Bill > H3194

This bill updates provisions related to the South Carolina Jobs-Economic Development Authority by making several key changes. The bill modifies the composition of the authority's board of directors, specifying that the Governor will appoint directors from each congressional district and the state at large, with directors requiring experience in business, commerce, finance, banking, real estate, or foreign trade, and at least two directors needing direct commercial lending experience. The bill also clarifies the authority's mission to promote economic welfare by encouraging business development, providing assistance through loans, investments, research, and technical advice, with a particular focus on supporting small businesses. Additionally, the bill adjusts the authority's legal status, confirming it as an "agency" for certain legal purposes while excluding it from being considered a state agency for specific budgetary and administrative requirements. The bill repeals three sections of existing law related to the Guaranty Fund, determination of economically distressed areas, and data collection, streamlining the authority's statutory framework. These changes aim to modernize the authority's structure, clarify its operational scope, and remove outdated legal provisions, ultimately supporting economic development in South Carolina.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=3194&session=126&summary=B