Limits bond premium to 15% of bond face amount, sets minimum fee, and allows payment agreements.

This bill amends South Carolina law to limit the bond premium to 15% of the bond's face amount, with a minimum fee of $100 or 10% of the bond, whichever is greater. It also permits payment agreements for amounts exceeding 10% of the bond, provided they do not exceed 18 months. The bondsman must notify the depositor of any pending conversion of collateral to cash and return any excess funds after conversion. The bill takes effect upon approval by the Governor.

Limits bond premium to 15% of bond face amount, sets minimum fee, and allows payment agreements.

This bill amends South Carolina law to limit the bond premium to 15% of the bond's face amount, with a minimum fee of $100 or 10% of the bond, whichever is greater. It also permits payment agreements for amounts exceeding 10% of the bond, provided they do not exceed 18 months. The bondsman must notify the depositor of any pending conversion of collateral to cash and return any excess funds after conversion. The bill takes effect upon approval by the Governor.