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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 64 TO TITLE 38 SO AS TO ENACT THE "VIATICAL SETTLEMENTS ACT", TO PROVIDE FOR THE PROTECTION OF CONTRACTUAL AND PROPERTY RIGHTS OF A LIFE INSURANCE POLICY OWNER TO SEEK A VIATICAL SETTLEMENT, TO ESTABLISH CONSUMER PROTECTIONS BY PROVIDING FOR THE REGULATION OF A VIATICAL SETTLEMENT TRANSACTION BY THE DIRECTOR OF INSURANCE, TO PROVIDE FOR THE LICENSING, BONDING, AND REGULATION OF A VIATICAL SETTLEMENT PROVIDER AND OTHERS INVOLVED IN A VIATICAL SETTLEMENT TRANSACTION, TO PROVIDE FOR CERTAIN DISCLOSURES BY A VIATICAL SETTLEMENT BROKER OR PROVIDER, TO PROVIDE FOR ANTI-FRAUD MEASURES, AND TO PROVIDE PENALTIES FOR VIOLATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Title 38 of the 1976 Code is amended by adding:
Section 38-64-10. This chapter may be cited as the 'Viatical Settlements Act'."
SECTION 2. This act takes effect upon approval by the Governor.
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