Bill 470

                    Current Status

Introducing Body:               Senate
Bill Number:                    470
Primary Sponsor:                Saleeby
Type of Legislation:            GB
Subject:                        Consumer credit insurers, forms and
                                credits
Companion Bill Number:          3236
Computer Document Number:       470
Introduced Date:                Jan 15, 1991
Last History Body:              Senate
Last History Date:              Mar 14, 1991
Last History Type:              Committee Report:   majority
                                                         favorable, minority unfavorable
Scope of Legislation:           Statewide
All Sponsors:                   Saleeby
                                Land
                                McConnell
                                Mullinax
                                Pope
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 470   Senate  Mar 14, 1991  Committee Report: majority      02
                             favorable, minority
                             unfavorable
 470   Senate  Jan 15, 1991  Introduced, read first time,    02
                             referred to Committee

Indicates Matter Stricken
Indicates New Matter

COMMITTEE REPORT

March 14, 1991

S. 470

Introduced by SENATORS Saleeby, Land, McConnell, Mullinax and Pope

S. Printed 3/14/91--S.

Read the first time January 15, 1991.

To whom was referred a Bill (S. 470), to amend Section 37-4-203, Code of Laws of South Carolina, 1976, relating to forms and schedules of consumer credit insurers, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass:

Majority favorable. Minority unfavorable.

JOHN A. MARTIN THOMAS L. MOORE

For Majority. For Minority.

A BILL

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.

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     Level
                       Balance        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       Level
                       Balance          Balance

Individual             $ .85    .65    $1.70    1.30

Joint Insurance        $1.42   1.08    $2.84    2.16"