(A) A person in this State, other than a legalized incorporated banking institution, may not use the word "bank" or "banking" in connection with a business, calling, or pursuit; except that a state-chartered savings and loan association may change its designation and name to a "savings bank" pursuant to the same authority and subject to the same rules and regulations that federally-chartered savings and loan associations are permitted to make that change according to the provisions of Public Law 97-320 (the Garn-St. Germain Depository Institutions Act of 1982). A person violating the provisions of this subsection must be fined not less than one thousand dollars and not more than ten thousand dollars or imprisoned not more than ten years or less than one year, or both fined and imprisoned, all in the discretion of the court.
(B)(1) A person in this State may not use the name or logo of a banking entity in connection with the sale, offering for sale, or advertising of a financial product or service without the written consent of that banking entity. A person violating this subsection must be fined not less than five hundred dollars and not more than one thousand dollars for each separate use of the name or logo of a banking entity in connection with the sale, offering for sale, or advertising of a financial product or service without the written consent of the banking entity.
(2) A banking entity may file an action to enjoin the use of its name or logo in connection with the sale, offering for sale, distribution, or advertising of a financial product or service without its written consent. A court of competent jurisdiction may grant an injunction to restrain the wrongful use and may require the defendants to pay to the banking entity all profits derived from, and all damages suffered by reason of, the wrongful use of the name or logo, including costs and reasonable attorney's fees.
(3) The remedies of this subsection are not exclusive and do not preclude the use of another remedy at law.
HISTORY: 1962 Code Section 8-101; 1952 Code Section 8-101; 1942 Code Section 7830-1; 1932 Code Section 1345; Cr. C. '22 Section 235; 1913 (28) 107; 1983 Act No. 7 Section 1; 2008 Act No. 181, Section 1, eff February 19, 2008.
Effect of Amendment
The 2008 amendment designated and rewrote subsection (A) and added subsection (B) relating to use of banking entity's logo or name in connection with the sale of a financial product or service.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 3 - Banks And Banking Generally
Section 34-3-10. Use of "bank" or "banking" by other than banking institutions.
Section 34-3-20. Provisions not applicable to national banks.
Section 34-3-30. Certain parts of bank charters repealed.
Section 34-3-40. Shares of stock requisite for eligibility as bank director.
Section 34-3-50. Officers and employees must be bonded.
Section 34-3-65. Opening of deposit accounts at special events; conditions.
Section 34-3-70. False statements concerning solvency of bank.
Section 34-3-100. Transaction of business in State by foreign bank.
Section 34-3-110. Crimes against a federally chartered or insured financial institution.
Section 34-3-210. General powers of banking corporation.
Section 34-3-220. Acceptance of drafts and bills of exchange.
Section 34-3-230. Directors may make and change bylaws.
Section 34-3-240. Other powers of directors.
Section 34-3-250. Association with national reserve association.
Section 34-3-260. Transaction of business by wholly-owned subsidiary of state bank or trust company.
Section 34-3-310. Examination of banks.
Section 34-3-320. Examination fees; number of examinations annually.
Section 34-3-330. Federal examinations.
Section 34-3-340. Reports and examinations by Federal Deposit Insurance Corporation.
Section 34-3-350. Directors shall review reports of examinations.
Section 34-3-360. Form of notice to chief executive.
Section 34-3-370. Form of report to Commissioner of Banking.
Section 34-3-380. Report of condition.
Section 34-3-420. Statement shall be sent to Board; failure to report.
Section 34-3-510. Records must be retained.
Section 34-3-520. Regulations classifying records.
Section 34-3-530. Destruction of records.
Section 34-3-540. Copies and reproductions of bank records; admissibility in evidence.
Section 34-3-550. Application of article.
Section 34-3-610. "Banking institution" defined.
Section 34-3-620. Relationship with Federal Deposit Insurance Corporation generally.
Section 34-3-630. Federal Deposit Insurance Corporation as receiver or liquidator.
Section 34-3-810. National bank may become state bank; procedure.
Section 34-3-820. Time corporate existence as state bank commences.
Section 34-3-830. Transfer of assets, property, and rights of national or state bank.
Section 34-3-840. Directors and organization.
Section 34-3-850. Consolidation or merger of banks and trust companies.