South Carolina § 33-37-1100 Dissolution of loss reserve fund.

South Carolina Statutes

§ 33-37-1100 — Dissolution of loss reserve fund.

South Carolina § 33-37-1100

Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS

Ch. 37BUSINESS DEVELOPMENT CORPORATIONS

This text of South Carolina § 33-37-1100 (Dissolution of loss reserve fund.) 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. § 33-37-1100 (2026).

Text

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.

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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.

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.