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Bill 3240

Indicates Matter Stricken
Indicates New Matter

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

April 19, 2005

H. 3240

S. Printed 4/19/05--H.

Read the first time January 11, 2005.

To whom was referred a Bill (H. 3240) 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, etc., respectfully

That they have duly and carefully considered the same and recommend that the same do pass with amendment:

Amend the bill, as and if amended, by striking SECTION 1 and inserting:

/ SECTION    1.    Section 46-40-90(A) of the 1976 Code 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 paid, the rate of assessment shall drop from two cents each bushel to one cent each bushel." /

Amend further, by adding an appropriately numbered SECTION to read:

/ SECTION    __.    (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 January 14, 2006, at which time it is dissolved. /

Renumber sections to conform.

Amend title to conform.

WILLIAM D. WITHERSPOON for Committee.

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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