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".
S.C. Code Ann. § 29-6-270
Credit rating of state in which surety company licensed
Known as the Subcontractors' and Suppliers' Payment Protection Act
The act spans §§ 29-6-210 to 29-6-290 (5 sections).
2000 Act No. 295, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.