(A) Nothing in this article may create or be construed to create any obligation of the State Treasurer, the State, or any agency or instrumentality of the State to guarantee for the benefit of an account owner or designated beneficiary with respect to the:
(1) return of principal;
(2) rate of interest or other return on an account; or
(3) payment of interest or other return on an account.
(B) The State Treasurer may adopt rules and promulgate regulations to provide that each contract, application, or other similar document that may be used in connection with opening an account clearly indicates that the account is not insured by the State and that the principal deposited and the investment return are not guaranteed by the State.
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, reenacted the section with no apparent change.
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.