Current Status Introducing Body:House Bill Number:3236 Primary Sponsor:McElveen Committee Number:02 Type of Legislation:GB Subject:Consumer credit insurers Residing Body:Senate Current Committee:Banking and Insurance Companion Bill Number:470 Computer Document Number:NO5/7144.BD Introduced Date:Jan 17, 1991 Date of Last Amendment:Jan 29, 1992 Last History Body:Senate Last History Date:Feb 04, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:McElveen Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
3236 Senate Feb 04, 1992 Introduced, read first time, 02
referred to Committee
3236 House Jan 30, 1992 Objection ordered removed
from Bill as he is no longer
a member of the House
3236 House Jan 30, 1992 Read third time, sent to
Senate
3236 House Jan 29, 1992 Amended, read second time
3236 House Jan 16, 1992 Debate adjourned
3236 House Apr 24, 1991 Objection withdrawn by
Representative
3236 House Apr 17, 1991 Objection by Representative
3236 House Apr 16, 1991 Debate adjourned until
Wednesday, April 17
3236 House Apr 16, 1991 Objection by Representative
3236 House Apr 10, 1991 Committee Report: Favorable 26
with amendment
3236 House Jan 17, 1991 Introduced, read first time, 26
referred to Committee
View additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
AMENDED
January 29, 1992
H. 3236
S. Printed 1/29/92--H.
Read the first time January 17, 1991.
TO AMEND SECTION 37-4-203, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FORMS AND SCHEDULES OF CONSUMER CREDIT INSURERS, AND SECTION 34-29-160, AS AMENDED, RELATING TO INSURANCE ON SECURITY AND THE BORROWER UNDER THE CONSUMER FINANCE LAW, SO AS TO REDUCE THE RATE FOR COVERAGE.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 37-4-203(5) of the 1976 Code is amended to read:
"(5) Credit life insurance premiums for each one hundred dollars of indebtedness are considered reasonable and may be charged if they are not greater than the amounts given in the following table times the number of years, or fraction of a year, that the indebtedness is scheduled to continue, subject to a minimum charge of two dollars:
Decreasing
Balance Level
Balance Individual $ .85 .65 $1.70 1.30 Joint Insurance $1.42 1.08 $2.84 2.16"
SECTION 2. The last paragraph of Section 34-29-160 of the 1976 Code is amended to read:
"Credit life insurance premiums for each one hundred dollars of indebtedness are considered reasonable and may be charged if they are not greater than the amounts given in the following table times the number of years, or fraction of a year, that the indebtedness is scheduled to continue, subject to a minimum charge of two dollars:
Decreasing
Balance Level
Balance Individual $ .85 .65 $1.70 1.30 Joint Insurance $1.42 1.08 $2.84 2.16"
SECTION 3. This act takes effect upon approval by the Governor, except the individual and joint insurance decreasing and level balance changes reduced in Section 37-4-203(5) of the 1976 Code in Section 1 and the last paragraph of Section 34-29-160 of the 1976 Code in Section 2 take effect January 1, 1994. The $ .85 individual decreasing balance charge is reduced to $ .75 January 1, 1993. The $1.70 individual level balance charge is reduced to $1.50 January 1, 1993. The $1.42 joint decreasing balance charge is reduced to $1.25 January 1, 1993. The $2.84 joint level balance charge is reduced to $2.50 January 1, 1993.