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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 16-13-305 SO AS TO CREATE THE OFFENSE OF DEFRAUDING SECURED CREDITORS AND TO PROVIDE A PENALTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 13, Title 16 of the 1976 Code is amended by adding:
"Section 16-13-305. A person who destroys, removes, cancels, encumbers, transfers, or disposes of property that is subject to a security interest, with the intent to hinder the enforcement of the interest, is guilty of defrauding a secured creditor and, upon conviction, must be imprisoned for not more than five years."
SECTION 2. This act takes effect upon approval by the Governor.
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