Bill 825

                    Current Status

Introducing Body:               Senate
Bill Number:                    825
Committee Number:               02
Type of Legislation:            GB
Subject:                        Preneed burial contracts
Residing Body:                  Senate
Computer Document Number:       825
Introduced Date:                Mar 28, 1991
Last History Body:              Senate
Last History Date:              Mar 28, 1991
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 825   Senate  Mar 28, 1991  Introduced, read first time,    02
                             referred to Committee

A BILL

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.