S.C. Code Ann. § 34-21-400 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-400
SECTION 34-21-400. Court accounting of fund.
Status: in_force

Unless ordered by a court of competent jurisdiction, a trust institution administering a common trust fund shall not be required to render a court accounting with regard to such fund, but it may file returns and make accounting in the same manner and for the same purposes as is provided by law for other fiduciaries.
S.C. Code Ann. § 34-29-30 — SC Code / Title 34 / Chapter 29 / Section 34-29-30
SECTION 34-29-30. Application for license; fees.
Status: in_force

Application for a license shall be in writing under oath and in the form prescribed by the Board. The application shall contain such information as the Board may require, including the names and addresses of the partners, officers, directors or trustees, and such of the principal owners or members as will provide the basis for investigations and findings contemplated by Section 34-29-40. At the time of making such application, the applicant shall pay to the Board a fee for investigating the application and the sum for a license, as prescribed by the Board, which will yield sufficient revenue to defray the entire expense of operating the Consumer Finance Division of the Board of Financial Institutions for the period ending on the last day of the current calendar year. Such fee shall be computed on the outstanding loan balance of the applicant for license at the end of the last previous calendar year.
S.C. Code Ann. § 34-25-210 — SC Code / Title 34 / Chapter 25 / Article 3 / Section 34-25-210
SECTION 34-25-210. Purpose.
Status: in_force

It is the intent of this article to permit interstate branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, in accordance with the provisions set forth in this article.
S.C. Code Ann. § 34-31-10 — SC Code / Title 34 / Chapter 31 / Section 34-31-10
SECTION 34-31-10. Dollars, dimes, cents, and mills.
Status: in_force

All accounts in the public offices of this State, the verdicts of juries on all contracts and all accounts of public officers shall be expressed in dollars or units thereof, i.e. dimes or tenths, cents or hundredths and mills or thousandths, a dime being the tenth part of a dollar, a cent the hundredth part of a dollar and a mill the thousandth part of a dollar.
S.C. Code Ann. § 34-30-420 — SC Code / Title 34 / Chapter 30 / Article 3 / Section 34-30-420
SECTION 34-30-420. Applications for permission to organize interim state savings banks; preliminary approval.
Status: in_force

(A) Article 2 of this chapter does not apply to applications for permission to organize an interim state savings bank so long as the application is approved by the board. (B) Preliminary approval of an application for permission to organize an interim state savings bank is conditional upon the board's approval of an application to merge the interim state savings bank and an existing stock state savings bank or on the board's approval of another transaction.
S.C. Code Ann. § 34-1-150 — SC Code / Title 34 / Chapter 1 / Section 34-1-150
SECTION 34-1-150. Requirements for applicant seeking permission to organize a bank.
Status: in_force

(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.
S.C. Code Ann. § 34-39-190 — SC Code / Title 34 / Chapter 39 / Section 34-39-190
SECTION 34-39-190. Maintenance of books, accounts, and records; examination.
Status: in_force

(A) A person subject to the provisions of this chapter shall maintain in its offices books, accounts, and records, as the board may reasonably require and establish by regulation. The books, accounts, and records must be kept with sufficient detail to ensure that the provisions of Section 34-39-180(E) are met. The books, accounts, and records must be maintained separately from other business in which the person is engaged and must be retained for at least three years. (B) The board may examine the books, accounts, and records to determine compliance with this chapter and with the regulations adopted pursuant to it. The licensee examined pursuant to this section must pay the cost of the examination to the board.
S.C. Code Ann. § 34-19-120 — SC Code / Title 34 / Chapter 19 / Section 34-19-120
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.
Status: in_force

