South Carolina General Assembly
116th Session, 2005-2006

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

S. 1240

STATUS INFORMATION

General Bill
Sponsors: Senator Knotts
Document Path: l:\council\bills\gjk\20945sd06.doc
Companion/Similar bill(s): 4771, 4964

Introduced in the Senate on March 9, 2006
Currently residing in the Senate Committee on Banking and Insurance

Summary: Bondsman maintenance of security deposits

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    3/9/2006  Senate  Introduced and read first time SJ-5
    3/9/2006  Senate  Referred to Committee on Banking and Insurance SJ-5

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

3/9/2006

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

A BILL

TO AMEND SECTION 38-53-270, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO A PROFESSIONAL BONDSMAN'S MAINTENANCE OF SECURITY DEPOSITS WITH THE CLERK OF COURT, SO AS TO REVISE THE AMOUNT A PROFESSIONAL BONDSMAN SHALL MAINTAIN AS A DEPOSIT WITH A CLERK OF COURT, AND TO REQUIRE THAT THE MINIMUM AMOUNT OF THIS COLLATERAL MUST BE TWENTY-FIVE THOUSAND DOLLARS IN CASH.

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

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 security 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 one-tenth of 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. A minimum of ten twenty-five thousand dollars of this collateral shall must be in the form of cash deposited with the clerk of court or certificates of deposit pledged to the clerk of court. Any remaining collateral shall must be pledges of real estate, the value of which shall must be based upon the appraised value by the county tax assessor. The real estate shall must be free and clear of any encumbrances based upon a title opinion furnished to the clerk of court by the bondsman."

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

----XX----

This web page was last updated on Friday, December 4, 2009 at 3:36 P.M.