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TO AMEND SECTION 38-53-270, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO A PROFESSIONAL BONDSMAN'S MAINTENANCE OF SECURITY DEPOSITS WITH THE CLERK OF COURT, TO CHANGE THE AMOUNT A PROFESSIONAL BONDSMAN SHALL MAINTAIN AS A DEPOSIT WITH A CLERK OF COURT, AND TO PROVIDE THAT A PROFESSIONAL BONDSMAN PRESENTLY LICENSED IS NOT AFFECTED BY THE INCREASED MINIMUM DEPOSITS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-53-270 of the 1976 Code is amended to read:
"Section 38-53-270. (A) Each professional bondsman acting as surety on bail bonds in this State shall maintain security deposits with the clerk of court of the county in which the bondsman has his primary place of business equal to at least one-fourth one-tenth of the amount of all bonds or undertakings written in this State on which he is absolutely or conditionally liable as of the first day of the current month. A minimum of ten twenty-five thousand dollars of this collateral shall must be in the form of cash deposited with the clerk of court or certificates of deposit pledged to the clerk of court. Any Remaining collateral shall must be pledges of real estate, the value of which shall must be based upon the appraised value by the county tax assessor. The real estate shall must be free and clear of any encumbrances based upon a title opinion furnished to the clerk of court by the bondsman.
(B) A professional bondsman presently licensed on the effective date of this section is not required to increase his existing deposits beyond the minimum limits posted as of the date he was originally licensed."
SECTION 2. This act takes effect upon approval by the Governor.
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