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A100, R127, H3240
Sponsors: Rep. Witherspoon
Document Path: l:\council\bills\gjk\20059sd05.doc
Introduced in the House on January 11, 2005
Introduced in the Senate on April 28, 2005
Last Amended on May 17, 2005
Passed by the General Assembly on May 25, 2005
Governor's Action: June 1, 2005, Signed
Summary: Grain Dealers Guaranty Fund
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/11/2005 House Introduced and read first time HJ-141 1/11/2005 House Referred to Committee on Agriculture, Natural Resources and Environmental Affairs HJ-141 4/19/2005 House Committee report: Favorable with amendment Agriculture, Natural Resources and Environmental Affairs HJ-5 4/26/2005 House Amended HJ-23 4/26/2005 House Read second time HJ-25 4/27/2005 House Read third time and sent to Senate HJ-13 4/28/2005 Senate Introduced and read first time 4/28/2005 Senate Referred to Committee on Agriculture and Natural Resources 5/12/2005 Senate Committee report: Favorable with amendment Agriculture and Natural Resources SJ-19 5/17/2005 Senate Amended SJ-15 5/17/2005 Senate Read second time SJ-15 5/18/2005 Scrivener's error corrected 5/18/2005 Senate Read third time and returned to House with amendments SJ-39 5/25/2005 House Concurred in Senate amendment and enrolled HJ-298 5/26/2005 Ratified R 127 6/1/2005 Signed By Governor 6/3/2005 Copies available 6/3/2005 Effective date 06/01/05 6/7/2005 Act No. 100
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VERSIONS OF THIS BILL
(A100, R127, H3240)
AN ACT TO AMEND SECTION 46-40-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ASSESSMENTS AND USE OF MONIES IN THE GRAIN DEALERS GUARANTY FUND, SO AS TO PROVIDE THAT WHEN ALL MONIES RECEIVED FROM THE INSURANCE RESERVE FUND AND THE STATE GENERAL FUND BY THE GRAIN DEALERS GUARANTY FUND HAVE BEEN REPAID, THE RATE OF ASSESSMENT SHALL DROP FROM TWO CENTS A BUSHEL TO ONE CENT A BUSHEL, AND TO CREATE A COMMITTEE TO STUDY THE GRAIN DEALERS AND GRAIN PRODUCERS GUARANTY FUNDS.
Be it enacted by the General Assembly of the State of South Carolina:
Assessment rate to drop under certain conditions
SECTION 1. Section 46-40-90(A) of the 1976 Code, as added by Act 381 of 2000, is amended to read:
"(A) From the effective date of this chapter until the time the department determines that all approved claims against the debtor as defined in Section 46-40-20(4) have been paid and that all monies received from the Insurance Reserve Fund or state general fund under Section 46-40-50 have been repaid in full with interest as required, all monies in the fund must be used only to pay claims against this debtor. At this time, the fund shall continue in the manner provided in this section, for the benefit of grain dealers who suffer losses against other debtors as a result of bankruptcy, embezzlement, or fraud with the monies in the fund at this time to be retained therein for this purpose. However, when all monies received from the Insurance Reserve Fund or state general fund under Section 46-40-50 have been repaid, the rate of assessment shall drop from two cents each bushel to one cent each bushel."
Study committee created
SECTION 2. (A) There is created a committee to study the grain dealers and grain producers guaranty funds. The committee must report to the General Assembly on steps necessary to make the funds more efficient and equitable.
(B) The committee is composed of the following members:
(1) the Chairman of the Senate Agriculture Committee, or his designee, to serve ex officio;
(2) the Chairman of the House Agriculture, Natural Resources and Environmental Affairs Committee, or his designee, to serve ex officio;
(3) three members appointed by the Chairman of the Senate Agriculture Committee, of which one must be a grain producer, one must be a grain dealer, and one must be a grain integrator;
(4) three members appointed by the Chairman of the House Agriculture, Natural Resources and Environmental Affairs Committee, of which one must be a grain producer, one must be a grain dealer, and one must be a grain integrator;
(5) one grain broker appointed by the Governor.
(C) The members of the committee shall serve until their successors are appointed and qualify or the committee is dissolved. Vacancies on the committee must be filled in the manner of the original appointment and for the remainder of the unexpired term. Members of the committee are not eligible to receive mileage, per diem, or subsistence. The committee is co-chaired by the member of the Senate and the member of the House of Representatives who are serving on the committee.
(D) The staffing for the committee must be provided by the Department of Agriculture.
(E) The committee must render its report and recommendations to the General Assembly before February 14, 2006, at which time it is dissolved.
SECTION 3. This act takes effect upon approval by the Governor.
Ratified the 26th day of May, 2005.
Approved the 1st day of June, 2005.
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