South Carolina Code 37-16-20. Registration; bond or letter of credit
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 37-16-20
- Department: means the Department of Consumer Affairs. See South Carolina Code 37-16-10
- Prepaid legal services: means legal services or reimbursement for legal services provided by an individual licensed or admitted to practice law in the jurisdiction in which the services are to be rendered, and which are provided in return for a predetermined, specified, periodic fee. See South Carolina Code 37-16-10
Before commencing business in South Carolina, regardless of the means of doing business, any prepaid legal services company must register with the department on a form prescribed by the department. The form must be accompanied by a bond or letter of credit acceptable to the department in the amount of fifty thousand dollars, which must remain in force so long as the prepaid legal services company does business in South Carolina. The amount of the bond or letter of credit may only be increased by regulation.