S.C. Code § 33-37-1100

Current through 2024 Act No. 225.

Section 33-37-1100 - Dissolution of loss reserve fund

If a loan is not made by participating financial institutions for three consecutive years and the General Assembly does not appropriate additional funds for the program for those three consecutive years, BDC may pay over to the participating financial institutions their allocable shares of funds in the loss reserve account and pay over to the State of South Carolina, as directed by the South Carolina Board of Financial Institutions, funds held in the state fund account.

Amended by 2015 S.C. Acts, Act No. 60 (SB 389), s 1, eff. 6/4/2015.

2005 Act No. 157, Section 4.A, eff 6/10/2005, applicable for taxable years beginning January 1, 2006.