Current Status Introducing Body:
SenateBill Number: 688Ratification Number: 194Act Number: 139Primary Sponsor: O'DellType of Legislation: GBSubject: Insurance premiumsDate Bill Passed both Bodies: 19930602Computer Document Number: CYY/15471SD.93Governor's Action: SDate of Governor's Action: 19930614Introduced Date: 19930414Last History Body: ------Last History Date: 19930614Last History Type: Act No. 139Scope of Legislation: StatewideAll Sponsors: O'DellType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ---- ------ ------------ ------------------------------ --- ------------ 688 ------ 19930614 Act No. 139 688 ------ 19930614 Signed by Governor 688 ------ 19930610 Ratified R 194 688 House 19930602 Read third time, enrolled for ratification 688 House 19930601 Read second time 688 House 19930526 Committee Report: Favorable 26 688 House 19930504 Introduced, read first time, 26 referred to Committee 688 Senate 19930430 Read third time, sent to House 688 Senate 19930429 Read second time, unanimous consent for third reading on Friday, April 30, 1993 688 Senate 19930429 Recalled from Committee 02 688 Senate 19930414 Introduced, read first time, 02 referred to CommitteeView additional legislative information at the LPITS web site.
(A139, R194, S688)
AN ACT TO PROVIDE THAT CREDIT LIFE, PROPERTY, AND 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:
Minimum charges and retentions
SECTION 1. Notwithstanding any other provision of law, credit life, property, and 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.
Approved the 14th day of June, 1993.