(A)(1) The person who has been appointed as attorney- in-fact under a durable power of attorney by a lessee of a safe deposit box may open, or direct the lessor to open, the safe deposit box of the lessee and obtain the original copy of the durable power of attorney, if a statement in the form of item (3), or in a similar form showing the same intent, is: (a) incorporated in the body of the original durable power of attorney contained in the safe deposit box; or (b) contained in a separate statement in the form provided in subsection (B), or in a similar form showing the same intent as that attached or annexed to the original durable power of attorney contained in the safe deposit box. (2) If the statement is contained in a separate writing, the execution of the separate statement is not an amendment, modification, or revision of the original power of attorney. (3) The statement must be substantially in the following form: "I,__________________, the Principal, do hereby authorize and direct my appointee or appointees as my Attorney-in-Fact in my durable power of attorney, to have access at any time or times to any safe deposit box rented by me, wherever located, in order to remove my original durable power of attorney; and any institution in which any such safe deposit box may be located is not required to make any inquiry, and shall not incur any liability to me or my estate as a result of permitting my appointee or appointees in my original durable power of attorney to exercise this power. This power is exercisable without: (i) any contact with or notice to me, my spouse, and/or any interested persons to my estate; (ii) any prior court order or authorization; (iii) any knowledge of or any prior determination as to my mental or physical capacity or incapacity; (iv) any knowledge as to my whereabouts regardless whether my whereabouts are known or unknown; or (v) any inquiry." (B) The lessee, at any time after the execution of his durable power of attorney, may execute a separate statement authorizing the removal of his original durable power of attorney from his safe deposit box pursuant to subsection (A), if the separate statement is executed by the Principal with the same formalities as the execution and recording of a deed in the State of South Carolina pursuant to Section 30-5-30, and the separate statement is attached or annexed to the original durable power of attorney in the following form, or in a similar form showing the same intent, with the acknowledgement for recorded deeds pursuant to Section 30-5-30(B) or (C). "STATE OF _____________ COUNTY OF ____________________ I, _______, the Principal, do hereby authorize and direct my appointee or appointees as my Attorney-in-Fact in my durable power of attorney dated the __day of __, in the year __, to have access at any time or times to any safe deposit box rented by me, wherever located, in order to remove my original durable power of attorney; and any institution in which any such safe deposit box may be located is not required to make any inquiry, and shall not incur any liability to me or my estate as a result of permitting my appointee or appointees in my original durable power of attorney to exercise this power. This power is exercisable without: (i) any contact with or notice to me, my spouse, and/or any interested persons to my estate; (ii) any prior court order or authorization; (iii) any knowledge of or any prior determination as to my mental or physical capacity or incapacity; (iv) any knowledge as to my whereabouts regardless whether my whereabouts are known or unknown; or (v) any inquiry." IN WITNESS WHEREOF, I have executed this statement on the ______ day of _________, in the year, ___________. _____________________________ (Witness) (Principal) _______________________(Witness)" (C) If the original durable power of attorney does not contain a statement in the form provided in subsection (A) or in a similar form showing the same intent, or a separate statement in the form provided in subsection (B) or in a similar form showing the same intent is not attached or annexed to the original durable power of attorney, in order to allow removal of the lessee's durable power of attorney from the lessee's safe deposit box the financial institution must have: (1) contact with or notice to the lessee, the lessee's spouse, or an interested person in the lessee's estate; (2) a prior court order or court authorization; (3) knowledge of or a prior determination as to the mental or physical capacity or incapacity of the lessee; (4) knowledge as to the lessee's whereabouts, whether the lessee's whereabouts are known or unknown; or (5) other inquiry. (D) A witness to a statement provided for in subsection (B), who also is an officer authorized to administer oaths pursuant to the laws of this State may notarize the signature of the other witness of the statement in the manner provided by this section. (E) A financial institution that authorizes a person who has been given a durable power of attorney by a lessee of a safe deposit box to remove the original durable power of attorney from the safe deposit box of the lessee, pursuant to subsection (A) or (B), or a financial institution that removes the original durable power of attorney from the safe deposit box of the lessee pursuant to the direction of the person who has been given a durable power of attorney by the lessee, is not required to make further inquiry and is not liable to the lessee or the lessee's estate as a result of permitting removal of the original power of attorney. The financial institution may request the person purporting to have been given the durable power of attorney to produce a certified copy of the power or an affidavit declaring that he has been given the power before opening the box. No other contents may be removed from the box pursuant to this section. (F) The provisions of this section enable the person who has been appointed as attorney-in-fact under a durable power of attorney by a lessee of a safe deposit box to remove or obtain the original durable power of attorney from the safe deposit box of the lessee and enable the financial institution to allow the removal of the durable power of attorney from the safe deposit box without court action or findings of incapacity of the lessee. This section supplements and does not supplant the current procedures for obtaining the power of attorney of the lessee from the safe deposit box and is not the exclusive method. Effect of Amendment The 2002 amendment rewrote this section.
S.C. Code Ann. § 34-30-1620 — SC Code / Title 34 / Chapter 30 / Article 8 / Section 34-30-1620
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.
Status: in_force

A state savings bank operating under this chapter and a federal savings institution conducting business in this State may accept a savings or other deposit account from a married person or minor as the sole and absolute owner of the account, receive payments by or for the owner, pay withdrawals, accept pledges to the state savings bank, and act in other matters with respect to the account of the married person or minor. A payment or delivery of rights by a state savings bank to a married person or by a minor who holds a deposit account is a valid and sufficient release and discharge of the state savings bank for payment so made or delivery of rights to the married person or minor. In the case of the minor, the receipt, acquittance, pledge, or other action required by the state savings bank to be taken by the minor is binding upon the minor with like effect as if he were of full age and legal capacity. The parent or guardian of the minor shall not in his capacity as parent or guardian have the power to attach or otherwise transfer a savings account issued to or in the name of the minor. However, if the minor dies, the receipt or acquittance of either parent or guardian of the minor is a valid and sufficient discharge of the state savings bank for a sum not exceeding, in the aggregate, two thousand five hundred dollars unless the minor had given written notice to the state savings bank to accept the signature of the parent or guardian for a larger sum.
S.C. Code Ann. § 34-3-40 — SC Code / Title 34 / Chapter 3 / Article 1 / Section 34-3-40
SECTION 34-3-40. Shares of stock requisite for eligibility as bank director.
Status: in_force

No stockholder in a corporation organized under the laws of this State for banking purposes is eligible for election as a director who is not the owner of unencumbered and unpledged shares of stock in the corporation having an aggregate par value of at least five hundred dollars or having an aggregate book value as of December thirty-first of the most recent year of at least five hundred dollars. Where the banking corporation is a wholly-owned subsidiary, the required qualifying shares must be shares in the parent corporation. Effect of Amendment The 1988 amendment made grammatical changes and added language relating to aggregate book value.
S.C. Code Ann. § 34-26-580 — SC Code / Title 34 / Chapter 26 / Article 5 / Section 34-26-580
SECTION 34-26-580. Special meetings; grounds and proceedings.
Status: in_force

