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H. 4219

STATUS INFORMATION

General Bill
Sponsors: Reps. Cato and Scarborough
Document Path: l:\council\bills\dka\3377dw07.doc

Introduced in the House on June 5, 2007
Currently residing in the House Committee on Labor, Commerce and Industry

Summary: Viatical Settlements Act

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    6/5/2007  House   Introduced and read first time HJ-22
    6/5/2007  House   Referred to Committee on Labor, Commerce and Industry 
                        HJ-23

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

6/5/2007

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.

This web page was last updated on Monday, October 10, 2011 at 1:37 P.M.