SC | The South Carolina Department of Insurance (SCDOI) mailed an order today emphasizing current requirements for Surety Insurers and Bondsmen, Professional Bondsmen and Runners and other persons authorized to transact bail bonding business in the state of South Carolina. The order serves as notification to those who may be unaware as well as a reminder to current licensees of their responsibilities under South Carolina law to comply with the minimum fee requirements set forth in S.C. Code Ann. §38-53-170(e).
Today’s order was issued in response to recent allegations that certain bondsmen doing business in South Carolina have not been complying with the minimum fee requirement under the law. “The Department continues to receive anecdotal reports that some licensees are ignoring the statutory requirement that bondsmen must charge and collect a minimum fee of $100 or 10%, whichever is greater, prior to the execution of a bond,” says SCDOI Director Michael Wise. “We want to remind our licensees of their professional responsibilities as well as potential consequences for non-compliance.” This order serves as both a reminder of the statutory requirements and notice of the Department’s plans to enforce the language in the law.
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