(1) The supervisory committee by a majority vote may call a special meeting of the members to consider any violation of this chapter, the credit union's articles of incorporation or bylaws, or any practice of the credit union deemed by the supervisory committee to be unsafe or unauthorized. (2) The bylaws may also prescribe the manner in which a special meeting of the members may be called by the members or by the board of directors, or both.
S.C. Code Ann. § 34-30-60 — SC Code / Title 34 / Chapter 30 / Article 2 / Section 34-30-60
SECTION 34-30-60. Prior charters; legal name, requirements; prohibited acts; injunctions.
Status: in_force

(A) Nothing in this chapter invalidates a charter that was valid before the enactment of this chapter. A savings institution chartered on the effective date of this chapter may continue operation in accordance with the chapter under which it was chartered. However, after the date this chapter becomes effective, a depository institution may not be qualified as a state savings bank except in accordance with this chapter. A state savings bank chartered under this chapter must use the letters "SSB" in its legal name. (B) Except as provided in subsection (A) of this section, or in Chapter 28 of Title 34, a person, corporation, company, or state savings bank, except one incorporated and licensed in accordance with this chapter or federal law to operate a savings bank, shall not operate as a state savings bank. Unless authorized as a state or federal savings bank and engaged in transacting a depository institution business, a person, corporation, company, or savings bank domiciled and doing business in this State shall not: (1) use in its name the term 'savings bank' or words of similar import or connotation that lead the public reasonably to believe that the business so conducted is that of a savings bank; or (2) use a sign or circulate or use any letterhead, billhead, circular, or paper, or advertise or communicate in a manner that would lead the public reasonably to believe that it is conducting the business of a savings bank. (C) Upon application by the board or by a state savings bank, a court of competent jurisdiction may issue an injunction to restrain any person or entity from violating or from continuing to violate subsection (B) of this section.
S.C. Code Ann. § 34-26-530 — SC Code / Title 34 / Chapter 26 / Article 5 / Section 34-26-530
SECTION 34-26-530. Application for membership; appeal of membership denial.
Status: in_force

Persons wishing to join a credit union must do so by written application which shall be acted upon in accordance with credit union procedure. A person denied membership may appeal the denial to the credit union board. Effect of Amendment 2021 Act No. 30, SECTION 15, deleted the first sentence, which related to the board of directors acting upon applications for membership, and in the second sentence, deleted "by a membership officer" following "A person denied membership".
S.C. Code Ann. § 34-30-510 — SC Code / Title 34 / Chapter 30 / Article 4 / Section 34-30-510
SECTION 34-30-510. Powers and duties of board.
Status: in_force

The board shall perform the duties and exercise the powers as to state savings banks organized or operated under this chapter, except as otherwise provided in this chapter.
S.C. Code Ann. § 34-25-230 — SC Code / Title 34 / Chapter 25 / Article 3 / Section 34-25-230
SECTION 34-25-230. Merger resulting in South Carolina state bank; board approval.
Status: in_force

With the prior approval of the board, a South Carolina state bank may establish, maintain, and operate one or more branches in a state other than South Carolina pursuant to an interstate merger transaction in which the South Carolina state bank is the resulting bank. Not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant South Carolina state bank shall file an application on a form prescribed by the board and pay the fee prescribed by the board. The applicant also shall comply with the applicable provisions of the South Carolina Business Corporation Act of 1988. If the board finds that (i) the proposed transaction will not be detrimental to the safety and soundness of the applicant or the resulting bank, (ii) any new officers and directors of the resulting bank are qualified by character, experience, and financial responsibility to direct and manage the resulting bank, and (iii) the proposed merger is consistent with the convenience and needs of the communities to be served by the resulting bank in this State and is otherwise in the public interest, it shall approve the interstate merger transaction and the operation of branches outside of South Carolina by the South Carolina state bank. Such an interstate merger transaction may be consummated only after the applicant has received the board's written approval.
S.C. Code Ann. § 34-30-1630 — SC Code / Title 34 / Chapter 30 / Article 8 / Section 34-30-1630
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; trustees; death of trustee; payment or delivery; incompetence; nonresidents, exemption from taxation.
Status: in_force

