The South Carolina Department of Insurance published a bulletin providing information and guidance to surety insurers, bondmen, and runners on how Act No. 83 of 2023 (Bond Reform Act) affects South Carolina insurance law.
The Department has received complaints that some parties in the commercial bail industry are ignoring the minimum fee requirement of the greater of $100 or 10% of a bond's face amount. Some parties have charged as low as 2% of the bond's face amount as a part of an installment agreement.