South Carolina Code 38-53-300. Reduction in value of securities
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In South Carolina Code 38-53-300
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
- License: means a document issued by the state's director or his designee authorizing a person to act as an insurance producer for the lines of authority specified in the document. See South Carolina Code 38-1-20
- Professional bondsman: means any person who is approved and licensed under the provisions of this chapter and who pledges cash or approved securities with the clerk of court as security for bail bonds written in connection with a judicial proceeding and receives or is promised money or other things of value for the pledge. See South Carolina Code 38-53-10
- Surety: means one who, with the defendant, is liable for the amount of the bail bond upon forfeiture of bail. See South Carolina Code 38-53-10
A professional bondsman whose security deposits with the clerk of court are reduced in value below the requirements of § 38-53-270 shall, immediately upon notice of the deficiency, pledge with the court the additional collateral necessary to comply with § 38-53-270. No professional bondsman may sign, endorse, execute, or become a surety on any additional bail bonds in any county in this State until he has made the additional deposit of securities as required by the notice of deficiency. The clerk of court has the authority to suspend bonding privileges until the bondsman complies with § 38-53-270. If the bondsman has any outstanding forfeitures including, but not limited to, license fees and bond estreatments, the clerk of court has the authority to suspend bonding privileges until the bondsman complies with this section. The clerk shall immediately notify all parties who were originally notified of the suspension of the bondsman’s compliance with this section.