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Chapter 1 - State Board Of Financial Institutions
Section 34-1-10. Definitions. - Effective July 1, 1976, all references to "the Board" in...
Section 34-1-20. Appointment of members. - The State Board of Financial Institutions is composed of eleven...
Section 34-1-30. Terms of members; vacancies. - The Governor originally having appointed four members of the Board,...
Section 34-1-40. Expenses of members. - The members of the Board shall receive a per diem...
Section 34-1-50. Office space. - The office space occupied by the Board shall be in...
Section 34-1-60. Powers. - The Board may supervise all banks and building and loan...
Section 34-1-70. Repealed. - HISTORY: Former Section, titled Approval of charters of banks, building...
Section 34-1-80. Examining department; Commissioner of Banking. - The board shall set up an examining department, appointing a...
Section 34-1-90. Commissioner of Banking shall report criminal violations to Board. - When in the exercise by the Board through its examining...
Section 34-1-100. Initiation of criminal prosecutions. - The report shall be considered by the Board at its...
Section 34-1-110. Authority for state-chartered banks, savings and loan associations, and credit unions, and licensed consumer finance companies to engage in certain activities. - (A) Notwithstanding any other provision of law and in addition...
Section 34-1-120. Penalties for obstructing Commissioner of Banking. - Any person who obstructs or interferes with the Commissioner of...
Section 34-1-130. Study of capital reserve position of financial institutions; report. - The State Board of Financial Institutions is directed to conduct...
Section 34-1-140. State preemption of lender regulation. - A political subdivision of this State may not enact or...
Section 34-1-150. Requirements for applicant seeking permission to organize a bank. - (A) An applicant for permission to organize a bank, building...
Section 34-1-160. Authorization of organization of proposed bank; articles of incorporation. - (A) With the approval of the board, the organizers may...
Section 34-1-170. Requirements for articles of incorporation of proposed bank. - (A) The articles of incorporation of a proposed bank, building...
Section 34-1-180. Requirements for board to approve a charter for proposed bank. - (A) The board may approve a charter for a proposed...
Section 34-1-190. Decisions to uphold or overturn denial of applications; time limits; evidence; hearings; appeals. - (A) The board shall decide whether to uphold or overturn...
Section 34-1-200. Requirements for issuing a bank charter; revocation of charter; appeals; dissolution and liquidation. - (A) A proposed bank, building and loan association, savings and...
Section 34-1-210. Remote service unit not considered a branch of a bank. - A remote service unit as defined in Section 34-28-30 is...
Section 34-1-220. Delegations to the Commissioner of Banking. - For purposes of the provisions of this chapter, the board...
Chapter 3 - Banks And Banking Generally
Section 34-3-10. Use of "bank" or "banking" by other than banking institutions. - (A) A person in this State, other than a legalized...
Section 34-3-20. Provisions not applicable to national banks. - Nothing contained in Sections 34-3-30, 34-3-50, 34-3-60, 34-3-210 to 34-3-250,...
Section 34-3-30. Certain parts of bank charters repealed. - All parts of acts of incorporation granted to banking corporations...
Section 34-3-40. Shares of stock requisite for eligibility as bank director. - No stockholder in a corporation organized under the laws of...
Section 34-3-50. Officers and employees must be bonded. - All active officials and employees of any State bank shall...
Section 34-3-60. Repealed. - HISTORY: Former Section, titled Branch bank identification, had the following...
Section 34-3-65. Opening of deposit accounts at special events; conditions. - Financial institutions may provide for account service representatives to visit...
Section 34-3-70. False statements concerning solvency of bank. - Any person who shall falsely and wilfully and with intent...
Section 34-3-80. Criminal liability of bank official furnishing false certificate to Comptroller General. - Whenever an officer of any bank engaged in business in...
Section 34-3-90. Penalties. - Any violation of the provisions of Sections 34-1-60, 34-1-70, 34-3-310...
Section 34-3-100. Transaction of business in State by foreign bank. - Banks organized under the laws of a foreign government may...
Section 34-3-110. Crimes against a federally chartered or insured financial institution. - (A) A person knowingly may not execute, or attempt to...
Section 34-3-210. General powers of banking corporation. - Every banking corporation may: (1) Receive and pay out the...
Section 34-3-220. Acceptance of drafts and bills of exchange. - Every such banking corporation may accept drafts or bills of...
Section 34-3-230. Directors may make and change bylaws. - The directors of any bank may make and change bylaws,...
Section 34-3-240. Other powers of directors. - The directors may: (1) Appoint all necessary officers and employees...
Section 34-3-250. Association with national reserve association. - Any bank, banking association or trust company chartered and engaged...
Section 34-3-260. Transaction of business by wholly-owned subsidiary of state bank or trust company. - Notwithstanding any other provision of the law, a wholly-owned subsidiary...
Section 34-3-310. Examination of banks. - The State Board of Bank Control may cause to be...
Section 34-3-320. Examination fees; number of examinations annually. - The State Board of Financial Institutions shall fix the examination...
Section 34-3-330. Federal examinations. - Any examination made under the authority of any agency of...
Section 34-3-340. Reports and examinations by Federal Deposit Insurance Corporation. - The Commissioner of Banking may also, in his discretion, accept...
Section 34-3-350. Directors shall review reports of examinations. - Upon the examination of any state banking institution, the Commissioner...
Section 34-3-360. Form of notice to chief executive. - The form of notice from the Commissioner of Banking to...
Section 34-3-370. Form of report to Commissioner of Banking. - The form of report to the Commissioner of Banking referred...
Section 34-3-380. Report of condition. - All institutions doing business in this State in lending money...
Section 34-3-420. Statement shall be sent to Board; failure to report. - The statements referred to in Section 34-3-380 shall be sent...
Section 34-3-510. Records must be retained. - Every bank shall retain its business records for such periods...
Section 34-3-520. Regulations classifying records. - The State Board of Bank Control shall from time to...
Section 34-3-530. Destruction of records. - Any bank may dispose of any records which have been...
Section 34-3-540. Copies and reproductions of bank records; admissibility in evidence. - (A) Any corporation, institution, or association whose deposits are insured...
Section 34-3-550. Application of article. - This article shall be applicable to banks and trust companies...
Section 34-3-610. "Banking institution" defined. - The term "banking institution," as used in this article shall...
Section 34-3-620. Relationship with Federal Deposit Insurance Corporation generally. - Any banking institution organized under the laws of this State...
Section 34-3-630. Federal Deposit Insurance Corporation as receiver or liquidator. - The Federal Deposit Insurance Corporation may, with the approval of...
Section 34-3-640. Assets pass to Federal Deposit Insurance Corporation on appointment as receiver of liquidator. - Upon the acceptance of the appointment as receiver or liquidator...
Section 34-3-650. Federal Deposit Insurance Corporation subrogated to rights of depositors paid by it. - Whenever any banking institution shall have been closed as aforesaid...
Section 34-3-660. Closed institutions may borrow or sell assets to Federal Deposit Insurance Corporation. - With respect to any banking institution which is closed (a)...
Section 34-3-810. National bank may become state bank; procedure. - (A) Subject to approval by the board, any banking corporation...
Section 34-3-820. Time corporate existence as state bank commences. - After the issuance of such certificate by the Secretary of...
