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.
South Carolina Legal Code