Current Status Bill Number:3906 Ratification Number:175 Act Number:118 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950330 Primary Sponsor:Harrison All Sponsors:Harrison and Scott Drafted Document Number:pt\1878dw.95 Date Bill Passed both Bodies:19950510 Governor's Action:S Date of Governor's Action:19950612 Subject:Bondsman acting as surety on bail bonds
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
------ 19950612 Act No. A118
------ 19950612 Signed by Governor
------ 19950606 Ratified R175
Senate 19950510 Read third time, enrolled for
ratification
Senate 19950419 Read second time
Senate 19950411 Recalled from Committee, 02 SBI
placed on the Calendar
Senate 19950411 Introduced, read first time, 02 SBI
referred to Committee
House 19950406 Read third time, sent to Senate
House 19950405 Read second time
House 19950330 Introduced, read first time,
placed on Calendar without reference
View additional legislative information at the LPITS web site.
(A118, R175, H3906)
AN ACT TO AMEND SECTION 38-53-270, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT A BONDSMAN ACTING AS SURETY ON BAIL BONDS MAINTAINS DEPOSITS WITH THE CLERK OF COURT IN CERTAIN AMOUNTS, SO AS TO CHANGE FROM ASSESSED TO FAIR MARKET THE VALUE WHICH MUST BE PLEDGED IF THE DEPOSITS ARE REAL PROPERTY AND TO PROVIDE FOR THE MANNER IN WHICH THIS VALUE IS DETERMINED.
Be it enacted by the General Assembly of the State of South Carolina:
Fair market value to be used
SECTION 1. Section 38-53-270 of the 1976 Code is amended to read:
"Section 38-53-270. Each professional bondsman acting as surety on bail bonds in this State shall maintain deposits with the clerk of court of the county in which the bondsman has his primary place of business equal to at least one-fourth the amount of all bonds or undertakings written in this State on which he is absolutely or conditionally liable as of the first day of the current month. The deposits must be in the form of either passbook savings accounts or certificates of deposit of building and loan associations chartered by this State or federal savings and loan associations located within this State in which deposits are guaranteed by the Federal Savings and Loan Insurance Corporation, not to exceed the amount covered by insurance, or of national banks located within this State or banks chartered by this State in which deposits are guaranteed by the Federal Deposit Insurance Corporation, not to exceed the amount covered by insurance, or by the pledge of the appraised value of real estate in South Carolina over any recorded mortgages and contracts of sale. The value shall be determined by the county tax assessor for the county where the subject property is located. The interest paid on the deposits may be collected by the bondsman. The amount of the deposits must be reconciled with the bondsman's liabilities as of the first day of the month before the sixteenth of the month. The value of the deposits may not be less than five thousand dollars. The first ten thousand dollars of these deposits must be secured by passbook savings or certificates of deposits only. Any amounts above ten thousand dollars may be secured with pledges of other types of collateral approved by the clerk of court."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 12th day of June, 1995.