Section 34-3-830. Transfer of assets, property, and rights of national or state bank. - At the time the corporate existence of such state bank...
Section 34-3-840. Directors and organization. - Unless otherwise elected by the shareholders of the national banking...
Section 34-3-850. Consolidation or merger of banks and trust companies. - (A) A bank or trust company organized under the laws...
Chapter 5 - Management Of Bank By Conservators
Section 34-5-10. "Bank" defined. - As used in this chapter the term "bank" includes building...
Section 34-5-20. Appointment of conservator of a bank. - Whenever it shall deem it necessary in order to conserve...
Section 34-5-30. Federal Deposit Insurance Corporation as conservator. - Nothing contained in this chapter shall be construed to prevent...
Section 34-5-40. Persons who may not be conservators. - No person shall be appointed conservator of any institution under...
Section 34-5-50. Powers of conservator; rights of other persons. - The conservator, who shall serve at the pleasure of and...
Section 34-5-60. Expenses of conservator; attorney. - All expenses of any such conservatorship shall be paid out...
Section 34-5-70. Withdrawal of deposits and payment of creditors. - While such bank is in the hands of a conservator...
Section 34-5-80. Receipt of deposits. - The Board may, in its discretion, but only if local...
Section 34-5-90. Conservators may borrow to pay dividends or to reopen. - The Board may, for the purpose of securing funds to...
Section 34-5-100. Termination of conservatorship. - If the Board becomes satisfied it may safely be done...
Section 34-5-110. Reorganization of bank. - Any bank in the hands of a conservator may be...
Section 34-5-120. Publication of notice of reorganization. - Before the conservator shall return the affairs of the bank...
Section 34-5-130. Effect of reorganization. - When such reorganization becomes effective all books, records and assets...
Section 34-5-140. Segregation and use under Section 34-5-80 of deposits not required after termination of conservatorship. - After fifteen days have elapsed from the time the affairs...
Section 34-5-150. Liquidation by conservator. - When the Board shall conclude that any bank for which...
Chapter 6 - South Carolina Uniform Prudent Management Of Institutional Funds Act
Section 34-6-10. Short title. - This chapter may be cited as the "South Carolina Uniform...
Section 34-6-20. Definitions. - In this chapter: (1) "Charitable purpose" means the relief of...
Section 34-6-30. Standard of conduct in managing and investing institutional fund. - (A) Subject to the intent of a donor expressed in...
Section 34-6-40. Appropriation for expenditure or accumulation of endowment fund; rules of construction. - (A) Subject to the intent of a donor expressed in...
Section 34-6-50. Delegation of management and investment functions. - (A) Subject to any specific limitation set forth in a...
Section 34-6-60. Release or modification of restrictions on management, investment, or purpose. - (A) If the donor consent is in a record, an...
Section 34-6-70. Review of compliance. - Compliance with this chapter is determined in light of the...
Section 34-6-80. Application to existing institutional funds. - This chapter applies to institutional funds existing on or established...
Section 34-6-90. Relation to Electronic Signatures in Global and National Commerce Act. - This chapter modifies, limits, and supersedes the Electronic Signatures in...
Section 34-6-100. Uniformity of application and construction. - In applying and construing this uniform act, consideration must be...
Chapter 7 - Reorganization Of Insolvent Banks
Section 34-7-10. Reorganization of banks adjudged insolvent. - When any banking institution organized and operating under the laws...
Section 34-7-20. Effect of reorganization plan on claims of depositors and unsecured creditors. - Any such reorganization plan may authorize the reduction of the...
Section 34-7-30. Parties to proceeding. - All depositors, creditors and stockholders shall, for the purpose of...
Section 34-7-40. Petition and order for reorganization meeting. - In the event as many as five per cent in...
Section 34-7-50. Notice of meeting. - A notice of the time, place and purpose of such...
Section 34-7-60. Adoption of plan; quorum and vote required; no appeal. - Before any such meeting shall be authorized to determine upon...
Section 34-7-70. Reopening of bank in hands of State Board of Bank Control; agreement of fiduciaries. - Any bank placed in the hands of the State Board...
Chapter 9 - Bank Capital And Capital Stock
Section 34-9-10. Amount of capital to be paid in United States currency. - No bank may be organized as a banking corporation or...
Section 34-9-20. Additional ten percent of capital must be paid in. - In addition to full payment for the capital stock proposed...
Section 34-9-30. Recovery of penalties for nonpayment of stock subscriptions and unpaid installments on subscriptions. - The penalties for the nonpayment of any stock subscriptions as...
Section 34-9-40. Minimum capital requirements. - Every banking company or corporation hereafter organized shall have a...
Section 34-9-60. Paid-in capital must meet Federal Deposit Insurance Fund requirements. - In addition to all other requirements, no bank or banking...
Section 34-9-70. Repealed. - HISTORY: Former Section, titled Paid-in capital must meet Federal Deposit...
Section 34-9-80. Repealed. - HISTORY: Former Section, titled Issuance of preferred stock, had the...
Section 34-9-90. Preferred stock shall be included in capital. - Any preferred stock lawfully issued by a banking institution organized...
Section 34-9-100. Issuance of capital notes or debentures. - With the approval of the Commissioner of Banking any banking...
Section 34-9-110. Capital notes and debentures shall be included in capital. - The term "capital" as used in the laws of this...
Section 34-9-120. Prerequisite of retirement of capital notes and debentures. - Before any such capital notes or debentures are retired or...
Section 34-9-130. Reserve requirements of state banks. - Every state bank which is not a member of the...
Chapter 11 - Bank Deposits
Section 34-11-10. Payment of deposits made in name of two or more persons. - Subject to the provisions of Sections 62-6-101, et seq., of...
Section 34-11-20. Acceptance and disbursement of deposits of minors. - A bank may accept deposits of and pay out deposits...
Section 34-11-30. Receipt of deposits or trusts after knowledge of insolvency. - It shall be a misdemeanor for any president, director, manager...
Section 34-11-40. Repealed. - HISTORY: Former Section, titled Duplicate for lost or destroyed time...
Section 34-11-50. Repealed. - HISTORY: Former Section, titled Duplicate for any other lost or...
Section 34-11-60. Drawing and uttering fraudulent check, draft, or other written order. - (a) It is unlawful for a person, with intent to...
Section 34-11-70. Prima facie evidence of fraudulent intent in drawing check, draft, or other written order, reasonable and probable cause for prosecution. - (a) When a check, a draft, or other written order...
Section 34-11-75. Civil remedy for drawing and uttering of fraudulent checks, drafts, or other written order. - As used in this section, "check" means a check, draft,...
Section 34-11-80. Stopping payment on check, draft, or order with intent to defraud. - It shall be unlawful for any person with intent to...
Section 34-11-90. Jurisdiction of offenses and penalties. - A person who violates the provisions of this chapter, upon...
Section 34-11-95. Report of convictions to South Carolina Law Enforcement Division; release of information. - (a) A first offense prosecution or second offense resulting in...
Section 34-11-100. Effect of payment of dishonored check, draft, or order after institution of prosecution. - After prosecution is initiated as provided in this chapter, the...
Section 34-11-110. Adverse claimant of deposit must obtain court process or give bond; exception as to fiduciary deposits. - Notice to any bank or trust company doing business in...