(A)(1) When a deposit account is held in a state savings bank in the names of two or more persons, whether minor or adult, so that the monies in the account are payable to either of the survivor or survivors, then, in the absence of fraud or undue influence, the account and all additions to it are the property of the persons as joint tenants. The opening of the account in this form, in the absence of fraud or undue influence, is conclusive evidence in any action or proceeding to which either the state savings bank or the survivor or survivors is a part of the intention of all the parties to the account to vest title to the account and the additions to it in the survivor or survivors. The state savings bank is not subject to liability for fraud or undue influence if it complies with the provisions of this paragraph. (2) Except as provided in item (3), the monies in the account may be paid to or on order of any one of the joint tenants during his lifetime or to or on the order of any of the survivors of them after the death of any of them, and the name of the joint tenant may be deleted from the account on the written direction to the state savings bank of any other joint tenant. (3) By written instructions given to the state savings bank by all of the joint tenants of an account, either the signature of more than one of the joint tenants during their lifetime or more than one of the survivors after the death of any of them may be required on any check, receipt, or withdrawal order, or the deletion of the name of a joint tenant from the account may be allowed only on the written direction of certain specified tenants. The state savings bank must pay the monies in the account or allow deletions to it, or both, only in accordance with these instructions, except that no instruction may limit the right of the survivor or survivors to receive the money in the account. (4) Payment of all or some of the monies in this account or deletion of the name of an account holder as provided in this subsection discharges the state savings bank from liability with respect to the monies paid or names deleted until receipt by the state savings bank of a written notice from one of the joint tenants directing the state savings bank not to permit withdrawals or deletions in accordance with the terms of the account or the instructions. After receipt of the notice, the state savings bank may refuse, without liability, to honor any check, receipt, or withdrawal order, or deletion request on the account pending determination of the rights of the parties. No state savings bank paying a survivor in accordance with the provisions of this section is liable for estate, inheritance, or succession taxes which may be due this State. (B) A state savings bank may accept deposits in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary or beneficiaries. The withdrawal value of an account and its earnings or other rights relating to it may be paid or delivered, in whole or in part, to the fiduciary without regard to a notice to the contrary so long as the fiduciary is living. The payment or delivery to a fiduciary or a receipt or acquittance signed by a fiduciary to whom a payment or a delivery of rights is made is a valid and sufficient release and discharge of a state savings bank for the payment or delivery. When a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the fiduciary relationship has been given to the state savings bank and the state savings bank has no written notice of other disposition of the beneficial estate, the withdrawal value of the account and its earnings, or other rights relating to it, may be paid or delivered, at the option of the state savings bank in whole or in part, to the beneficiary or beneficiaries. When an account is opened by a person describing himself in opening the account as trustee for another and no other or further notice of the existence and terms of a legal and valid trust is given in writing to the state savings bank, if the person who described himself as trustee dies, the withdrawal value of the account or any part of it and its earnings may be paid to the person for whom the account was described to have been opened. The payment or delivery to a beneficiary, beneficiaries, or designated person, or a receipt of acquittance signed by a beneficiary, beneficiaries, or designated person, is for a payment or delivery a valid and sufficient release and discharge of a state savings bank for the payment or delivery. A state savings bank paying a fiduciary, beneficiary, or designated person in accordance with the provisions of this section is not liable for estate, inheritance, or succession taxes which may be due this State. (C) When a deposit account is held in a state savings bank by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, the state savings bank may pay or deliver the withdrawal value of the account and its earnings to the conservator for the person upon proof of his appointment and qualification; but if the state savings bank receives no written notice and is not on actual notice that the account holder has been adjudicated incompetent, it may pay or deliver the funds to the holder in accordance with the provisions of the savings account contract, and the receipt or acquittance of the holder is a valid and sufficient release and discharge of the state savings bank for the payment or delivery. (D) When a deposit account is held in a state savings bank by a person residing in another state or country, the account with its additions and earnings, or any part of it, is exempt from taxation otherwise imposed by this State and may be paid to the administrator or executor appointed in the state or country where the account holder resided at the time of death; provided, the administrator or executor has furnished the state savings bank with: (1) authenticated copy of his letters and of the order of the court which issued the letters to him authorizing him to collect, receive, and remove the personal estate; (2) an affidavit by the administrator or executor that to his knowledge no letters of administration are outstanding in this State and no petition for letters of administration by an heir, legatee, devisee, or creditor of the decedent is pending on the estate in this State; and (3) that there are no creditors of the estate in this State. Upon payment or delivery to the representatives after receipt of the affidavit and authenticated copies, the state savings bank is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident, executor, or administrator, and is not required to see to the application or disposition of the property. An action at law or in equity may not be maintained against the state savings bank for payment made in accordance with this section.
S.C. Code Ann. § 34-3-640 — SC Code / Title 34 / Chapter 3 / Article 9 / Section 34-3-640
SECTION 34-3-640. Assets pass to Federal Deposit Insurance Corporation on appointment as receiver of liquidator.
Status: in_force

Upon the acceptance of the appointment as receiver or liquidator as aforesaid by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business and property of such banking institution of every kind and nature shall, with the consent of the Commissioner of Banking, pass to and vest in the Corporation.
S.C. Code Ann. § 34-30-540 — SC Code / Title 34 / Chapter 30 / Article 4 / Section 34-30-540
SECTION 34-30-540. Examinations and investigations; report; prohibition against delay or obstruction of examinations, refusal to exhibit records, false statements.
Status: in_force

(A) The board is authorized to examine and investigate everything relating to the business of a state savings bank or its holding company. (B) The board shall furnish a copy of the report to the state savings bank examined and, upon request, may furnish a copy of, or excerpts from, the report to the insurer of accounts. (C) A state savings bank may not wilfully delay or obstruct an examination. A person failing to comply with this subsection is guilty of a misdemeanor. (D) A person who possesses or controls books, accounts, or papers of a state savings bank shall not refuse to exhibit them to the board or the board's agents on demand, or knowingly or willingly make a false statement in regard to them. A person failing to comply with this subsection is guilty of a misdemeanor.
S.C. Code Ann. § 34-19-100 — SC Code / Title 34 / Chapter 19 / Section 34-19-100
SECTION 34-19-100. Destruction of private documents of no apparent value.
Status: in_force

