(A) An applicant for permission to organize a bank, building and loan association, savings and loan association, or savings bank and for a charter shall file an application with the Board of Financial Institutions. The application must be in the form required by the board and must contain information as the board requires, set forth in sufficient detail to enable the board to evaluate the applicant's satisfaction of the criteria set forth in Section 34-1-180. The applicant shall pay a nonrefundable application fee as prescribed by the board at the time of filing the application.
(B) An applicant for permission to establish a branch bank, branch building and loan association, branch savings and loan association, or branch savings bank shall file an application with the board. The application must be in the form required by the board and must contain information, set forth in sufficient detail, to enable the board to evaluate whether the establishment of a branch would serve the public interest, taking into consideration local circumstances and conditions at the place where the applicant proposes to do business.
(C) Upon receipt of an application to organize or to establish a branch of a bank, building and loan association, savings and loan association, or savings bank, the board shall conduct an examination of the applicant and any other matters considered relevant by the board. The board may require additional information and may require the amendment of the application in the course of the examination. An applicant's failure to furnish all required information or to pay any required fee within thirty days after filing the application may be considered an abandonment of the application.
HISTORY: 2021 Act No. 30 (S.467), Section 1, eff May 6, 2021.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 1 - State Board Of Financial Institutions
Section 34-1-20. Appointment of members.
Section 34-1-30. Terms of members; vacancies.
Section 34-1-40. Expenses of members.
Section 34-1-50. Office space.
Section 34-1-80. Examining department; Commissioner of Banking.
Section 34-1-90. Commissioner of Banking shall report criminal violations to Board.
Section 34-1-100. Initiation of criminal prosecutions.
Section 34-1-120. Penalties for obstructing Commissioner of Banking.
Section 34-1-130. Study of capital reserve position of financial institutions; report.
Section 34-1-140. State preemption of lender regulation.
Section 34-1-150. Requirements for applicant seeking permission to organize a bank.
Section 34-1-160. Authorization of organization of proposed bank; articles of incorporation.
Section 34-1-170. Requirements for articles of incorporation of proposed bank.
Section 34-1-180. Requirements for board to approve a charter for proposed bank.
Section 34-1-210. Remote service unit not considered a branch of a bank.
Section 34-1-220. Delegations to the Commissioner of Banking.