South Carolina Code 39-61-30. Deposit of cash, securities, or bonds
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 39-61-30
- Administrator: means the Administrator of the Department of Consumer Affairs. See South Carolina Code 39-61-20
- Club: means a person engaged in selling, furnishing, or making available to members, either as principal or agent, motor club services. See South Carolina Code 39-61-20
- Motor club service: means the rendering, furnishing, or procuring of, or reimbursement for, any of the following: towing service, bail and arrest bond service, emergency road service, claim adjustment service, legal service, theft service, map service, emergency travel expense service, community traffic safety service, license service, merchandise and discount service, travel, touring, and travel information service, guaranteed hotel/motel rates service, new car pricing service, financial service, check cashing service, personal property registration service, credit card service, insurance service, and buying and selling service to any member of the club. See South Carolina Code 39-61-20
A club may not render or agree to render a motor club service without first depositing and thereafter continuously maintaining the amount of fifty thousand dollars in cash or securities approved by the Administrator or, in lieu thereof, a bond in the amount of fifty thousand dollars executed by a surety company authorized by the laws of this State to transact business within this State. The bond must be executed to the State of South Carolina and must be for the use of the State and for any members who may have a cause of action against the club.