South Carolina Statutes
§ 33-37-1060 — Release of funds to cover losses by participating financial institutions.
South Carolina § 33-37-1060
JurisdictionSouth Carolina
Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS
Ch. 37BUSINESS DEVELOPMENT CORPORATIONS
This text of South Carolina § 33-37-1060 (Release of funds to cover losses by participating financial institutions.) 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. § 33-37-1060 (2026).
Text
If the participating financial institution suffers a loss on a loan made pursuant to the CAP and this article, it may request that all or a portion of its allocated loan reserve in the loss reserve account be applied to the loan. Upon receipt by BDC of a certification of loss by the participating financial institution, BDC shall release the funds in the account to repay the loan in whole or in part, in an amount not to exceed the actual loss incurred by the participating financial institution. BDC shall prescribe the form and content of the certification report.
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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, reenacted this section with no change.
Nearby Sections
15
§ 33-37-10
Definitions.§ 33-37-1010
Definitions.§ 33-37-1020
Establishment of program; loan loss reserve.§ 33-37-1090
Audits and annual reports.§ 33-37-1100
Dissolution of loss reserve fund.§ 33-37-20
Deposit of funds.§ 33-37-210
Filing declaration of charter; contents.Cite This Page — Counsel Stack
Bluebook (online)
South Carolina § 33-37-1060, Counsel Stack Legal Research, https://law.counselstack.com/statute/sc/37/33-37-1060.