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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 46-40-100 SO AS TO PROVIDE THAT CHAPTER 40 OF TITLE 46 RELATING TO THE GRAIN DEALERS GUARANTY FUND IS REPEALED UPON CERTIFICATION BY THE COMMISSIONER OF AGRICULTURE THAT ALL LOANS RECEIVED BY THE GUARANTY FUND FROM THE STATE INSURANCE RESERVE FUND HAVE BEEN PAID IN FULL.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 40, Title 46 of the 1976 Code is amended by adding:
"Section 46-40-100. Upon full repayment to the Insurance Reserve Fund of all loans received from it pursuant to Section 46-40-90 as certified to the Secretary of State and the Code Commissioner by the Commissioner of Agriculture, this chapter is repealed. Any funds remaining after repayment to the Insurance Reserve Fund shall be transferred to the Grain Producers Guaranty Fund established under Section 46-41-200."
SECTION 2. This act takes effect upon approval by the Governor.
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