Any documents or writings of a private nature and having little or no apparent value need not be offered for sale under Section 34-19-80, but shall be retained, unless claimed by the owner, for a period of two years, after which they may be destroyed.
S.C. Code Ann. § 34-6-30 — SC Code / Title 34 / Chapter 6 / Section 34-6-30
SECTION 34-6-30. Standard of conduct in managing and investing institutional fund.
Status: in_force

(A) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. (B) In addition to complying with the duty of loyalty imposed by law other than this chapter, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances. (C) In managing and investing an institutional fund, an institution: (1) may incur costs that are appropriate and reasonable in relation to the assets, the purposes of the institution, and the skills available to the institutions; and (2) shall make a reasonable effort to verify facts relevant to the management and investment of the fund. (D) An institution may pool two or more institutional funds for purposes of management and investment. (E) Except as otherwise provided by a gift instrument, the following rules apply: (1) In managing and investing an institutional fund, the following factors, if relevant, must be considered: (a) general economic conditions; (b) the possible effect of inflation or deflation; (c) the expected tax consequences, if any, of investment decisions or strategies; (d) the role that each investment or course of action plays within the overall investment portfolio of the fund; (e) the expected total return from income and the appreciation of investments; (f) other resources of the institution; (g) the needs of the institution and the fund to make distributions and to preserve capital; and (h) an asset's special relationship or special value, if any, to the charitable purposes of the institution. (2) Management and investment decisions about an individual asset must be made not in isolation but rather in the context of the institutional fund's portfolio of investments as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the fund and to the institution. (3) Except as otherwise provided by law other than this chapter, an institution may invest in any kind of property or type of investment consistent with this section. (4) An institution shall diversify the investments of an institutional fund unless the institution reasonably determines that, because of special circumstances, the purposes of the fund are better served without diversification. (5) Within a reasonable time after receiving property, an institution shall make and carry out decisions concerning the retention or disposition of the property or to rebalance a portfolio, in order to bring the institutional fund into compliance with the purposes, terms, and distribution requirements of the institution as necessary to meet other circumstances of the institution and the requirements of this chapter. (6) A person that has special skills or expertise, or is selected in reliance upon the person's representation that the person has special skills or expertise, has a duty to use those skills or that expertise in managing and investing institutional funds. Effect of Amendment The 2008 amendment rewrote the section.
S.C. Code Ann. § 34-30-1390 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1390
SECTION 34-30-1390. Investments in stock of business or industrial development corporations.
Status: in_force

A state savings bank may invest in stock or other evidence of indebtedness or obligations of business or industrial development corporations chartered by this State or by the United States.
S.C. Code Ann. § 34-26-330 — SC Code / Title 34 / Chapter 26 / Article 3 / Section 34-26-330
SECTION 34-26-330. Amendment of articles of incorporation and bylaws.
Status: in_force

(1) The articles of incorporation and the bylaws may be amended as provided in the articles and bylaws, respectively. Amendments to the bylaws shall be submitted to the commissioner for approval. (2) Amendments shall become effective upon approval in writing by the commissioner.
S.C. Code Ann. § 34-21-240 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-240
SECTION 34-21-240. Amendments to plan.
Status: in_force

The plan may be amended from time to time by the fiduciary with the approval of the board of directors of the trust institution and approved in writing by competent counsel. Any such amendment shall be filed with the original plan, together with a certified copy of the resolution of the board of directors of the trust institution approving the amendment.
S.C. Code Ann. § 34-6-100 — SC Code / Title 34 / Chapter 6 / Section 34-6-100
SECTION 34-6-100. Uniformity of application and construction.
Status: in_force

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
S.C. Code Ann. § 34-29-50 — SC Code / Title 34 / Chapter 29 / Section 34-29-50
SECTION 34-29-50. Contents of license; posting; nonassignability; duration; annual fee.
Status: in_force

(a) Each license shall state the address at which the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a copartnership or association, the names of the members thereof, and if a corporation, the date and place of its incorporation. Each license shall be kept posted in the licensed place of business and shall not be transferable or assignable. (b) Each license shall remain in full force and effect until surrendered, revoked or suspended as hereinafter provided. Each licensee shall, on or before the first day of each February, pay to the Board the sum, as prescribed by the Board, for each license held by the licensee as a license renewal fee for the current year, computed as of December thirty-first of the preceding calendar year.
S.C. Code Ann. § 34-30-1720 — SC Code / Title 34 / Chapter 30 / Article 8 / Section 34-30-1720
SECTION 34-30-1720. Absolute or conditional transfer of rights; evidence of transfer; application for transfer; terms of acceptance.
Status: in_force

The owner of a deposit account may transfer the owner's rights absolutely or conditionally to another person eligible to hold it, but the transfer may be made on the books of the state savings bank only upon presentation of evidence of transfer satisfactory to the state savings bank, and accompanied by the proper application for transfer by the transferor and transferee. The transferee shall accept the account subject to the terms and conditions of the account contract, the bylaws of the state savings bank, the articles of incorporation of the state savings bank, and all rules or regulations of the board. Notwithstanding the effectiveness of a transfer between the parties, the state savings bank may treat the holder of record of a deposit account as the owner of the deposit account for all purposes, including payment and voting, in the case of a mutual state savings bank, until the state savings bank records the transfer and assignment.
S.C. Code Ann. § 34-39-230 — SC Code / Title 34 / Chapter 39 / Section 34-39-230
SECTION 34-39-230. Civil penalties; repayment of unlawful or excessive fees.
Status: in_force

