(1) A credit union may participate in any guaranteed loan program of the federal or state government under the terms and conditions specified in the law under which such a program is provided.
(2) A credit union may purchase conditional sales contracts, notes, and similar instruments of its members.
(3) A credit union may finance for any person by way of installment sales contract the sale of the credit union's property, including property obtained as a result of defaults in obligations owed to it.
(4) A credit union may engage in the leasing of personal property to its members.
HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
Structure 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 34-26-260. Form of credit union annual report to board.
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 34-26-380. 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 34-26-730. 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 34-26-800. 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 34-26-900. Provision of member services; in general.
Section 34-26-910. Insurance for officers, agents, and employees.
Section 34-26-920. Marketing arrangements.
Section 34-26-940. 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 34-26-1110. 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 34-26-1300. 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 34-26-1370. Board of directors of corporate credit union meetings.
Section 34-26-1380. Corporate credit union reserve requirements; exemptions.