Current Status Introducing Body:
SenateBill Number: 1496Ratification Number: 456Act Number: 393Primary Sponsor: McGillType of Legislation: GBSubject: Agricultural dealers, surety bondsDate Bill Passed both Bodies: May 21, 1992Computer Document Number: 1496Governor's Action: SDate of Governor's Action: Jun 01, 1992Introduced Date: Apr 22, 1992Last History Body: ------Last History Date: Jun 01, 1992Last History Type: Act No. 393Scope of Legislation: StatewideAll Sponsors: McGillType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 1496 ------ Jun 01, 1992 Act No. 393 1496 ------ Jun 01, 1992 Signed by Governor 1496 ------ May 27, 1992 Ratified R 456 1496 House May 21, 1992 Read third time, enrolled for ratification 1496 House May 20, 1992 Read second time 1496 House May 05, 1992 Introduced, read first time, placed on Calendar without reference 1496 Senate Apr 30, 1992 Read third time, sent to House 1496 Senate Apr 29, 1992 Read second time, notice of general amendments 1496 Senate Apr 28, 1992 Polled out of Committee 01 1496 Senate Apr 22, 1992 Introduced, read first time, 01 referred to CommitteeView additional legislative information at the LPITS web site.
(A393, R456, S1496)
AN ACT TO AMEND SECTION 46-41-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEALERS OF AGRICULTURAL PRODUCTS, SO AS TO ALLOW SUCH DEALERS TO DELIVER EQUIVALENT SECURITY IN THE AMOUNT OF TWENTY-FIVE THOUSAND DOLLARS IN LIEU OF A SURETY BOND IN THE AMOUNT OF TWENTY-FIVE THOUSAND DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 46-41-60 of the 1976 Code is amended to read:
"(1) Before any license shall be issued the applicant shall make and deliver to the commissioner a surety bond or equivalent security in the amount of twenty-five thousand dollars or an amount equal to the maximum amount of business done or estimated to be done in any month by the applicant, whichever is less, executed by a surety corporation authorized to transact business in the State or provided by equivalent security approved by the commissioner with the advice of the State Treasurer. Such bond or equivalent security shall be upon a form prescribed or approved by the commissioner and shall be conditioned to secure the faithful accounting for any payment to producers, their agents or representatives, of the proceeds of all agricultural products handled or sold by such dealer.
(2) The amount of such bond or equivalent security shall, upon the order of the commissioner at any time, be increased, if in his discretion the commissioner finds such increase to be warranted by the volume of agricultural product being handled by the principal or maker of such bond or equivalent security. In the same manner, the amount of such bond or equivalent security may be decreased when a decrease in volume of products handled warrants such decrease in bond or equivalent security. The provisions shall apply to any bond or equivalent security, regardless of the anniversary date of its issuance, expiration, or renewal.
(3) In order to effectuate the purposes of this section, the commissioner or his agents may require from any licensee verified statements of the volume of his business, and failure to furnish such statement or make and deliver a new or additional bond or equivalent security shall be cause for suspension of license. If, at a hearing after reasonable notice, the commissioner finds such failure to be wilful, the license may be revoked."
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 1st day of June, 1992.