Section 34-11-120. Duty of person drawing postdated check to give notice. - It shall be the duty of the person drawing a...
Section 34-11-130. Payment of withdrawal value of account to beneficiary upon death of trustee. - Subject to the provisions of Sections 62-6-101, et seq., of...
Chapter 13 - Bank Loans And Investments
Section 34-13-50. Maximum amounts of loans; generally. - (A) The total liabilities, direct and indirect, of any one...
Section 34-13-60. Maximum amounts of loans; exceptions for certain loans secured by shipping documents. - Notwithstanding the provisions of Section 34-13-50 the obligations of any...
Section 34-13-70. Maximum amounts of loans; another maximum. - (A) In no case shall a loan be made by...
Section 34-13-80. Limitations on loans to directors and officers. - Directors and officers of any bank incorporated under the laws...
Section 34-13-90. Penalty for improper borrowing by directors or officers. - A person who violates the provisions of Section 34-13-80 is...
Section 34-13-100. Investigation of security consisting of warehouse receipts. - When warehouse receipts for products are pledged as securities in...
Section 34-13-110. Certain discounts are not considered as money borrowed. - The discount of bills of exchange drawn in good faith...
Section 34-13-140. Restrictions on loan on or purchase of bank's own stock. - (A) It is unlawful for any banking institution to make...
Section 34-13-150. Investment of funds in federal savings and loan associations and building and loan associations. - It shall be lawful for any building and loan association,...
Section 34-13-160. Investment in farm loan bonds; accountability for interest. - Any banking institution or trust company organized under the laws...
Section 34-13-170. Investment in bank service corporations. - (1) Citation of section. - This section shall be cited...
Chapter 15 - Bank Acting As Fiduciary
Section 34-15-10. General authority to act as fiduciary. - Subject to the provisions of Section 62-3-203, a banking corporation...
Section 34-15-20. Fiduciary bonds. - Every such banking corporation appointed administrator, receiver, assignee, guardian or...
Section 34-15-30. Capital stock shall be held security for fiduciary obligations. - The capital stock of such corporation shall be held as...
Section 34-15-40. Papers may be executed by authorized officer. - In all proceedings in the probate court or elsewhere connected...
Section 34-15-50. Liability when acting as trustee of partnership interest for minors. - Any banking corporation or trust company authorized under this chapter...
Chapter 19 - Safe-deposit Boxes
Section 34-19-10. Definitions. - "Lessee" means a person contracting with a lessor for the...
Section 34-19-20. Safe deposit business authorized. - Subject to the provisions of this chapter any bank, building...
Section 34-19-30. Lease of box to minor. - A bank may lease a safe deposit box to and...
Section 34-19-40. Access to box of fiduciary. - Where a safe deposit box is made available by a...
Section 34-19-50. Access to box of decedent; removal of contents. - A lessor shall permit the person named in a court...
Section 34-19-60. Refusal of access because of adverse claim. - An adverse claim to the contents of a safe deposit...
Section 34-19-70. Opening box when rental is one year in default. - If the rental due on a safe deposit box has...
Section 34-19-80. Sale of contents unclaimed for two years. - If the contents of the safe deposit box have not...
Section 34-19-90. Disposition of proceeds of sale of contents. - The balance of the proceeds of a sale under Section...
Section 34-19-100. Destruction of private documents of no apparent value. - Any documents or writings of a private nature and having...
Section 34-19-110. Use of words "safe deposit" or "safety deposit". - It is unlawful for a person to use the words...
Section 34-19-120. Access by person appointed as attorney-in-fact under durable power of attorney to obtain original durable power of attorney; statement of authorization. - (A)(1) The person who has been appointed as attorney- in-fact...
Chapter 21 - Banks And Corporations Doing Trust Business
Section 34-21-10. Written approval from State Board of Bank Control is required to conduct trust business. - No corporation, partnership or other person shall conduct a trust...
Section 34-21-20. Examination; rules and regulations. - All state chartered banks, building and loan associations, savings associations,...
Section 34-21-30. Fiduciary assets must be segregated; separate books and records; officer in charge. - Banks, trust companies, or corporations acting in a fiduciary capacity...
Section 34-21-40. Forms of security for funds received or held in trust. - Funds received or held in the trust department of the...
Section 34-21-50. Investment of funds. - Funds held by the trust department shall be invested as...
Section 34-21-60. Investments shall be kept separate. - The investments of each individual trust shall be kept separate...
Section 34-21-70. Custody of securities. - The securities of the trust department for each individual trust...
Section 34-21-210. Definitions. - The following terms used in this article shall have the...
Section 34-21-220. Collective investment of funds. - Funds held by a trust institution may be invested collectively:...
Section 34-21-230. Written plan for fund. - Each common trust fund shall be established and maintained in...
Section 34-21-240. Amendments to plan. - The plan may be amended from time to time by...
Section 34-21-250. Management, control, and ownership of fund. - The trust institution shall have the exclusive management and control...
Section 34-21-260. Propriety of investments in fund. - Any trust institution in its capacity as a fiduciary or...
Section 34-21-270. Limitation on investment in obligations of any one person, firm, or corporation. - Except in the case of collective investment funds described in...
Section 34-21-280. Collective investment fund may be considered as a whole in determining propriety of investment. - In order to determine whether the investment of funds received...
Section 34-21-290. Authority of estates restricted to legal investments. - If the instrument under which a trust institution acts as...
Section 34-21-300. Authority of estates not restricted to legal investments. - If the instrument under which the trust institution acts as...
Section 34-21-310. Limitation on interest of any one participant in collective investment fund. - Except in the case of collective investment funds described in...
Section 34-21-320. Making and withdrawing investments. - The trust institution shall invest the moneys of an estate...
Section 34-21-330. Nature of interest in fund. - No fiduciary account owning or holding an investment or participation...
Section 34-21-340. Certificates and other documents evidencing interest in fund shall not be issued. - No trust institution administering a collective investment fund shall issue...
Section 34-21-350. Records of investments. - The trust institution shall designate clearly upon its records the...
Section 34-21-360. Trust institution shall not invest in own fund. - A trust institution shall not invest any of its own...
Section 34-21-370. Management fees prohibited; reimbursement for expenses. - Trust institutions shall not charge a fee for the management...
Section 34-21-380. Annual audit of fund; financial report. - (1) A trust institution administering a common trust fund shall...
Section 34-21-390. Valuation of securities in fund. - At least once every three months the trust institution administering...
Section 34-21-400. Court accounting of fund. - Unless ordered by a court of competent jurisdiction, a trust...
Section 34-21-410. Mistakes in administration. - No mistake made in good faith and in the exercise...
Section 34-21-420. Other common trust funds are not prohibited. - Nothing contained in this article shall prohibit a trust institution...
Section 34-21-430. Obligations in which funds may be collectively invested. - In addition to the investments permitted under Section 34-21-220, funds...
Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996
Section 34-25-10. Definitions. - For purposes of this article: (1) "Acquire" means: (a) for...
Section 34-25-20. Purpose. - This article sets forth the conditions under which a company...
Section 34-25-30. Board approval. - (a) Except as otherwise expressly permitted by federal law, no...
Section 34-25-40. Application. - (a) A company that proposes to make an acquisition under...
