The bill H. 3183 aims to establish the "Young Farmer Loan Program" under the South Carolina Conservation Bank Act by adding a new section, 48-59-160, to the South Carolina Code of Laws. This program is designed to provide financial assistance to young farmers aged 18 to 40 who meet specific eligibility criteria, including having at least three years of farming experience and a net worth not exceeding $300,000. The program will allow eligible individuals to apply for loans to purchase farmland, with certain conditions such as the requirement to actively engage in agricultural usage of the land and the imposition of a permanent preservation easement on the property.

Additionally, the bill amends Section 48-59-50 to grant the South Carolina Conservation Bank the authority to administer the Young Farmer Loan Program. This includes the ability to adopt necessary forms, establish loan application processes, and set criteria for loan approval. The bank will also be responsible for promoting the program and ensuring that the loans are used solely for the purchase of farmland and related improvements, excluding any residential use. The act will take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 48-59-160, 48-59-50
Latest Version: 48-59-160, 48-59-50