South Carolina Code of Laws
Chapter 26 - South Carolina Credit Union Act
Section 34-26-370. Conduct of business in state by lawful out-of-state credit union; requirements of board approval.

(1) A credit union organized under the laws of another state or territory of the United States may conduct business as a credit union in this State with the approval of the board, provided credit unions incorporated under this chapter are allowed to do business in the other state under conditions similar to these provisions. Before granting the approval, the board must find that the out-of-state credit union:
(a) is a credit union organized under laws similar to this chapter;
(b) is financially solvent;
(c) has account insurance comparable to that required for credit unions incorporated under this chapter;
(d) is examined and supervised by a regulatory agency of the state in which it is organized or the federal government; and
(e) needs to conduct business in this State to adequately serve its members in this State.
(2) No out-of-state credit union may conduct business in this State unless it:
(a) charges interest in compliance with the provisions of Section 34-26-810 when making loans in this State;
(b) complies with the consumer protection provided by law and provisions and regulations applicable to credit unions incorporated under this chapter;
(c) agrees to furnish the commissioner a copy of the report of examination of its regulatory agency and if necessary to submit to an examination by the commissioner; and
(d) designates and maintains an agent for the service of process in this State.
(3) The board may revoke the approval of a credit union to conduct business in this State if the board finds that:
(a) the credit union no longer meets the requirements of subsection (1);
(b) the credit union has violated the laws of this State or regulations or orders issued by the board;
(c) the credit union has engaged in a pattern of unsafe or unsound credit union practices; or
(d) continued operation by the credit union is likely to have a substantially adverse impact on the financial, economic, or other interests of residents of this State.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.

Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 34 - Banking, Financial Institutions and Money

Chapter 26 - South Carolina Credit Union Act

Section 34-26-100. Short title.

Section 34-26-110. Definitions.

Section 34-26-200. Responsibility of Board of Financial Institutions.

Section 34-26-210. Discretionary powers of board.

Section 34-26-220. Suspension of operations of bankrupt or insolvent credit union; liquidation of assets.

Section 34-26-230. Appointment of conservator of credit union assets by board or board designee; remedy of credit union to regain possession and control of assets.

Section 34-26-240. Duty of board to examine credit union; disclosure requirements of credit union officers and agents.

Section 34-26-250. Duty of credit union to maintain books, records, accounting systems, and procedures.

Section 34-26-260. Form of credit union annual report to board.

Section 34-26-270. Fees to defray administration, supervision, examination, and other expenses of annual examination of credit union.

Section 34-26-280. Conflict of interest; prohibitions respecting board or commissioner's office employees and credit unions.

Section 34-26-300. Application for credit union charter of incorporation; articles of incorporation and bylaws.

Section 34-26-310. Consideration of application; time period for approval or denial; factors considered.

Section 34-26-320. Model articles of incorporation to facilitate organization of credit unions.

Section 34-26-330. Amendment of articles of incorporation and bylaws.

Section 34-26-340. Name requirements of credit unions.

Section 34-26-350. Principal place of business of credit union; other locations.

Section 34-26-360. Fiscal year.

Section 34-26-370. Conduct of business in state by lawful out-of-state credit union; requirements of board approval.

Section 34-26-380. Conduct of business out-of-state by credit union; necessity of board approval.

Section 34-26-390. Exemption of credit union from business license tax.

Section 34-26-400. Particular powers of cooperative credit union; loans to other credit unions.

Section 34-26-410. Additional powers of credit union.

Section 34-26-420. Powers incidental to purpose of credit union; limitations.

Section 34-26-500. Requirements of membership; eligible groups; requirement of board approval.

Section 34-26-510. Organizations eligible for credit union membership.

Section 34-26-520. Eligibility of other credit unions.

Section 34-26-530. Application for membership; appeal of membership denial.

Section 34-26-540. Retention of membership.

Section 34-26-550. Member liability for credit union debt.

Section 34-26-560. Expulsion; request for hearing.

Section 34-26-570. Annual and other meetings of credit union membership.

