Current Status Introducing Body:House Bill Number:4028 Primary Sponsor:Beatty Committee Number:26 Type of Legislation:GB Subject:Insurance contracts, finance charge Residing Body:House Current Committee:Labor, Commerce and Industry Computer Document Number:BBM/10476JM.93 Introduced Date:19930414 Last History Body:House Last History Date:19930414 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Beatty Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
4028 House 19930414 Introduced, read first time, 26
referred to Committee
View additional legislative information at the LPITS web site.
TO LIMIT THE FINANCE CHARGE FOR POLICIES OR CONTRACTS OF INSURANCE IN THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Notwithstanding any other provision of law, the finance charge for any policy or contract of insurance shall be limited to the prime rate of interest plus two percent; provided, that in no event shall such finance charge exceed a rate of interest totaling fifteen percent.
SECTION 2. This act takes effect upon approval by the Governor.