For any contract for the improvement of real property not covered by the provisions of Section 29-6-250, where a payment bond is required by the contract or otherwise, the bond may only be issued by a surety company licensed in the State with a "B+" minimum rating as stated in the most current publication of "Best Key Rating Guide, Property Liability".
HISTORY: 2000 Act No. 295, Section 1.
Structure South Carolina Code of Laws
Title 29 - Mortgages and Other Liens
Chapter 6 - Payments To Contractors, Subcontractors, And Suppliers
Section 29-6-20. Right of contractor and subcontractor to payment.
Section 29-6-30. Time and manner of making payment to contractors and subcontractors.
Section 29-6-60. Application of chapter.
Section 29-6-210. Citation of article.
Section 29-6-230. Subcontractor's right to payment from party with whom it contracts.
Section 29-6-250. Labor and material payment bond; "governmental body" defined.
Section 29-6-270. Credit rating of state in which surety company licensed.
Section 29-6-290. Contract provisions not to derogate rights of contractor against payment bond.