South Carolina § 33-37-1050 Business Development Corporation; transfers to loss reserve account; reports.

South Carolina Statutes

§ 33-37-1050 — Business Development Corporation; transfers to loss reserve account; reports.

South Carolina § 33-37-1050

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 37BUSINESS DEVELOPMENT CORPORATIONS

This text of South Carolina § 33-37-1050 (Business Development Corporation; transfers to loss reserve account; reports.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 33-37-1050 (2026).

Text

After receipt of the funds and report provided in Section 33-37-1040(7), BDC shall transfer from the state fund account to the loss reserve account an amount equal to one hundred fifty percent of the total of the contributions of the participating financial institution and the small business. BDC shall maintain accurate records to determine the allocation and allocable share of each participating financial institution in and to the loan loss reserves in the loss reserve account and shall provide a report of the allocation to each participating financial institution annually. BDC also shall provide the report to a participating financial institution upon its written request during the year, but not more often than quarterly, and to the South Carolina Department of Commerce quarterly. In add

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After receipt of the funds and report provided in Section 33-37-1040(7), BDC shall transfer from the state fund account to the loss reserve account an amount equal to one hundred fifty percent of the total of the contributions of the participating financial institution and the small business. BDC shall maintain accurate records to determine the allocation and allocable share of each participating financial institution in and to the loan loss reserves in the loss reserve account and shall provide a report of the allocation to each participating financial institution annually. BDC also shall provide the report to a participating financial institution upon its written request during the year, but not more often than quarterly, and to the South Carolina Department of Commerce quarterly. In addition, the BDC shall provide an internal quarterly report on the project job creation and capital investment associated with each loan.

Legislative History

HISTORY: 2005 Act No. 157, SECTION 4.A, eff June 10, 2005, applicable for taxable years beginning January 1, 2006; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015. Effect of Amendment 2015 Act No. 60, SECTION 1, deleted "of this article" following "33-37-1040(7)".