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, and it specifies the responsibilities of the peer-to-peer car sharing program regarding record-keeping and safety recalls.

Furthermore, the bill stipulates that peer-to-peer car sharing transactions are subject to sales taxes if applicable taxes were not paid on the shared vehicle. It also clarifies that the provisions of this chapter will take precedence over any conflicting laws and empowers the Department of Insurance to create necessary regulations for implementation. The act will take effect upon the Governor's approval.