The bill H. 4512 aims to amend the South Carolina Code of Laws by introducing new regulations regarding bond premiums and payment agreements for bondsmen. Specifically, it establishes that the bond premium cannot exceed fifteen percent of the bond's face value and mandates a minimum fee of either one hundred dollars or ten percent of the bond, whichever is greater, to be collected before the bond is executed. Additionally, the bill allows for payment agreements that exceed ten percent of the bond, while also detailing the conditions under which these agreements can be made and enforced.

Furthermore, the bill amends Section 38-53-170 to remove certain limitations and restrictions on bond agreements, clarifying that bondsmen may accept fees beyond the premium as part of the bond conditions. It outlines the process for payment agreements, including requirements for down payments, notification of non-payment, and the handling of collateral security. The bill also stipulates that bondsmen must provide notice before converting collateral to cash and must return any excess amounts received after a bond forfeiture. This legislation is set to take effect upon the Governor's approval.

Statutes affected:
05/06/2025: 38-53-175, 38-53-170
Latest Version: 38-53-175, 38-53-170