The bill H. 3183 aims to establish the "Young Farmer Loan Program" under the South Carolina Conservation Bank Act by adding 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 conditions such as a maximum loan amount of $500,000 and the requirement that the farmland be subject to a permanent preservation easement. The South Carolina Conservation Bank will administer the program, ensuring that the loans are used solely for agricultural purposes.

Additionally, the bill amends Section 48-59-50 to include the administration of the "Young Farmer Loan Program" as one of the powers and duties of the South Carolina Conservation Bank. This amendment allows the bank to adopt necessary regulations and procedures for the program, including establishing loan application forms and processing timelines. The bank will also have the discretion to approve loans and will be responsible for promoting the program to raise public awareness of its benefits for agricultural land preservation and environmental conservation. 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