(A) The Palmetto ABLE Savings Program Trust Fund is established in the Office of the State Treasurer. The trust fund must be utilized if the State Treasurer elects to accept deposits from contributors rather than have deposits sent directly to the program manager. The trust fund must consist of any monies deposited by account owners and other contributors pursuant to the provisions of this article which are not deposited directly with the program manager. All interest derived from the deposit and investment of monies in the trust fund must be credited to the fund. At the end of each fiscal year, all unexpended and unencumbered monies in the trust fund must remain in the fund and not be credited or transferred to the state general fund or to another fund.
(B)(1) The Palmetto ABLE Savings Expense Fund is established in the Office of the State Treasurer. The expense fund must consist of monies received from the Palmetto ABLE Savings Program manager or managers, governmental or private grants, and state general fund appropriations, if any, for the program.
(2) All expenses incurred by the State Treasurer in developing and administering the Palmetto ABLE Savings Program must be payable from the Palmetto ABLE Savings Expense Fund.
HISTORY: 2016 Act No. 165 (H.3768), Section 1, eff April 29, 2016; 2019 Act No. 88 (H.3986), Section 1, eff May 24, 2019.
Editor's Note
2016 Act No. 165, Section 4, provides as follows:
"SECTION 4. This act takes effect upon approval by the Governor and applies for tax years beginning after 2015."
Effect of Amendment
2019 Act No. 88, Section 1, in (A), in the first sentence, substituted "Palmetto ABLE Savings Program Trust Fund" for "South Carolina ABLE Savings Program Trust Fund"; in (B), in (1), in the first sentence, substituted "Palmetto ABLE Savings Expense Fund" for "South Carolina ABLE Savings Expense Fund", and in the second sentence, substituted "Palmetto ABLE Savings Program" for "ABLE Savings Program", and in (2), substituted "Palmetto ABLE Savings Program" for "ABLE Savings Program" and "Palmetto ABLE Savings Expense Fund" for "South Carolina ABLE Savings Expense Fund".
Structure South Carolina Code of Laws
Section 11-5-10. Salary and personnel.
Section 11-5-50. Duties as to defaulting county treasurers; warrants for arrest.
Section 11-5-60. County treasurer to be charged interest for refusal or neglecting to pay taxes.
Section 11-5-70. Report of names of defaulting county treasurers.
Section 11-5-80. Proceedings against defaulting treasurers.
Section 11-5-100. Account in books for appropriations.
Section 11-5-120. Publication of quarterly statements.
Section 11-5-130. Payment of appropriations to state institutions.
Section 11-5-140. Payment of appropriations to meet ordinary expenses.
Section 11-5-150. Monies appropriated for erection of state college buildings.
Section 11-5-160. Payment of appropriations when no direction is given.
Section 11-5-170. State Treasurer to send daily reports to Comptroller General.
Section 11-5-180. Monthly reports to Comptroller General of cash transactions.
Section 11-5-185. Treasurer's annual report to the General Assembly.
Section 11-5-190. Fund for insurance and postage on securities in transit.
Section 11-5-200. Payroll payments by Electronic Funds Transfer System.
Section 11-5-220. Report required after sale of bonds or notes.
Section 11-5-240. Data to be furnished to rating services.
Section 11-5-245. State Treasurer reports to boards of trustees of institutions of higher learning.
Section 11-5-280. Acceptance of credit cards by state agencies.
Section 11-5-400. Palmetto ABLE Savings Program created.
Section 11-5-410. Definitions.
Section 11-5-420. Administration of program.
Section 11-5-430. Program managers; management contracts; exchange of data authorized.
Section 11-5-450. Accounts not guaranteed by the State; rules and regulations.