Section 34-25-50. Disapproval of application. - (a) Except as otherwise expressly provided in this section, the...
Section 34-25-60. Time for decision; public hearing. - (a) The board shall decide whether to approve an acquisition...
Section 34-25-70. Reporting. - (a) To the extent specified by the board by regulation,...
Section 34-25-80. Agency agreements; prohibited activity. - (a) Any South Carolina state bank, upon compliance with the...
Section 34-25-90. Enforcement. - (a) The board may enforce the provisions of this article...
Section 34-25-100. Board authority. - In order to carry out the purposes of this article,...
Section 34-25-210. Purpose. - It is the intent of this article to permit interstate...
Section 34-25-220. Definitions. - For purposes of this article: (1) "Bank" has the meaning...
Section 34-25-230. Merger resulting in South Carolina state bank; board approval. - With the prior approval of the board, a South Carolina...
Section 34-25-240. Merger resulting in out-of-state bank; board approval. - (a) One or more South Carolina banks may enter into...
Section 34-25-250. Application. - Any out-of-state bank that will be the resulting bank pursuant...
Section 34-25-260. Findings of board. - An interstate merger transaction prior to June 1, 1997, involving...
Section 34-25-270. Applicable law. - (a) An out-of-state state bank which establishes and maintains one...
Section 34-25-280. Reporting; board authority. - (a) To the extent consistent with subsection (c) of this...
Section 34-25-290. Enforcement. - If the board determines that a branch maintained by an...
Section 34-25-300. Promulgation of regulations. - The board may promulgate such regulations as it determines to...
Section 34-25-310. Notice of transaction. - Each out-of-state state bank that has established and maintains a...
Chapter 26 - South Carolina Credit Union Act
Section 34-26-100. Short title. - This chapter is known and may be cited as the...
Section 34-26-110. Definitions. - In construing this chapter, the following definitions shall apply unless...
Section 34-26-200. Responsibility of Board of Financial Institutions. - The Board of Financial Institutions shall be responsible for the...
Section 34-26-210. Discretionary powers of board. - (1) The board may establish procedures to implement any provision...
Section 34-26-220. Suspension of operations of bankrupt or insolvent credit union; liquidation of assets. - (1) If it appears that any credit union is bankrupt...
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. - (1) The board may, at the board's sole discretion and...
Section 34-26-240. Duty of board to examine credit union; disclosure requirements of credit union officers and agents. - (1) The board at periodic intervals not to exceed twenty-four...
Section 34-26-250. Duty of credit union to maintain books, records, accounting systems, and procedures. - (1) A credit union shall maintain all books, records, accounting...
Section 34-26-260. Form of credit union annual report to board. - (1) Credit unions shall report to the board annually on...
Section 34-26-270. Fees to defray administration, supervision, examination, and other expenses of annual examination of credit union. - (1) The board shall establish annual supervisory fees to be...
Section 34-26-280. Conflict of interest; prohibitions respecting board or commissioner's office employees and credit unions. - (1) No employee of the South Carolina Board of Financial...
Section 34-26-300. Application for credit union charter of incorporation; articles of incorporation and bylaws. - (1) Any ten or more residents of this State, of...
Section 34-26-310. Consideration of application; time period for approval or denial; factors considered. - (1) The board shall act upon the application within ninety...
Section 34-26-320. Model articles of incorporation to facilitate organization of credit unions. - In order to simplify the organization of credit unions, the...
Section 34-26-330. Amendment of articles of incorporation and bylaws. - (1) The articles of incorporation and the bylaws may be...
Section 34-26-340. Name requirements of credit unions. - (1) The name of every credit union organized under this...
Section 34-26-350. Principal place of business of credit union; other locations. - (1) A credit union may change its principal place of...
Section 34-26-360. Fiscal year. - The fiscal year of each credit union incorporated under this...
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...
Section 34-26-380. Conduct of business out-of-state by credit union; necessity of board approval. - A credit union incorporated under this chapter may conduct business...
Section 34-26-390. Exemption of credit union from business license tax. - Credit unions organized under this chapter are exempt from business...
Section 34-26-400. Particular powers of cooperative credit union; loans to other credit unions. - A cooperative credit union may receive the savings of its...
Section 34-26-410. Additional powers of credit union. - In addition to the powers mentioned elsewhere in this chapter,...
Section 34-26-420. Powers incidental to purpose of credit union; limitations. - A credit union may exercise incidental powers to enable it...
Section 34-26-500. Requirements of membership; eligible groups; requirement of board approval. - (1) The membership of a credit union may consist of...
Section 34-26-510. Organizations eligible for credit union membership. - Organizations comprised entirely of individuals who are eligible for membership...
Section 34-26-520. Eligibility of other credit unions. - Any credit union organized under this chapter may accept as...
Section 34-26-530. Application for membership; appeal of membership denial. - Persons wishing to join a credit union must do so...
Section 34-26-540. Retention of membership. - Members who cease to be eligible for membership may be...
Section 34-26-550. Member liability for credit union debt. - The members of the credit union shall not be personally...
Section 34-26-560. Expulsion; request for hearing. - The board of directors may expel a member pursuant to...
Section 34-26-570. Annual and other meetings of credit union membership. - (1) The annual meeting and any special meetings of the...
Section 34-26-580. Special meetings; grounds and proceedings. - (1) The supervisory committee by a majority vote may call...
Section 34-26-600. Authority of board of directors. - The board of directors shall have the authority and responsibility...
Section 34-26-605. Membership of board; term of office; board appointment of credit committee. - (1) The board shall consist of an odd number of...
Section 34-26-610. Filing of record of names and addresses of membership. - Within thirty days after the organizational meeting, a record of...
Section 34-26-615. Board vacancies; credit and supervisory committee vacancies. - The board of directors shall fill any vacancies occurring in...
Section 34-26-620. Prohibition against compensation for services; accident insurance; expenses. - No officer, director, or committee member, other than an employee,...
Section 34-26-625. Conflicts of interest; limitation on persons with pecuniary interest. - No director, committee member, officer, agent, or employee of the...
Section 34-26-630. Election of officers. - (1) At their organization meeting held within thirty days following...
Section 34-26-635. Appointment of executive committee. - The board of directors may appoint from its own number...
Section 34-26-640. Meetings of board; frequency of meetings. - (A) The board of directors shall meet as often as...
Section 34-26-645. Duties of board. - In addition to the duties found elsewhere in this chapter,...
Section 34-26-650. Credit committee supervision of member loans. - (1) The credit committee shall have the general supervision of...
Section 34-26-655. Appointment of credit committee loan officers. - The credit committee may appoint one or more loan officers...
Section 34-26-660. Purpose and composition of credit union supervisory committee; term of office. - (1) Each credit union shall have a supervisory committee. The...
Section 34-26-665. Suspension of member; supervisory committee report to board. - (1) The supervisory committee shall report any suspension of a...
Section 34-26-670. Suspension or removal of supervisory committee member. - Any member of the supervisory committee may be suspended or...
Section 34-26-700. Share accounts; par value; pledged shares. - (1) Share accounts shall be subscribed to and paid for...
Section 34-26-710. Dividends. - (1) At such intervals and for such periods as the...
Section 34-26-720. Deposits. - A credit union may accept deposits from members, other credit...
