South Carolina § 46-40-50 - Loan from Insurance Reserve Fund authorized; repayment; disposition of federal funds or other funds not received from assessments.
Full text of South Carolina South Carolina Code of Laws § 46-40-50 — Loan from Insurance Reserve Fund authorized; repayment; disposition of federal funds or other funds not received from assessments., with citation guidance and answers to common questions.
§ 46-40-50. Loan from Insurance Reserve Fund authorized; repayment; disposition of federal funds or other funds not received from assessments.
(A) The Insurance Reserve Fund of the State Fiscal Accountability Authority is authorized to lend an amount up to four million two hundred thousand dollars on a one-time basis to the department for the use of the Grain Dealers Guaranty Fund herein established to pay claims approved by the department if the fund, through its assessments, has insufficient monies to pay the claims. The loan is to be repaid from monies from the guaranty fund within five years of the date of the loan in five annual installments with interest at the rate provided in Section 34-31-20(A). In the event the department fails to make any loan payment to the Insurance Reserve Fund within the prescribed time, the payment must be paid from the state general fund. The participants in the loan shall execute a document approved by the State Treasurer severally guaranteeing the loan. The Insurance Reserve Fund shall prepare a written loan agreement which must be executed by the department prior to entering into the loan authorized by this section.
(B) Any federal funds or other funds not derived from grain assessments received by the department to reimburse claims or losses under this chapter must be paid into the fund and used for loan payments or loan principal reduction to the extent any monies are due under subsection (A) to the Insurance Reserve Fund or the state general fund. Each grain dealer severally guaranteeing this loan shall have his pro rata share of the debt obligation reduced accordingly based on the amount of the federal or other payment. If no monies are due to the Insurance Reserve Fund or to the state general fund under subsection (A), such funds shall be used for claim payments.
HISTORY: 2000 Act No. 381, Part I, SECTION 1, eff June 14, 2000.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 46-40-50
What does South Carolina Code of Laws § 46-40-50 cover?
Section 46-40-50 ("Loan from Insurance Reserve Fund authorized; repayment; disposition of federal funds or other funds not received from assessments.") 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 § 46-40-50?
A common citation format is "South Carolina Code of Laws § 46-40-50" (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 § 46-40-50 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.