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TO AMEND SECTION 38-39-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE PREMIUM SERVICE COMPANIES, SO AS TO ALLOW BANKS AND OTHER SPECIFIED FINANCIAL INSTITUTIONS TO ENGAGE IN THE BUSINESS OF SERVICING INSURANCE PREMIUMS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-39-10 of the 1976 Code is amended to read:
"Section 38-39-10. This chapter does not apply to:
(a) an insurer authorized to do business in this State;
(b) a banking institution, savings and loan association, cooperative credit union, consumer finance company provided for in Sections 34-29-10 to 34-29-260 authorized to do business in this State, or a supervised lender provided for in Title 37 authorized to do business in this State;
(c) the inclusion of a charge for insurance in connection with an installment sale of goods or services;
(dc) the advancing of premiums by insurance agents and producers of record under Article 3 of Chapter 43 of this title."
SECTION 2. This act takes effect upon approval by the Governor.
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