Section 34-26-730. Withdrawal of deposited funds; withdrawal notice. - (1) Funds in share and deposit accounts may be withdrawn...
Section 34-26-740. Payments on share accounts. - Payments on share accounts may be received from a minor...
Section 34-26-750. Ownership interests in share accounts; joint accounts. - (1) A member may designate any person or persons to...
Section 34-26-760. Share accounts held in trust; beneficiaries. - (1) Share and deposit accounts may be owned by one...
Section 34-26-770. Payable-on-death share accounts; effect of transfer of account. - Notwithstanding any other provision of law, a credit union may...
Section 34-26-780. Account lien; right of set-off. - The credit union shall have a lien on the share...
Section 34-26-790. Requirement of incorporators to apply for insurance prior to application for charter. - (1) Before the incorporators of a credit union forward the...
Section 34-26-800. Loans and lines of credit; establishment of written policies. - A credit union may loan to members for such purposes...
Section 34-26-810. Interest rates. - The interest rates on loans shall be determined by the...
Section 34-26-820. Incidental fees and expenses. - (1) In addition to interest charged on loans, a credit...
Section 34-26-830. Loan application. - Applications for loans shall be made by the credit union...
Section 34-26-840. Limitation of size of loan; in general. - The aggregate of direct or indirect loans to any one...
Section 34-26-850. Limitation on loan advances by approved line of credit; periodic review. - (1) Upon application by a member, the credit committee, or...
Section 34-26-860. Limitation on size of loan secured by real estate; approved collateral. - A credit union is authorized to make loans secured by...
Section 34-26-870. Credit union participation in joint loan with other credit union. - A credit union may participate in loans to credit union...
Section 34-26-880. Credit union participation in federal or state loan programs; other powers. - (1) A credit union may participate in any guaranteed loan...
Section 34-26-890. Limitation on loans to directors and members of supervisory and credit committees. - (1) A credit union may make loans to its directors...
Section 34-26-900. Provision of member services; in general. - A credit union may purchase or make available insurance for...
Section 34-26-910. Insurance for officers, agents, and employees. - A credit union may purchase and maintain insurance on behalf...
Section 34-26-920. Marketing arrangements. - A credit union may enter into marketing arrangements with other...
Section 34-26-930. Collection, receipt, and disbursement in connection with negotiable instruments; automated services; fees. - A credit union may collect, receive, and disburse monies in...
Section 34-26-940. Retirement, pension, profit-sharing, and deferred income accounts. - A credit union may act as trustee or custodian of...
Section 34-26-1000. Investment of credit union funds; investment committee. - The board of directors shall have charge of the investments...
Section 34-26-1010. Designation of depositories. - The board of directors shall designate a depository or depositories...
Section 34-26-1020. Permissible investments of credit union funds. - Funds not used in loans to members may be invested:...
Section 34-26-1100. Determination of gross earnings; reservation of reserve; waiver of reserve requirement. - Immediately before the payment of each dividend, the gross earnings...
Section 34-26-1110. Permissible use of reserve; effect of liquidation of credit union. - The regular reserve shall belong to the credit union and...
Section 34-26-1120. Special reserves. - In addition to the regular reserve, special reserves to protect...
Section 34-26-1200. Dissolution; voluntary liquidation; distribution of assets. - (1) A credit union may elect to dissolve voluntarily and...
Section 34-26-1210. Merger. - A credit union organized under this chapter may, with the...
Section 34-26-1220. Conversion of credit union to organization under laws of another state or United States; requirement of member approval. - (1) A credit union incorporated under the laws of this...
Section 34-26-1300. Corporate credit union. - (1) A corporate credit union may be incorporated under this...
Section 34-26-1310. Purposes of corporate credit union. - The purposes of the corporate credit union are to: (a)...
Section 34-26-1320. Corporate credit union membership. - (1) Membership in the corporate credit union shall consist of...
Section 34-26-1330. Application to form corporate credit union. - (1) Application to form a corporate credit union shall be...
Section 34-26-1340. Powers and privileges of corporate credit union. - (1) The corporate credit union shall enjoy the powers and...
Section 34-26-1350. Participation in National Credit Union Administration Central Liquidity Facility; other state and federal financial systems; agreements with third parties. - The corporate credit union may enter into agreements and subscribe...
Section 34-26-1360. Acceptance of security for loans; pledges, assignments, hypothecation, or mortgages. - The corporate credit union may require and accept security for...
Section 34-26-1370. Board of directors of corporate credit union meetings. - The board of directors of the corporate credit union shall...
Section 34-26-1380. Corporate credit union reserve requirements; exemptions. - (1) The corporate credit union shall be exempt from the...
Section 34-26-1390. Annual audit and report. - (1) The supervisory committee of the corporate credit union shall...
Chapter 28 - Savings Associations
Section 34-28-10. Short title of Articles 1 through 10. - Articles 1 through 10 of this chapter are known and...
Section 34-28-20. Application of the South Carolina Business Corporation Act. - When not in direct conflict with or superseded by specific...
Section 34-28-30. Definitions. - As used in this act, unless the context otherwise requires:...
Section 34-28-100. Application for authority to incorporate; action by Board on application. - (1) When authorized by the Board as provided in this...
Section 34-28-110. Name of an association. - (1) The name of every association shall include either the...
Section 34-28-120. Capital stock of state stock associations; power and limitations on sale and issuance of stock; loans, characteristics, and restrictions. - (1) A stock owned association may issue the shares of...
Section 34-28-130. Articles of incorporation content; approval by board; amendment. - (1) The Articles of Incorporation of an association shall contain:...
Section 34-28-140. Bylaws. - Unless the Articles of Incorporation provide otherwise, the Board of...
Section 34-28-150. Opening for business. - (1) An association shall open and conduct a general savings...
Section 34-28-160. Home, corporate, and branch offices; facilities. - (1) Each office must be operated from the home or...
Section 34-28-200. Conversion of state-chartered associations into federal associations without change of business form. - (1) At an annual meeting or at any special meeting...
Section 34-28-210. Conversion of federal association into state-chartered association without change of business form. - Any federal association may apply to the Board for permission...
Section 34-28-220. Conversion of a state or federal mutual association to a state capital stock association. - (1) Any state or federal mutual association may apply to...
Section 34-28-230. Power to reorganize, merge, consolidate, or sell assets out of the ordinary course of business. - (1) Pursuant to a plan adopted by the board of...
Section 34-28-240. Voluntary supervisory stock conversions. - (1) A voluntary supervisory stock conversion is a conversion involving...
Section 34-28-250. Supervisory case; emergency conversion, reorganization and merger. - (1) The Board may determine that an association is a...
Section 34-28-260. Acquisition of majority control over existing stock-owned association. - Subject to the provisions of Article 4 of this chapter:...
Section 34-28-270. Dissolution. - (1) Any association may, at any special meeting of the...
Section 34-28-300. Definitions. - (1) "Acquire", as applied to an association or a savings...
Section 34-28-310. Act requiring prior approval of the board. - With the prior approval of the board in accordance with...
Section 34-28-320. Acts requiring prior approval of federal authorities. - With the prior approval of the Federal Home Loan Bank...
