South Carolina § 59-115-20 - Definitions.
Full text of South Carolina South Carolina Code of Laws § 59-115-20 — Definitions., with citation guidance and answers to common questions.
§ 59-115-20. Definitions.
The following words and terms shall, unless the context otherwise requires, have the following meanings:
(1) "Authority" means the State Fiscal Accountability Authority, acting as the State Education Assistance Authority.
(2) "Eligible institution" shall mean (a) any institution of higher learning or post-secondary business, trade or technical educational schools; and (b) vocational and training schools, which shall have received the approval as such by the Authority.
Eligible institutions may be located within or beyond the boundaries of South Carolina.
(3) "Loan fund" shall mean the State Education Assistance Authority loan fund which shall be established as provided by Section 59-115-60.
(4) "Revenue bonds" or "student loan revenue bonds" shall mean revenue bonds of the Authority issued under the provisions of this chapter, including revenue refunding bonds.
(5) "Sinking fund" shall mean the fund established pursuant to Section 59-115-70 in order to provide for the payment of the principal and interest of revenue bonds.
(6) "Student" means any qualifying student in attendance at any eligible institution.
(7) "Student loans" means loans made to students for the purpose of enabling them to attend eligible institutions.
(8) "Loan Guarantee Reserve Fund" shall mean the state education assistance authority loan guarantee reserve fund which shall be established as provided by Section 59-115-70.
HISTORY: 1962 Code SECTION 22-96.1; 1971 (57) 775; 1978 Act No. 474, SECTION 2; 1987 Act No. 195, SECTION 2; 2014 Act No. 121 (S.22), Pt VII, SECTION 20.O.1, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, SECTION 20.O.1, in subsection (1), substituted "means the State Fiscal Accountability Authority" for "shall mean the State Budget and Control Board of South Carolina".
Frequently Asked Questions About South Carolina § 59-115-20
What does South Carolina Code of Laws § 59-115-20 cover?
Section 59-115-20 ("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 § 59-115-20?
A common citation format is "South Carolina Code of Laws § 59-115-20" (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 § 59-115-20 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.