Current StatusView additional legislative information at the LPITS web site.Bill Number: 3763 Ratification Number: 465 Act Number 426 Introducing Body: House Subject: Change the charge allowed on a delinquency installment
(A426, R465, H3763)
AN ACT TO AMEND SECTION 38-39-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CANCELLATION OF INSURANCE CONTRACTS BY A PREMIUM SERVICE COMPANY, SO AS TO CHANGE THE CHARGE ALLOWED ON A DELINQUENCY INSTALLMENT FROM FIVE CENTS A DOLLAR FOR EACH FULL DOLLAR OR ONE DOLLAR, WHICHEVER IS GREATER, NOT TO EXCEED FIVE DOLLARS, TO ONE DOLLAR TO A MAXIMUM OF FIVE PERCENT OF AN INSTALLMENT, OR A MAXIMUM OF FIVE DOLLARS ON A FAMILY OR HOUSEHOLD PURPOSE LOAN.
Be it enacted by the General Assembly of the State of South Carolina:
Delinquency charge
SECTION 1. Section 38-39-80(g) of the 1976 Code is amended to read:
"(g) A premium service agreement may provide for the payment by the insured of a delinquency charge on each installment in default for a period of not less than five days of one dollar to a maximum of five percent of the installment; however, if the loan is primarily for personal family and household purposes the maximum amount of the delinquency charge may not exceed five dollars. Only one delinquency charge may be collected on an installment regardless of the period during which it remains in default."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.