Section 34-28-330. Savings and loan holding company acquisitions not requiring prior approval. - Without any prior approval of the Board, a Southern Region...
Section 34-28-340. Applications to the board for approval. - (a) The Board may not approve any proposed transactions set...
Section 34-28-350. Permissible nondisqualified acquisitions. - A Southern Region association, a Southern Region savings and loan...
Section 34-28-360. Prohibited acquisitions. - (a) Except as specifically permitted under Section 34-28-350, no South...
Section 34-28-370. Person acquiring a South Carolina association or savings and loan holding company is subject to South Carolina laws. - Any Southern Region association or Southern Region savings and loan...
Section 34-28-380. Registration of association; reports; regulations. - (a) Each South Carolina association, South Carolina savings and loan...
Section 34-28-390. Penalties and remedies. - (a) Any association or savings and loan holding company which...
Section 34-28-400. Meetings of members or stockholders; voting rights, proxies, quorum requirements. - (1) The annual meeting of the members or stockholders of...
Section 34-28-410. Access to books and records; confidentiality. - (1)(a) The books and records of an association must be...
Section 34-28-420. Directors; number; qualifications; meetings. - (1)(a) The business of the association must be managed and...
Section 34-28-430. Indemnity bonds. - Once an association has been authorized to commence business, all...
Section 34-28-440. Conflict of interest; transactions of officers and directors. - (1) Directors and officers occupy a fiduciary relationship to the...
Section 34-28-450. Books, records, and accounting practices. - (1) Every association shall keep at the home or corporate...
Section 34-28-500. Powers of associations. - Every association incorporated pursuant to or operating under the provisions...
Section 34-28-510. Investment in loans. - Every association shall have power to invest in or otherwise...
Section 34-28-520. Investments in service corporations. - (1) Every association shall have the power to invest in...
Section 34-28-530. Direct ownership of real estate by associations. - An association may directly own or invest in real estate,...
Section 34-28-540. Other investment powers and limitations; reserves and liquidity requirements. - Subject to Section 34-28-510 through Section 34-28-530 an association may...
Section 34-28-550. Dealing with successors in interest. - With respect to any investment made by an association in...
Section 34-28-560. Right to avoid loss. - Nothing in this chapter or in any other provision of...
Section 34-28-570. Maximum loans to one borrower. - An association may make a loan to one borrower up...
Section 34-28-600. Deposit accounts; general conditions. - (1) Subject to Section 34-28-500, deposit accounts may be opened...
Section 34-28-610. Married persons and minors. - Subject to Section 34-28-500, any association operating under this chapter...
Section 34-28-620. Deposit accounts in two or more names; administrators and other fiduciaries; incompetents and deceased nonresidents. - (1)(a) When a deposit account is held in any association...
Section 34-28-630. Powers of attorney on deposit accounts. - Any association or federal association may continue to recognize the...
Section 34-28-640. Pledge to association of savings accounts in joint tenancy. - The pledge or hypothecation to any association of all or...
Section 34-28-650. Adverse claim to deposit account. - Notice to any association of an adverse claim to a...
Section 34-28-660. Withdrawal of savings accounts. - (1) An association shall reserve the right to require a...
Section 34-28-670. Redemption of savings accounts. - At any time funds are on hand for that purpose,...
Section 34-28-680. Savings accounts as legal investments and security. - (1) Administrators, executors, custodians, personal representatives, conservators, guardians, trustees, and...
Section 34-28-700. Annual and other reports; examinations. - (1) Every association, service corporation, savings and loan holding company,...
Section 34-28-710. Board may order association to discontinue any illegal practice. - If the Board as a result of any examination or...
Section 34-28-720. Conservatorship. - (1) If the Board as a result of any examination...
Section 34-28-730. Receivership. - (1) If the Board finds that any association: (a) is...
Section 34-28-740. False statement affecting credit or standing of association. - Any person who falsely and wilfully and with intent to...
Section 34-28-800. Foreign associations. - (1) For the purpose of this section, "foreign association" includes...
Section 34-28-810. Federal savings and loan associations. - Federal savings and loan associations, which are incorporated pursuant to...
Section 34-28-900. Grandfather clause. - This chapter does not impair or affect any act done,...
Section 34-28-910. Effect on existing associations. - The name, rights, powers, privileges, and immunities of associations heretofore...
Chapter 29 - Consumer Finance Law
Section 34-29-10. Definitions. - When used in this chapter the terms listed below shall...
Section 34-29-20. License; exemptions; loans violating requirements are void. - (a) No person shall engage in the business of lending...
Section 34-29-30. Application for license; fees. - Application for a license shall be in writing under oath...
Section 34-29-40. Issuance or denial of license. - (a) Upon the filing of the application and payment of...
Section 34-29-50. Contents of license; posting; nonassignability; duration; annual fee. - (a) Each license shall state the address at which the...
Section 34-29-60. Licenses for more than one place of business; removal. - (a) Not more than one place of business shall be...
Section 34-29-70. Licensing purchaser of business. - Should a licensee sell his outstanding loan contracts and surrender...
Section 34-29-80. Revocation, suspension, surrender, and reinstatement of licenses. - (a) The Board may, if it has reason to believe...
Section 34-29-90. Examinations; investigations; orders to desist; injunctions. - (a) At least once each year a duly authorized representative...
Section 34-29-100. Books and records; reports; publication of analysis. - (a) Each licensee shall keep and use in his business...
Section 34-29-110. Rules and regulations; copies of licenses, regulations and orders. - (a) The Board shall have the power and authority to...
Section 34-29-120. Advertising. - No licensee or other person subject to this chapter shall...
Section 34-29-130. Conducting business with other business; loans shall be made in name of licensee. - (a) No licensee shall conduct the business of making loans...
Section 34-29-140. Loans; charges; installments; maturity; prohibitions; penalties. - (a) Maximum finance charges permitted; initial charge. A licensee under...
Section 34-29-150. Written statement disclosing terms of contract; receipts for payments; return of note and security on payment in full; lien on household furniture. - (a) The licensee shall disclose, at the time a loan...
Section 34-29-160. Insurance on security and borrower. - Subject to the conditions provided in this section and notwithstanding...
Section 34-29-161. Payment on insurance claim; damages; fees; costs. - No person may act or attempt in a loan transaction...
Section 34-29-162. Refinancing loan; nonlapsed insurance coverage. - If a consumer defers, refinances, or consolidates a loan and...
Section 34-29-163. Effect of misrepresentation by insured. - A policy or certificate may not be declared void and...
Section 34-29-164. Amount charged for nonfiling insurance coverage. - The amount charged for nonfiling insurance coverage may not exceed...
Section 34-29-165. Evidence of insurability. - (1) Consumer credit insurance provided by a creditor may be...
Section 34-29-166. Insurance provided by creditor; delivery of policy; information on policy. - If a creditor provides insurance, the insurance shall be evidenced...
Section 34-29-170. Confession of judgment or power of attorney to confess judgment shall be void. - No licensee shall take any confession of judgment or permit...
Section 34-29-180. Judicial review of orders or decisions of board. - (a) Any order or decision made, issued or executed by...
Section 34-29-190. Disposition of fees and other funds. - All license fees, investigation fees, and other funds collected by...
Section 34-29-200. Chief administrative officer and other personnel. - The Board is authorized to designate or appoint a chief...