Section 34-26-580. Special meetings; grounds and proceedings.

Section 34-26-600. Authority of board of directors.

Section 34-26-605. Membership of board; term of office; board appointment of credit committee.

Section 34-26-610. Filing of record of names and addresses of membership.

Section 34-26-615. Board vacancies; credit and supervisory committee vacancies.

Section 34-26-620. Prohibition against compensation for services; accident insurance; expenses.

Section 34-26-625. Conflicts of interest; limitation on persons with pecuniary interest.

Section 34-26-630. Election of officers.

Section 34-26-635. Appointment of executive committee.

Section 34-26-640. Meetings of board; frequency of meetings.

Section 34-26-645. Duties of board.

Section 34-26-650. Credit committee supervision of member loans.

Section 34-26-655. Appointment of credit committee loan officers.

Section 34-26-660. Purpose and composition of credit union supervisory committee; term of office.

Section 34-26-665. Suspension of member; supervisory committee report to board.

Section 34-26-670. Suspension or removal of supervisory committee member.

Section 34-26-700. Share accounts; par value; pledged shares.

Section 34-26-710. Dividends.

Section 34-26-720. Deposits.

Section 34-26-730. Withdrawal of deposited funds; withdrawal notice.

Section 34-26-740. Payments on share accounts.

Section 34-26-750. Ownership interests in share accounts; joint accounts.

Section 34-26-760. Share accounts held in trust; beneficiaries.

Section 34-26-770. Payable-on-death share accounts; effect of transfer of account.

Section 34-26-780. Account lien; right of set-off.

Section 34-26-790. Requirement of incorporators to apply for insurance prior to application for charter.

Section 34-26-800. Loans and lines of credit; establishment of written policies.

Section 34-26-810. Interest rates.

Section 34-26-820. Incidental fees and expenses.

Section 34-26-830. Loan application.

Section 34-26-840. Limitation of size of loan; in general.

Section 34-26-850. Limitation on loan advances by approved line of credit; periodic review.

Section 34-26-860. Limitation on size of loan secured by real estate; approved collateral.

Section 34-26-870. Credit union participation in joint loan with other credit union.

Section 34-26-880. Credit union participation in federal or state loan programs; other powers.

Section 34-26-890. Limitation on loans to directors and members of supervisory and credit committees.

Section 34-26-900. Provision of member services; in general.

Section 34-26-910. Insurance for officers, agents, and employees.

Section 34-26-920. Marketing arrangements.

Section 34-26-930. Collection, receipt, and disbursement in connection with negotiable instruments; automated services; fees.

Section 34-26-940. Retirement, pension, profit-sharing, and deferred income accounts.

Section 34-26-1000. Investment of credit union funds; investment committee.

Section 34-26-1010. Designation of depositories.

Section 34-26-1020. Permissible investments of credit union funds.

Section 34-26-1100. Determination of gross earnings; reservation of reserve; waiver of reserve requirement.

Section 34-26-1110. Permissible use of reserve; effect of liquidation of credit union.

Section 34-26-1120. Special reserves.

Section 34-26-1200. Dissolution; voluntary liquidation; distribution of assets.

Section 34-26-1210. Merger.

Section 34-26-1220. Conversion of credit union to organization under laws of another state or United States; requirement of member approval.

Section 34-26-1300. Corporate credit union.

Section 34-26-1310. Purposes of corporate credit union.

Section 34-26-1320. Corporate credit union membership.

Section 34-26-1330. Application to form corporate credit union.

Section 34-26-1340. Powers and privileges of corporate credit union.

Section 34-26-1350. Participation in National Credit Union Administration Central Liquidity Facility; other state and federal financial systems; agreements with third parties.

Section 34-26-1360. Acceptance of security for loans; pledges, assignments, hypothecation, or mortgages.

Section 34-26-1370. Board of directors of corporate credit union meetings.

Section 34-26-1380. Corporate credit union reserve requirements; exemptions.

Section 34-26-1390. Annual audit and report.