The board may order and impose civil penalties upon a person subject to the provisions of this chapter for violations of this chapter or its regulations in an amount not to exceed one thousand dollars for each violation. The board also may order repayment of unlawful or excessive fees charged to customers.
S.C. Code Ann. § 34-6-80 — SC Code / Title 34 / Chapter 6 / Section 34-6-80
SECTION 34-6-80. Application to existing institutional funds.
Status: in_force

This chapter applies to institutional funds existing on or established after its effective date. As applied to institutional funds existing on the effective date of this chapter, this chapter governs only decisions made or actions taken on or after that date. Effect of Amendment The 2008 amendment rewrote the section.
S.C. Code Ann. § 34-30-350 — SC Code / Title 34 / Chapter 30 / Article 3 / Section 34-30-350
SECTION 34-30-350. Merger of state savings banks and federal depository institutions.
Status: in_force

Any two or more depository institutions, when one or more is a state savings bank and one or more is a federal depository institution operating in South Carolina, may merge under either a state savings bank charter or a federal charter.
S.C. Code Ann. § 34-30-150 — SC Code / Title 34 / Chapter 30 / Article 2 / Section 34-30-150
SECTION 34-30-150. Amendment of articles of incorporation; certification, submission, approval; quorum, voting requirement.
Status: in_force

An amendment to the articles of incorporation of a state savings bank, which shall have been adopted and recommended by the board of directors of the state savings bank, must be made at an annual or special meeting of the state savings bank, held in accordance with Sections 34-30-1060 and 34-30-1070, by a majority of votes or shares cast by members or stockholders present in person or by proxy at the meeting. An amendment must be certified by the appropriate corporate official, submitted to the board for approval or rejection, and if approved, then certified by the board and recorded as provided in Section 34-30-130 for articles of incorporation. The articles of incorporation may provide for a greater quorum or voting requirement for members or stockholders or voting groups of stockholders than is otherwise provided in this chapter.
S.C. Code Ann. § 34-5-110 — SC Code / Title 34 / Chapter 5 / Section 34-5-110
SECTION 34-5-110. Reorganization of bank.
Status: in_force

Any bank in the hands of a conservator may be reorganized: (1) When the Board shall be satisfied that the plan of reorganization is fair and equitable as to all depositors, other creditors and stockholders and is in the public interest and when the Board shall have approved the plan subject to such conditions, restrictions and limitations as it may prescribe; and (2) When, after reasonable notice of such reorganization, both depositors and other creditors representing at least seventy-five per cent in amount of the total deposits and other liabilities and stockholders owning at least two thirds of its outstanding capital stock as shown by the books of the bank shall have consented in writing to the plan of reorganization; provided, however, that claims of depositors or other creditors which will be satisfied in full under the provisions of the plan of reorganization shall not be included among the total deposits and other liabilities of the bank in determining the seventy-five per cent thereof above required.
S.C. Code Ann. § 34-15-30 — SC Code / Title 34 / Chapter 15 / Section 34-15-30
SECTION 34-15-30. Capital stock shall be held security for fiduciary obligations.
Status: in_force

The capital stock of such corporation shall be held as security for the faithful performance of the duties undertaken by virtue of Section 34-15-10 or of any similar provision of law.
S.C. Code Ann. § 34-5-50 — SC Code / Title 34 / Chapter 5 / Section 34-5-50
SECTION 34-5-50. Powers of conservator; rights of other persons.
Status: repealed

The conservator, who shall serve at the pleasure of and under the direction of the Board, shall take possession of the books, records and assets of every description of such bank and take such action as may be necessary to conserve the assets thereof pending further disposition of its business as provided by law. He shall have all rights, powers and privileges now possessed by or hereafter given receivers of insolvent banks and shall be subject to the obligations and penalties, not inconsistent with the provisions of Sections 34-1-60, 34-1-70, 34-3-310, 34-3-320, 34-5-50 to 34-5-80 and 34-5-100 to 34-5-150, to which receivers are now or may hereafter become subject. During the time that the conservator remains in possession of such bank the rights of all persons with respect thereto shall, subject to the other provisions of this chapter, be the same as if a receiver had been appointed therefor. Editor's Note Section 34-1-70, referenced in the text, was repealed by 2021 Act No. 30, SECTION 19, effective May 6, 2021.
S.C. Code Ann. § 34-6-90 — SC Code / Title 34 / Chapter 6 / Section 34-6-90
SECTION 34-6-90. Relation to Electronic Signatures in Global and National Commerce Act.
Status: in_force

This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 USC Section 7001, et seq., but does not modify, limit, or supersede Section 101 of that act, 15 USC Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 USC Section 7003(b).
S.C. Code Ann. § 34-5-120 — SC Code / Title 34 / Chapter 5 / Section 34-5-120
SECTION 34-5-120. Publication of notice of reorganization.
Status: in_force

