The bill H. 4058 aims to establish a framework for peer-to-peer car sharing in South Carolina by adding Chapter 36 to Title 56 of the South Carolina Code of Laws. It provides definitions related to peer-to-peer car sharing, outlines the responsibilities of car sharing programs, and sets forth insurance and liability requirements. The bill mandates that peer-to-peer car sharing programs assume liability for any death, bodily injury, or property damage caused during the car sharing period, with specific conditions under which this liability may not apply. Additionally, it requires that both the shared vehicle owner and driver maintain adequate insurance coverage during the car sharing period.

Furthermore, the bill includes provisions for the disclosure of information to both vehicle owners and drivers regarding their rights and responsibilities, including the potential for indemnification claims. It also addresses safety recalls, ensuring that shared vehicles are not made available for sharing if they have unresolved safety issues. The bill stipulates that peer-to-peer car sharing transactions are subject to sales taxes if applicable taxes were not paid upon the vehicle's purchase. The Department of Insurance is tasked with promulgating necessary regulations to implement the act, which will take effect upon the Governor's approval.