Bond premium
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies South Carolina’s code regarding bond agreements. It limits the amount of a bond premium to 15% of the bond’s face value and establishes a minimum fee for bondsmen of $100 or 10% of the bond, whichever is greater. The bill also allows for payment agreements exceeding 10% of the bond, subject to certain conditions and a maximum term of 18 months, with provisions for addressing non-payment.
Key provisions
- Limits the bond premium to a maximum of 15% of the bond’s face value.
- Establishes a minimum fee of $100 or 10% of the bond for bondsmen.
- Permits payment agreements exceeding 10% of the bond amount, with a maximum term of 18 months.
- Requires bondsmen to provide notice of collateral conversion to the depositor.
- Outlines procedures for addressing non-payment of bond premiums.
- Removes restrictions on bond agreements as previously outlined in the code.
- Specifies that payment agreements cannot alter the terms of the bond.
- Requires bondsmen to disclose the source of collateral security or indemnity.
Who is affected
- Bailbondsmen
- Defendants in criminal cases
- Indemnitors
- Courts
- Detention facilities
Notable changes
- Reduces the maximum bond premium amount.
- Introduces a minimum fee for bondsmen.
Bill text
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Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
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