Before the conservator shall return the affairs of the bank to its directors he shall cause to be published in a newspaper in the city, town or county in which such bank is located or, if no newspaper is published in such city, town or county, in a newspaper published in this State to be selected by the Board a notice in form approved by the Board, stating the date on which the affairs of the bank will be returned to its directors and that the provisions of Sections 34-5-70 and 34-5-80 will not be effective after the expiration of fifteen days from such date. On the date of the publication of such notice the conservator shall immediately send to every person who is a depositor in such bank under Section 34-5-80 a copy of such notice by registered mail addressed to the last known address of such person as shown by the records of the bank and the conservator shall send a similar notice in like manner to every person making deposits in such bank under Section 34-5-80 after the date of such newspaper publication and before the affairs of the bank are returned to its directors.
S.C. Code Ann. § 34-26-700 — SC Code / Title 34 / Chapter 26 / Article 7 / Section 34-26-700
SECTION 34-26-700. Share accounts; par value; pledged shares.
Status: in_force

(1) Share accounts shall be subscribed to and paid for in such manner and amounts as the bylaws prescribe. (2) The par value of shares shall be as prescribed in the bylaws. (3) Shares may be pledged as security on any loan.
S.C. Code Ann. § 34-11-95 — SC Code / Title 34 / Chapter 11 / Section 34-11-95
SECTION 34-11-95. Report of convictions to South Carolina Law Enforcement Division; release of information.
Status: in_force

(a) A first offense prosecution or second offense resulting in a conviction for violation of Section 34-11-60 shall be reported by the court hearing the case to the Communications and Records Division of the South Carolina Law Enforcement Division which shall keep a record of such conviction. (b) The South Carolina Law Enforcement Division, upon request, shall release all information collected under this section to any law enforcement agency, court or other authorized person.
S.C. Code Ann. § 34-28-30 — SC Code / Title 34 / Chapter 28 / Article 1 / Section 34-28-30
SECTION 34-28-30. Definitions.
Status: in_force

