S*1496(Rat #0456, Act #0393 of 1992)  General Bill, By McGill
 A Bill to amend Section 46-41-60, Code of Laws of South Carolina, 1976,
 relating to dealers of agricultural products, so as to allow such dealers to
 deliver equivalent security in the amount of twenty-five thousand dollars in
 lieu of a surety bond in the amount of twenty-five thousand dollars.

   04/22/92  Senate Introduced and read first time SJ-5
   04/22/92  Senate Referred to Committee on Agriculture and Natural
                     Resources SJ-5
   04/28/92  Senate Recalled from Committee on Agriculture and
                     Natural Resources SJ-131
   04/29/92  Senate Read second time SJ-311
   04/29/92  Senate Ordered to third reading with notice of
                     amendments SJ-311
   04/30/92  Senate Read third time and sent to House SJ-30
   05/05/92  House  Introduced, read first time, placed on calendar
                     without reference HJ-18
   05/20/92  House  Read second time HJ-64
   05/21/92  House  Read third time and enrolled HJ-8
   05/27/92         Ratified R 456
   06/01/92         Signed By Governor
   06/01/92         Effective date 06/01/92
   06/01/92         Act No. 393
   07/01/92         Copies available

AN ACT TO AMEND SECTION 46-41-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEALERS OF AGRICULTURAL PRODUCTS, SO AS TO ALLOW SUCH DEALERS TO DELIVER EQUIVALENT SECURITY IN THE AMOUNT OF TWENTY-FIVE THOUSAND DOLLARS IN LIEU OF A SURETY BOND IN THE AMOUNT OF TWENTY-FIVE THOUSAND DOLLARS.

Be it enacted by the General Assembly of the State of South Carolina:

Security

SECTION 1. Section 46-41-60 of the 1976 Code is amended to read:

"(1) Before any license shall be issued the applicant shall make and deliver to the commissioner a surety bond or equivalent security in the amount of twenty-five thousand dollars or an amount equal to the maximum amount of business done or estimated to be done in any month by the applicant, whichever is less, executed by a surety corporation authorized to transact business in the State or provided by equivalent security approved by the commissioner with the advice of the State Treasurer. Such bond or equivalent security shall be upon a form prescribed or approved by the commissioner and shall be conditioned to secure the faithful accounting for any payment to producers, their agents or representatives, of the proceeds of all agricultural products handled or sold by such dealer.

(2) The amount of such bond or equivalent security shall, upon the order of the commissioner at any time, be increased, if in his discretion the commissioner finds such increase to be warranted by the volume of agricultural product being handled by the principal or maker of such bond or equivalent security. In the same manner, the amount of such bond or equivalent security may be decreased when a decrease in volume of products handled warrants such decrease in bond or equivalent security. The provisions shall apply to any bond or equivalent security, regardless of the anniversary date of its issuance, expiration, or renewal.

(3) In order to effectuate the purposes of this section, the commissioner or his agents may require from any licensee verified statements of the volume of his business, and failure to furnish such statement or make and deliver a new or additional bond or equivalent security shall be cause for suspension of license. If, at a hearing after reasonable notice, the commissioner finds such failure to be wilful, the license may be revoked."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 1st day of June, 1992.