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 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 include the administration of the "Young Farmer Loan Program" as one of the powers and duties of the South Carolina Conservation Bank. The bank will be responsible for reviewing loan applications, establishing loan terms, and ensuring that the loans are secured by notes and mortgages. The program aims to promote agricultural land preservation and support young farmers in acquiring farmland, thereby contributing to the state's agricultural economy. 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