S.C. Code Regs. § § 8-623

Current through Register Vol. 48, No. 11, November 22, 2024
Section 8-623 - Security Requirement

Before any license may be issued, a corporate surety bond or other security approved by the Council must be provided. The bond must designate the licensee as principal and be issued for the biennial period of the license.

Bonds shall be in the amount of seventy-five thousand dollars ($75,000.00) for manufacturers and ten thousand dollars ($10,000.00) for manufacturer's representatives. All bonds shall be to the Council and in favor of any person who suffers loss as a result of any violation of the Act or these regulations. A new bond or proper continuation certificate shall be delivered to the Council at the beginning of each biennial license period. The aggregate liability of the bond or security in any one (1) year shall not exceed its total annual amount. No applicant shall be required to have more than one (1) bond.

S.C. Code Regs. § 8-623

Added by State Register Volume 32, Issue No. 6, eff June 27, 2008; State Register Volume 37, Issue No. 5, eff May 24, 2013; State Register Volume 48, Issue No. 05, eff. 5/24/2024.