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 outlines definitions related to car sharing, including terms such as "shared vehicle," "car sharing period," and "peer-to-peer car sharing program." 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.

The legislation also includes provisions for the disclosure of information to both vehicle owners and drivers regarding insurance coverage, indemnification rights, and safety recalls. It stipulates that peer-to-peer car sharing transactions are subject to sales taxes if applicable taxes were not paid on the shared vehicle. Furthermore, the bill empowers the Department of Insurance to create necessary regulations for its implementation and states that its provisions will take precedence over any conflicting laws. The act will take effect upon the Governor's approval.