South Carolina § 33-37-1010 - Definitions.
Full text of South Carolina South Carolina Code of Laws § 33-37-1010 — Definitions., with citation guidance and answers to common questions.
§ 33-37-1010. Definitions.
For purposes of this article:
(1) "CAP" means the Capital Access Program created in this article.
(2) "BDC" means Business Development Corporation of South Carolina.
(3) "Financial institution" means a bank, trust company, savings bank, savings and loan association, or cooperative bank chartered by the State or a national banking association, federal savings and loan association, or federal savings bank, if that financial institution has offices located in South Carolina.
(4) "Participating financial institution" means a financial institution participating in the Capital Access Program.
(5) "Small business" means:
(a) a retail or service business with annual sales not exceeding two million dollars;
(b) a wholesale business with annual sales not exceeding five million dollars;
(c) a manufacturing business with no more than fifty employees; or
(d) another business with annual revenue not exceeding two million dollars.
(6) "State fund" and "state fund account" means the funds appropriated by the General Assembly of South Carolina for the CAP, provided to BDC as custodian for the State of South Carolina, and deposited by BDC into one or more interest-bearing trust accounts maintained by it as custodian for the State of South Carolina.
(7) "Loss reserve account" means one or more interest-bearing trust accounts maintained by BDC for holding and administering the loan loss reserve pursuant to this article.
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, in (1) and (4), substituted "Capital Access Program" for "capital access program", and in (7), substituted "interest-bearing" for "interest- bearing".
Frequently Asked Questions About South Carolina § 33-37-1010
What does South Carolina Code of Laws § 33-37-1010 cover?
Section 33-37-1010 ("Definitions.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 33-37-1010?
A common citation format is "South Carolina Code of Laws § 33-37-1010" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 33-37-1010 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.