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 includes provisions for the disclosure of information to both vehicle owners and drivers regarding insurance coverage, indemnification rights, and safety recalls. It also clarifies that peer-to-peer car sharing transactions are subject to sales taxes if applicable taxes were not paid upon the purchase of the shared vehicle. The Department of Insurance is tasked with promulgating necessary regulations to implement the act, which will take effect upon the Governor's approval.