South Carolina General Assembly
116th Session, 2005-2006

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A298, R341, H4532

STATUS INFORMATION

General Bill
Sponsors: Reps. Coates, McGee and Townsend
Document Path: l:\council\bills\swb\6647cm06.doc
Companion/Similar bill(s): 1034

Introduced in the House on January 26, 2006
Introduced in the Senate on March 21, 2006
Last Amended on May 17, 2006
Passed by the General Assembly on May 24, 2006
Governor's Action: May 31, 2006, Signed

Summary: Automobile wholesaler and dealer license application

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/26/2006  House   Introduced and read first time HJ-29
   1/26/2006  House   Referred to Committee on Labor, Commerce and Industry 
                        HJ-29
   3/15/2006  House   Committee report: Favorable with amendment Labor, 
                        Commerce and Industry HJ-96
   3/16/2006  House   Amended HJ-20
   3/16/2006  House   Read second time HJ-21
   3/16/2006  House   Unanimous consent for third reading on next legislative 
                        day HJ-21
   3/17/2006  House   Read third time and sent to Senate HJ-3
   3/21/2006  Senate  Introduced and read first time SJ-10
   3/21/2006  Senate  Referred to Committee on Transportation SJ-10
   5/16/2006  Senate  Recalled from Committee on Transportation SJ-6
   5/17/2006  Senate  Amended SJ-31
   5/17/2006  Senate  Read second time SJ-31
   5/18/2006  Senate  Read third time and returned to House with amendments 
                        SJ-50
   5/24/2006  House   Concurred in Senate amendment and enrolled HJ-40
   5/25/2006          Ratified R 341
   5/31/2006          Signed By Governor
    6/2/2006          Copies available
    6/2/2006          Effective date 05/31/06
    6/8/2006          Act No. 298

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/26/2006
3/15/2006
3/16/2006
5/16/2006
5/17/2006

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

(A298, R341, H4532)

AN ACT TO AMEND SECTION 56-15-320, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTOMOBILE DEALER AND WHOLESALER LICENSES, SO AS TO INCREASE THE AMOUNT OF THE SURETY BOND AN APPLICANT FOR LICENSURE AS A DEALER OR WHOLESALER MUST PROVIDE TO THE DEPARTMENT OF MOTOR VEHICLES AND TO INCREASE THE AGGREGATE LIABILITY OF THE SURETY FOR CLAIMS ON EACH BOND AND THE AMOUNT OF THE ACTUAL LOSS INCURRED.

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

Automobile dealer and wholesaler licenses

SECTION    1.    Section 56-15-320(B) of the 1976 Code is amended to read:

"(B)    Each applicant for licensure as a dealer or wholesaler shall furnish a surety bond in the penal amount of thirty thousand dollars on a form prescribed by the director of the department. The bond must be given to the department and executed by the applicant, as principal, and by a corporate surety company authorized to do business in this State, as surety. The bond must be conditioned upon the applicant or licensee complying with the statutes applicable to the license and as indemnification for loss or damage suffered by an owner of a motor vehicle, or his legal representative, by reason of fraud practiced or fraudulent representation made in connection with the sale or transfer of a motor vehicle by a licensed dealer or wholesaler or the dealer's or wholesaler's agent acting for the dealer or wholesaler or within the scope of employment of the agent or loss or damage suffered by reason of the violation by the dealer or wholesaler or his agent of this chapter. An owner or his legal representative who suffers the loss or damage has a right of action against the dealer or wholesaler and against the dealer's or wholesaler's surety upon the bond and may recover damages as provided in this chapter. However, regardless of the number of years a bond remains in effect, the aggregate liability of the surety for claims is limited to thirty thousand dollars on each bond and to the amount of the actual loss incurred. The surety may terminate its liability under the bond by giving the department thirty days' written notice of its intent to cancel the bond. The cancellation does not affect liability incurred or accrued before the cancellation."

Time effective

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

Ratified the 25th day of May, 2006.

Approved the 31st day of May, 2006.

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