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H. 4964
STATUS INFORMATION
General Bill
Sponsors: Rep. Stewart
Document Path: l:\council\bills\dka\3737dw06.doc
Companion/Similar bill(s): 1240, 4771
Introduced in the House on April 6, 2006
Currently residing in the House Committee on Judiciary
Summary: Bondsman maintenance of security deposits
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/6/2006 House Introduced and read first time HJ-5 4/6/2006 House Referred to Committee on Judiciary HJ-5
View the latest legislative information at the LPITS web site
VERSIONS OF THIS 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.
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