Section 34-29-210. Appointment of Director as agent for service of process. - Every person prior to being licensed under this chapter shall...
Section 34-29-220. Foreign loans. - No loan made outside this State in the amount of...
Section 34-29-240. Licenses for persons engaged in lending on December 1, 1965. - Any person engaged in the business of lending on December...
Section 34-29-250. Violations. - Any person who wilfully violates any provision of this chapter,...
Section 34-29-260. Modification, amendment, or repeal of chapter. - (a) This chapter or any part thereof may be modified,...
Chapter 30 - A State Savings Bank Charter In South Carolina
Section 34-30-10. Short title. - This chapter is known as "State Savings Bank". HISTORY: 1997...
Section 34-30-20. Application of chapter. - This chapter, unless the context otherwise specifies, applies to all...
Section 34-30-30. Definitions. - (A) The term "savings and loan association" when used in...
Section 34-30-50. Application of Business Corporation Act. - When not in direct conflict with or superseded by specific...
Section 34-30-60. Prior charters; legal name, requirements; prohibited acts; injunctions. - (A) Nothing in this chapter invalidates a charter that was...
Section 34-30-70. Organization and establishment; application, fee; contents of application. - (A) The original incorporators, a majority of whom must be...
Section 34-30-80. Proposed mutual state savings banks, proposed stock state savings banks; articles of incorporation. - (A) The articles of incorporation of a proposed mutual state...
Section 34-30-90. Board examination of application. - Upon receipt of an application to organize and establish a...
Section 34-30-100. Mutual state savings banks, stock state savings banks; approval of application; minimum pledges, adjustment, considerations. - (A) The board may approve an application to form a...
Section 34-30-110. Incomplete applications; time for approval or rejection of completed applications. - (A) If the board does not receive a completed application...
Section 34-30-120. Approval or disapproval of application; order; filing of articles; corporate existence; certificate of authorization, commencement of business; limitation on ownership or control. - (A) After consideration of its findings, and the consideration of...
Section 34-30-130. Insurance on deposit accounts; certification; time for obtaining insurance; excess insurance. - A state savings bank must obtain and maintain insurance on...
Section 34-30-140. Commencement of business; failure to commence within time limit, extension of time; forfeiture of corporate existence; certificate of authorization. - A newly chartered state savings bank must commence business within...
Section 34-30-150. Amendment of articles of incorporation; certification, submission, approval; quorum, voting requirement. - An amendment to the articles of incorporation of a state...
Section 34-30-160. Confidentiality of records; inspection and examination; release; list of members or stockholders. - (A) The books and records of a state savings bank...
Section 34-30-170. Establishment of branch offices; application, fee; approval or denial; corporate office. - (A) A state savings bank may apply to the board...
Section 34-30-180. Change of office location; information, evaluation. - The board of directors of a state savings bank may...
Section 34-30-190. Discontinuance of branch office operation. - The board of a state savings bank may discontinue the...
Section 34-30-200. Loan production office, opening or closing. - A state savings bank may open or close a loan...
Section 34-30-300. Conversion to state savings bank; application, examination, fee; conversion plan, amendment; vote, filing of results; approval. - (A) Any association or state or national bank, upon a...
Section 34-30-310. Conversion to federal charter; procedure. - A state savings bank, stock or mutual, organized and operated...
Section 34-30-320. Conversion to federal charter with change from stock to mutual, or mutual to stock; conversion to state charter with change from mutual to stock. - (A) If a state charter converts to a federal charter...
Section 34-30-330. Mutual state savings bank conversion to stock; application, fee; conversion plan; amendment; approval; vote. - (A) A mutual state savings bank may convert from mutual...
Section 34-30-340. Merger or consolidation of state savings banks; procedure. - Two or more mutual state savings banks or two or...
Section 34-30-350. Merger of state savings banks and federal depository institutions. - Any two or more depository institutions, when one or more...
Section 34-30-360. Merger of stock state savings banks with banks or associations; merger plan; amendment; approval; vote. - (A) A stock state savings bank, upon a majority vote...
Section 34-30-370. Voluntary dissolution of state savings banks. - A state savings bank may be dissolved voluntarily by a...
Section 34-30-380. Resolution to dissolve and liquidate state savings banks and adopt plan of voluntary dissolution; election of liquidators; execution of plan, procedure. - At any annual or special meeting called for the purpose...
Section 34-30-390. Final report and accounting of liquidation; approval of report; certificate of dissolution, recording. - Upon completion of liquidation, the liquidator shall file with the...
Section 34-30-400. Limitations on mergers. - No merger may be approved by the board under this...
Section 34-30-410. Short form merger, consolidation, conversion, or combination merger and conversion. - Notwithstanding another provision of this chapter, to protect the public,...
Section 34-30-420. Applications for permission to organize interim state savings banks; preliminary approval. - (A) Article 2 of this chapter does not apply to...
Section 34-30-510. Powers and duties of board. - The board shall perform the duties and exercise the powers...
Section 34-30-520. Implementation; application of State Administrative Procedures Act; cease and desist orders; suspension of directors, officers, or committee members; authorization to engage in activities of federally chartered savings banks. - (A) The board may establish procedures to implement a provision...
Section 34-30-530. Adoption of rules, regulations, definitions, and forms; recording or reproducing of records; printed reproductions. - (A) The board shall adopt rules or regulations, definitions, and...
Section 34-30-540. Examinations and investigations; report; prohibition against delay or obstruction of examinations, refusal to exhibit records, false statements. - (A) The board is authorized to examine and investigate everything...
Section 34-30-550. Supervision and examination fees. - Every state savings bank, including state savings banks in the...
Section 34-30-560. Failure of examination to disclose complete financial condition; audit of examination; revaluation of assets or liabilities; expenses. - (A) If, in the opinion of the board, an examination...
Section 34-30-570. Board and agents, powers; failure to comply with subpoena, refusal to testify; contempt proceedings. - (A) The board and the board's agents: (1) shall have...
Section 34-30-580. Test appraisals of collateral securing loans; appraisers; appraisals by insurer of accounts; costs and expenses. - (A) The board may direct the making of test appraisals...
Section 34-30-590. Confidentiality of records or information; disclosure of specific information; exchange of information; violations by state officials, liability; copy fees. - (A) The following records or information of the board, or...
Section 34-30-600. Defamation; false information and advertising; fine or imprisonment. - A person who engages in any of the following acts...
Section 34-30-760. Violations; statement, order of discontinuance and compliance; enforcement by court; application for hearing and suspension of order; notice; adjudication. - If the board, as a result of an examination or...
Section 34-30-770. Appointment of conservator; confirmation of appointment; power and authority; term; compensation; discharge; limitations; business of bank under conservatorship. - (A) If the board, as a result of an examination...
Section 34-30-780. Appointment of receiver; confirmation of appointment; power and authority; compensation; tender of appointment to Federal Deposit Insurance Corporation; procedure; contesting of proceedings; reimbursement of expenses and attorney f... - (A) If the board finds that a state savings bank...
Section 34-30-1000. Membership of mutual state savings banks. - (A) The membership of a mutual state savings bank consists...
Section 34-30-1010. Bank directors; election; terms; weighted voting; voting rights; election of stock savings bank directors; terms; ownership interest; number of directors; vacancies; restrictions. - (A) The directors of a mutual state savings bank must...
