SC S636 | 2009-2010 | 118th General Assembly

South Carolina Senate Bill 636 (Prior Session Legislation)

Status

Spectrum: Bipartisan Bill
Status: Engrossed on April 29 2009 - 50% progression, died in chamber
Action: 2010-02-17 - Recommitted to Committee on Labor, Commerce and Industry HJ-32

Summary

A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 64 TO TITLE 38 SO AS TO ENACT THE "LIFE SETTLEMENTS ACT"; TO PROVIDE FOR THE REGULATION OF A LIFE SETTLEMENT CONTRACT; TO PROVIDE FOR THE PROTECTION OF PERSONS ENTERING INTO THESE AGREEMENTS REGARDING CONTRACTUAL AND PROPERTY RIGHTS OF A LIFE INSURANCE POLICY OWNER AND AUTHORIZE THE DIRECTOR OF INSURANCE TO ENFORCE THE PROVISIONS OF THIS CHAPTER; TO PROVIDE FOR THE LICENSING OF A BROKER OR PRODUCER TO ENTER INTO LIFE SETTLEMENT CONTRACTS; TO PROVIDE FOR THE SUSPENSION, REVOCATION, OR REFUSAL TO RENEW THESE LICENSES; TO PROVIDE FOR CONTRACT REQUIREMENTS, REPORTING AND PRIVACY REQUIREMENTS; TO AUTHORIZE THE DIRECTOR TO EXAMINE THE BUSINESS AND AFFAIRS OF A LICENSEE OR APPLICANT, PROVIDE FOR EXAMINATION REPORTS AND CONFIDENTIALITY OF EXAMINATION INFORMATION, PROHIBIT CONFLICT OF INTEREST BY AN EXAMINER, AND PROVIDE FOR IMMUNITY FROM LIABILITY; TO PROVIDE FOR ADVERTISING REQUIREMENTS OF A BROKER OR LICENSED PROVIDER; TO PROVIDE FOR CERTAIN DISCLOSURES TO AN OWNER; TO PROVIDE DISCLOSURE BY A PROPOSED OWNER OF A LIFE INSURANCE POLICY IF THE OWNER INTENDS TO PAY PREMIUMS WITH THE ASSISTANCE OF FINANCING FROM A LENDER THAT WILL USE THE POLICY AS COLLATERAL TO SUPPORT THE FINANCING; TO REQUIRE A PROVIDER ENTERING INTO A LIFE SETTLEMENT CONTRACT WITH AN OWNER OF THE POLICY WHERE THE INSURED IS TERMINALLY OR CHRONICALLY ILL TO OBTAIN CERTAIN INFORMATION; TO AUTHORIZE THE DIRECTOR TO PROMULGATE REGULATIONS TO IMPLEMENT AND EFFECTUATE THE PROVISIONS OF THIS CHAPTER; TO PROVIDE FOR PROHIBITIVE PRACTICES, FRAUD PREVENTION, AND CONTROL; AND TO PROVIDE PENALTIES FOR VIOLATIONS.

Title

Enact The "life Settlements Act"; To Provide For The Regulation Of A Life Settlement Contract; To Provide For The Protection Of Persons Entering Into These Agreements Regarding Contractual And Property Rights Of A Life Insurance Policy Owner And Authorize The Director Of Insurance To Enforce The Provisions Of This Chapter; To Provide For The Licensing Of A Broker Or Producer To Enter Into Life Settlement Contracts; To Provide For The Suspension, Revocation, Or Refusal To Renew These Licenses; To Provide For Contract Requirements, Reporting And Privacy Requirements; To Authorize The Director To Examine The Business And Affairs Of A Licensee Or Applicant, Provide For Examination Reports And Confidentiality Of Examination Information, Prohibit Conflict Of Interest By An Examiner, And Provide For Immunity From Liability; To Provide For Advertising Requirements Of A Broker Or Licensed Provider; To Provide For Certain Disclosures To An Owner; To Provide Disclosure By A Proposed Owner Of A Life Insurance Policy If The Owner Intends To Pay Premiums With The Assistance Of Financing From A Lender That Will Use The Policy As Collateral To Support The Financing; To Require A Provider Entering Into A Life Settlement Contract With An Owner Of The Policy Where The Insured Is Terminally Or Chronically Ill To Obtain Certain Information; To Authorize The Director To Promulgate Regulations To Implement And Effectuate The Provisions Of This Chapter; To Provide For Prohibitive Practices, Fraud Prevention, And Control; And To Provide Penalties For Violations.

History

Date	Chamber	Action
2010-02-17		Recommitted to Committee on Labor, Commerce and Industry HJ-32
2010-01-13		Debate adjourned until Tuesday, February 16, 2010 HJ-38
2009-05-20		Requests for debate-Rep(s). Harrison, Cato, Bannister, JR Smith, GR Smith, Bedingfield, Limehouse, Branham, Brady, Hutto, Ott, Cobb-Hunter, Hosey, Long, Kennedy, Weeks, Crawford, Lowe, Daning, Scott, Merrill, and Sandifer HJ-27
2009-05-15		Scrivener's error corrected
2009-05-14		Committee report: Favorable with amendment Labor, Commerce and Industry HJ-10
2009-04-29		Referred to Committee on Labor, Commerce and Industry HJ-186
2009-04-29		Introduced and read first time HJ-185
2009-04-29		Read third time and sent to House SJ-11
2009-04-28		Read second time SJ-37
2009-04-28		Committee Amendment Adopted SJ-37
2009-04-23		Committee report: Favorable with amendment Banking and Insurance SJ-13
2009-03-31		Referred to Committee on Banking and Insurance SJ-6
2009-03-31		Introduced and read first time SJ-6