South Carolina General Assembly
108th Session, 1989-1990

Bill 4871

                    Current Status

Bill Number:               4871
Ratification Number:       556
Act Number                 465
Introducing Body:          House
Subject:                   Relating to insurance
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A465, R556, H4871)

AN ACT TO AMEND SECTIONS 38-43-200 AND 38-55-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE, SO AS TO PERMIT THE PAYMENT OF A FEE TO A TRADE OR PROFESSIONAL ASSOCIATION EXEMPT FROM INCOME TAX UNDER THE INTERNAL REVENUE CODE.

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

Fees may be paid to associations

SECTION 1. Section 38-43-200 of the 1976 Code is amended by adding:

"(d) This section does not prohibit the payment of a fee to a trade or professional association exempt from income tax under Section 501(c) of the Internal Revenue Code."

Fees may be paid to associations

SECTION 2. Section 38-55-50 of the 1976 Code is amended by adding at the end:

"This section does not prohibit the payment of a fee to a trade or professional association exempt from income tax under Section 501(c) of the Internal Revenue Code."

Time effective

SECTION 3. This act takes effect upon approval by the Governor.

Approved the 3rd day of May, 1990.