINISTERING ITS REGULATORY AUTHORITY WITH RESPECT TO PRENEED BURIAL CONTRACTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) Section 32-7-50(B) of the 1976 Code is amended to read:
"(B) Upon receipt of the application, a one time payment of a license fee, and the deposit in an amount to be determined by the board of such security or proof of financial responsibility as the board may determine, the board shall issue a license or an annual renewal license unless it determines that the applicant has made false statements or representations in the application, or is insolvent, or has conducted his business in a fraudulent manner, or is not duly authorized to transact business in this State, or if in the judgment of the board, the applicant should be denied a license for some other good and sufficient reason."
(B) Section 32-7-50 of the 1976 Code is amended by adding:
"(D) The board shall collect annually from the provider an annual renewal license fee in an amount established by the board to defray expenses incurred by the board in administering the provisions of this chapter."
SECTION 2. This act takes effect upon approval by the Governor.