Current Status Introducing Body:Senate Bill Number:976 Primary Sponsor:Saleeby Committee Number:26 Type of Legislation:GB Subject:Consumer credit insurance Residing Body:House Current Committee:Labor, Commerce and Industry Companion Bill Number:4493 Computer Document Number:BBM/10796JM.94 Introduced Date:19940111 Date of Last Amendment:19940407 Last History Body:House Last History Date:19940413 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Saleeby Land McConnell Courtney Rankin Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
976 House 19940413 Introduced, read first time, 26
referred to Committee
976 Senate 19940412 Read third time, sent to House
976 Senate 19940407 Amended, read second time
976 Senate 19940406 Committee Report: Favorable 02
with amendment
976 Senate 19940111 Introduced, read first time, 02
referred to Committee
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Indicates Matter Stricken
Indicates New Matter
COMMITTEE AMENDMENT ADOPTED
April 7, 1994
S. 976
Introduced by SENATORS Saleeby, Land, McConnell, Courtney and Rankin
S. Printed 4/7/94--S.
Read the first time January 11, 1994.
TO AMEND SECTION 37-4-203, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CONSUMER CREDIT INSURANCE, FILING AND APPROVAL OF RATES AND FORMS, AND CREDIT LIFE INSURANCE PREMIUMS, SO AS TO INCREASE THE MINIMUM CHARGE, AND DECREASE THE RATE CHARGED FOR CREDIT LIFE INSURANCE IN CERTAIN CATEGORIES.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 37-4-203(5) of the 1976 Code, as last amended by Act 142 of 1991, is further 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 three dollars:
Decreasing Level
Balance Balance
Individual $ .75 .65 $1.50
Joint Insurance $1.25 $2.50 2.16"
SECTION 2. Section 37-2-202(2)(b) of the 1976 Code, as last amended by Act 142 of 1991, is further amended to read:
"(b) with respect to consumer credit insurance providing life, accident, health, or unemployment coverage, if the insurance coverage is not required by the creditor, and this fact is clearly and conspicuously disclosed in writing to the consumer, and if in order to obtain the insurance in connection with the extension of credit, the consumer, or two of them in the case of joint coverage, gives specific, dated, and separately signed affirmative written indication of his desire to do so after written disclosure to him of the cost of it with a statement similar to the following appearing in caps, underlined, or disclosed in another prominent manner with the consumer signature required by this section: CONSUMER CREDIT INSURANCE IS NOT REQUIRED TO OBTAIN CREDIT AND WILL NOT BE PROVIDED UNLESS YOU SIGN AND AGREE TO PAY THE ADDITIONAL COST; and"
SECTION 3. Section 37-3-202(2)(b) of the 1976 Code, as last amended by Act 142 of 1991, is further amended to read:
"(b) consumer credit insurance providing life, accident and health, or unemployment insurance coverage, if the insurance coverage is not required by the lender, and this fact is clearly and conspicuously disclosed in writing to the debtor, and if, in order to obtain the insurance in connection with the loan, the debtor, or two of them in the case of joint coverage, gives specific, dated, and separately signed affirmative written indication of his desire to do so after written disclosure to him of the cost thereof with a statement similar to the following appearing in caps, underlined, or disclosed in another prominent manner with the consumer signature required by this section: CONSUMER CREDIT INSURANCE IS NOT REQUIRED TO OBTAIN CREDIT AND WILL NOT BE PROVIDED UNLESS YOU SIGN AND AGREE TO PAY THE ADDITIONAL COST; and"
SECTION 4. This act takes effect January 1, 1995.