South Carolina General Assembly
114th Session, 2001-2002

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Bill 4761

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      4761
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020219
Primary Sponsor:                  Simrill
All Sponsors:                     Simrill
Drafted Document Number:          l:\council\bills\skb\18143zcw02.doc
Residing Body:                    House
Current Committee:                Labor, Commerce and Industry Committee 26 
                                  HLCI
Subject:                          Title insurer or insurance agent, may not 
                                  pay premium or commission of with a person not 
                                  licensed as an insurer or agent in this State


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020219  Introduced, read first time,           26 HLCI
                  referred to Committee


              Versions of This Bill
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 38-75-1010 SO AS TO PROVIDE THAT A PERSON LICENSED IN THIS STATE AS A TITLE INSURER OR AS A TITLE INSURANCE AGENT MAY NOT PAY, DIRECTLY OR INDIRECTLY, ANY PORTION OF A PREMIUM OR COMMISSION WITH A PERSON NOT LICENSED BY THIS STATE AS EITHER A TITLE INSURER OR TITLE INSURANCE AGENT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    The 1976 Code is amended by adding:

    "Section 38-75-1010.    A title insurer or title insurance agent licensed in this State may not pay, directly or indirectly, any portion of a premium or commission or other valuable consideration on account of any policy of title insurance to any person not licensed by this State as a title insurer or title insurance agent."

SECTION    2.    This act takes effect upon approval by the Governor.

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