Current Status Introducing Body:House Bill Number:4052 Primary Sponsor:Wilkes Committee Number:26 Type of Legislation:GB Subject:Insurance premiums Residing Body:House Current Committee:Labor, Commerce and Industry Date Tabled:19930525 Computer Document Number:CYY/15426SD.93 Introduced Date:19930414 Last History Body:House Last History Date:19930525 Last History Type:Tabled in Committee Scope of Legislation:Statewide All Sponsors:Wilkes Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
4052 House 19930525 Tabled in Committee 26
4052 House 19930414 Introduced, read first time, 26
referred to Committee
View additional legislative information at the LPITS web site.
TO PROVIDE THAT CREDIT LIFE, PROPERTY, ACCIDENT AND HEALTH INSURANCE PREMIUMS CHARGED BY SUPERVISED LENDERS UNDER THE CONSUMER PROTECTION CODE OR BY RESTRICTED LENDERS UNDER THE CONSUMER FINANCE LAW ARE SUBJECT TO A MINIMUM CHARGE AND A MINIMUM RETENTION OF THREE DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Notwithstanding any other provision of law, credit life, property, accident and health insurance premiums charged by supervised lenders under the Consumer Protection Code or by restricted lenders under the consumer finance law are each subject to a minimum charge and a minimum retention of three dollars.
The provisions of this section do not require a creditor to grant a refund or credit of a life, accident and health, or property insurance premium on any contract to the debtor if any refund or credit due to the debtor under this section is less than three dollars."
SECTION 2. This act takes effect upon approval by the Governor.