Section 34-30-1020. Bylaws and amendments; certification; effective date; amendment. - The bylaws and amendments must be certified by the appropriate...
Section 34-30-1030. Fiduciary duties of officers and directors; duties of good faith, diligence, and care. - Officers and directors of a state savings bank shall act...
Section 34-30-1040. Conflict of interest. - Each director, officer, and employee of a state savings bank...
Section 34-30-1050. Voting rights; production of books of record; majority determination of questions. - Voting rights in the affairs of a state savings bank...
Section 34-30-1060. Annual meetings; notice. - (A) A state savings bank must hold an annual meeting...
Section 34-30-1070. Special meetings; notice. - (A) Special meetings of members or stockholders of a state...
Section 34-30-1080. Quorum. - No less than thirty holders of deposit accounts in a...
Section 34-30-1090. Blanket indemnity bond; bonding of agents; settlement; cancellation. - (A) A state savings bank must maintain a blanket indemnity...
Section 34-30-1100. Exemption of directors or officers from personal liability; limitations; breach of duty of loyalty defined. - (A) Notwithstanding another provision of this chapter, a state savings...
Section 34-30-1210. Permitted loans. - (A) A state savings bank may lend funds: (1) on...
Section 34-30-1220. Loan procedures; report of actions; loans on collateral; unsecured loans; investment of funds; sale of loans. - (A) The board of directors shall establish procedures by which...
Section 34-30-1230. Acceptance of own capital stock or mutual capital certificates as security prohibited. - A state savings bank may not accept its own capital...
Section 34-30-1240. Condition of loan on specific contracts prohibited. - A state savings bank or service corporation shall not require,...
Section 34-30-1250. Loan expenses; late payment charge; levy of payments. - Pursuant to the provisions of the South Carolina Consumer Protection...
Section 34-30-1260. Repayment plan; written agreement required. - Subject to rules or regulations as the board prescribes, a...
Section 34-30-1270. Stringency of rules or regulations. - The board may adopt rules or regulations no less stringent...
Section 34-30-1280. Limitations on rules or regulations. - A rule or regulation that the board adopts in respect...
Section 34-30-1290. Loans or investments violating this chapter. - Unless otherwise provided, every loan or other investment made in...
Section 34-30-1300. Limitation on total loans and extensions of credit; "person" defined; rules or regulations. - (A) The total loans and extensions of credit, both direct...
Section 34-30-1310. Investments in real property; limitations. - With the prior approval of the board, a state savings...
Section 34-30-1320. Investments in obligations issued and guaranteed by federal government. - A state savings bank may invest in an obligation issued...
Section 34-30-1330. Investments in obligations issued and guaranteed by State. - A state savings bank may invest in an obligation issued...
Section 34-30-1340. Investments in stock or bonds of Federal Home Loan Banks. - A state savings bank may invest in the stock of...
Section 34-30-1350. Investments in certificates of deposit, time-insured deposits, savings accounts, demand deposits, or withdrawable accounts. - A state savings bank may invest in certificates of deposit,...
Section 34-30-1360. Investments in stock of federal government sponsored enterprises. - A state savings bank may invest in stock or other...
Section 34-30-1370. Investments in direct general obligations of state government, bonds payable from pledged revenues or earnings. - A state savings bank may invest in bonds or other...
Section 34-30-1380. Investments in stock of corporations or state agencies which provide educational loans. - A state savings bank may invest in stock or obligations...
Section 34-30-1390. Investments in stock of business or industrial development corporations. - A state savings bank may invest in stock or other...
Section 34-30-1400. Investments in stock of urban renewal investment corporations. - A state savings bank may invest in stock or other...
Section 34-30-1410. Limitations on loans and investments in commercial loans. - Subject to rules or regulations that the board considers appropriate,...
Section 34-30-1420. Establishment of service corporations; investments in securities of existing service corporations; limitations; audit and examination; report of proposed activities, objections; office locations. - (A) A state savings bank or group of savings institutions...
Section 34-30-1430. Loans or investments for federal associations or national banking associations located in State. - With the prior approval of the board, a state savings...
Section 34-30-1440. Authorized actions of state savings banks; issuance of capital notes, bonds, debentures, or other obligations or securities. - (A) In addition to the powers granted in this chapter,...
Section 34-30-1450. Vesting of security ownership in parties other than original executors; dealings with successors in interest. - With respect to an investment made by a state savings...
Section 34-30-1610. Deposits; accounts, transfer; deposit account contract; evidence of account ownership; loss or destruction of evidence of ownership, issuance of new evidence of ownership, bond. - (A) A state savings bank may receive deposits of funds...
Section 34-30-1620. Accounts from married or minor persons as sole owner; payment or delivery of rights; actions of minor binding; no parental power to attach or transfer savings account of minor; death of minor. - A state savings bank operating under this chapter and a...
Section 34-30-1630. Account in name of two persons; joint tenancy; liability; payments during lifetime and upon death, deletion; refusal to honor request pending determination of rights; deposits of fiduciaries for beneficiaries; death of fiduciary;... - (A)(1) When a deposit account is held in a state...
Section 34-30-1640. Authority of attorneys-in-fact; notice of revocation of authority; liability. - A state savings bank or federal savings institution may continue...
Section 34-30-1650. Pledge or hypothecation of savings account in joint tenancy. - The pledge or hypothecation to a state savings bank of...
Section 34-30-1660. Adverse claims to accounts. - Notice to a state savings bank of an adverse claim...
Section 34-30-1670. Advance notice of intention to withdraw; inability to pay withdrawal requests, procedure; computation of earnings. - (A) A state savings bank reserves the right to require...
Section 34-30-1680. Redemption of savings accounts; notice; redemption price; cessation of earnings accrual; evidences of ownership, tender for payment or cancellation; closing of account. - When funds are on hand and adequate for that purpose,...
Section 34-30-1690. Entities authorized to invest funds in deposit accounts; deposit of securities; bond; provisions supplemental. - (A) Administrators, executors, custodians, personal representatives, conservators, guardians, trustees, and...
Section 34-30-1700. Checks refused for payment, insufficient funds; processing fees. - Notwithstanding other law, a state savings bank may charge and...
Section 34-30-1720. Absolute or conditional transfer of rights; evidence of transfer; application for transfer; terms of acceptance. - The owner of a deposit account may transfer the owner's...
Section 34-30-1730. Authorization of board and officers to borrow money. - A state savings bank, in its articles of incorporation or...
Section 34-30-1740. State savings bank subscription in capital stock, membership in federal reserve bank; supervision and examination; disclosure of information. - A state savings bank may subscribe to the capital stock...
Section 34-30-1750. Powers to acquire and be acquired. - A state savings bank and its holding company shall have...
Section 34-30-1950. Ownership of stock savings bank by holding company; conversion; reorganization by stock and mutual state savings banks; organization of mutual holding companies, articles of incorporation, ownership of voting stock; investments. - (A) Notwithstanding other law, a stock state savings bank, simultaneously...
Section 34-30-1960. Acquisition of control of state savings bank or holding company; supervision of holding company; rules or regulations. - A company or person may not acquire control of a...
Chapter 31 - Money And Interest