As used in this act, unless the context otherwise requires: (1) "Assets" means, at any particular time, those properties and rights which are properly entered in the accounts and balance sheets of an association and any of its subsidiaries (to the extent of the association's interest therein) in terms of a monetary value. (2) "Association" means a mutual or stock-owned savings association, savings and loan association, building and loan association, or savings bank that is subject to the provisions of this chapter. (3) "Board" means the State Board of Financial Institutions. (4) "Capital stock" means the aggregate of shares of nonwithdrawable capital represented by stock certificates. (5) "Company" means any corporation (domestic or foreign), partnership, trust, association, joint venture, syndicate, or any other type of business organization. (6) "Control" of a company means directly or indirectly acting alone or in concert with one or more other persons or through one or more subsidiaries or through proxies, for the following: (i) ownership of or voting control of more than twenty-five percent of the voting shares or rights of the company; (ii) the right to control in any manner the election or appointment of a majority of the directors or trustees of the company; or (iii) a general partner in or contributor of more than twenty-five percent of the capital of the company. (7) "Dwelling unit" means a single, unified combination of rooms which is designed for residential use by one family in a multiple dwelling unit structure and which is not "home property". (8) "Earnings" means that part of the sources available for payment of earnings of a mutual association which is declared payable on savings accounts by the Board of Directors and is the cost of savings money to the association. Earnings also may be referred to as "interest". (9) "Home property" means real estate on which there is located, or will be located pursuant to a real estate loan, either a structure designed for residential use by one family, or a single condominium unit or cooperative including common elements pertinent thereto, designed for residential use by one family in a multiple-dwelling unit structure or complex and includes fixtures and home furnishings and equipment. (10) "Impaired condition" means a condition in which the assets of an association as recorded on the books of the association (book value) are less than the aggregate amount of liabilities of the association to its creditors, including the holders of its savings and other deposit accounts or in which an association is unable to meet current obligations as they mature, even though assets may exceed liabilities. (11) "Improved real estate" means real estate on which there is a structure or an enclosure or which is cultivated, reclaimed, used for the purpose of agriculture in any form, prepared as building lots or sites, or otherwise occupied, made better, more useful, or of greater value by care. (12) "Insured association" means an association the deposit accounts of which are insured wholly or in part by the Federal Savings and Loan Insurance Corporation or any successor or assignee federal agency established for the purpose of insuring savings and other deposit accounts in associations. (13) "Liquid assets" means: (a) Cash on hand; (b) Cash on deposit in federal home loan banks, federal reserve banks, state banks performing similar reserve functions, or financial depository institutions, which is withdrawable upon not more than thirty days' notice and which is not pledged as security for indebtedness, except that any deposits in a financial depository institution under the control or in the possession of any supervisory authority are not considered as liquid assets; (c) Obligations of, or obligations which are fully guaranteed as to principal and interest by, the United States or this State; and (d) Such other assets as may be approved by the Board which are accepted as liquid assets for insured associations by the appropriate federal regulatory agency. (14) "Member" means a person holding a deposit account in a mutual association, or borrowing from or assuming or obligated upon a loan or interest therein held by a mutual association, or purchasing property securing a loan or interest therein held by a mutual association. A joint and survivorship relationship, whether of depositors or borrowers, constitutes a single membership. A stock association has no members. (15) "Net income" means the gross revenue of a mutual association for an accounting period less the sum of all expenses paid or incurred, taxes, and losses sustained as have not been charged to reserves pursuant to the provisions of this chapter. (16) "Officer" means the president, any vice-president (but not an assistant vice-president, second vice-president, or other vice-president having authority similar to an assistant or second vice-president), the secretary, the treasurer, the comptroller, and any other person performing similar functions with respect to any association. "Officer" also includes the chairman of the board of directors of an association if the chairman is authorized by the charter or bylaws of the organization to participate in its operating management or if the chairman in fact participates in this management. (17) "Person" means an individual, a fiduciary, or a company. (18) "Primarily residential property" means real estate on which there is located, or will be located pursuant to a real estate loan, any of the following: (a) structure or structures designed or used primarily for residential rather than nonresidential purposes and consisting of more than one dwelling unit; (b) structure or structures designed or used primarily for residential rather than nonresidential purposes for students, residents, and persons under care, or primarily for employees, or members of the staff of an educational, health, or welfare institution or facility; (c) structure or structures which are used in part for residential purposes for not more than one family and in part for business purposes, provided that the residential use of the structure or structures must be substantial and permanent, not merely transitory. (19) "Primary service area" means a reasonable geographical area from which a proposed or existing association or branch thereof expects to draw approximately seventy-five percent of its deposits. (20) "Real estate loan" means any loan or other obligation: (1) secured by property that is real property pursuant to the law of the state where the property is located; (2) where the security interest of the holder of the loan or obligation may be enforced as a real estate mortgage or its equivalent pursuant to the law of the state where the property is located; (3) where the security property is capable of separate appraisal; (4) where the lender relies substantially upon the real estate as the primary security for the loan; (5) where, with regard to a security property that is a leasehold or other interest for a period of years, the term of the interest extends, or is subject to extension or renewal at the option of the holder of the loan or other obligation, for a term of at least the maturity of the loan. (21) "Remote service unit" means an information processing device, including associated equipment, structures, and systems by which information relating to financial services rendered to the public is stored and transmitted, instantaneously or otherwise, to an association or other financial institution having its home or approved branch office in this State. The term includes without limitation, point-of-sale terminals, merchant-operated terminals, cash dispensing machines, and automated teller machines. A remote service unit is not a branch of an association and is not subject to any of the provisions of this title applicable to branch offices. (22) "Savings account" means that part of the savings liability of the association which is credited to the account of the holder. A savings account also may be referred to as and includes a "savings deposit". (23) "Savings liability" means the aggregate amount of savings accounts of depositors, including earnings credited to these accounts, less redemptions and withdrawals. (24) "Service corporation" means an organization which is empowered to engage in any activity permitted by this chapter, and which is controlled by one or more associations. It includes any subsidiary of a service corporation. (25) "Sources available for payment of earnings" means net income of a mutual association for an accounting period less amounts transferred to reserves as provided in or permitted by this chapter, plus any balance of undivided profits from preceding accounting periods. (26) "Stockholder" means the holder of one or more shares of any class of capital stock of a capital stock association organized or operating pursuant to the provisions of this chapter. (27) "Subsidiary" means any company which is controlled directly or indirectly by another company. (28) "Surplus" means the aggregate amount of the undistributed net income of a mutual association held as undivided profits or unallocated reserves for general corporate purposes. (29) "Withdrawal value" means the amount credited to a savings account, less lawful deductions therefrom, as shown by the records of an association.
S.C. Code Ann. § 34-28-520 — SC Code / Title 34 / Chapter 28 / Article 6 / Section 34-28-520
SECTION 34-28-520. Investments in service corporations.
Status: in_force

(1) Every association shall have the power to invest in the capital stock, obligations or other securities of one or more service corporations, provided that at the time of any investment the aggregate amount paid for all the stock, obligations or other securities in service corporations by the association including the proposed investment shall not exceed ten percent of the assets of the association. (2) A service corporation of an association may engage in third party real estate brokerage operations and in any business activity authorized for a service corporation of a federally chartered association by the Federal Home Loan Bank Board from time to time. If the Federal Home Loan Bank Board no longer authorizes a service corporation of a federally chartered association to engage in an activity which it had previously approved, an association may continue to engage in the activity if it receives Board approval to do so.
S.C. Code Ann. § 34-26-630 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-630
SECTION 34-26-630. Election of officers.
Status: in_force

(1) At their organization meeting held within thirty days following each annual election, the board of directors shall elect from their own number a chairman of the board, one or more vice chairmen, a secretary, and a treasurer. The offices of secretary and treasurer may be combined. They shall also elect any other officers that are specified in the bylaws. (2) The terms of the board officers shall be one year, or until their successors are chosen and have been duly qualified. (3) The duties of the officers shall be prescribed in the bylaws. (4) The board of directors shall appoint a president to act as the chief executive officer of the credit union and who will manage its operations. (5) Notwithstanding any other provision of this act, a credit union may use any titles it chooses for the officials holding the positions described in this article, as long as such titles are not misleading.
S.C. Code Ann. § 34-26-625 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-625
SECTION 34-26-625. Conflicts of interest; limitation on persons with pecuniary interest.
Status: in_force

No director, committee member, officer, agent, or employee of the credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting that person's pecuniary interest or the pecuniary interest of any partnership, or association, other than the credit union, in which that person is directly or indirectly interested.
S.C. Code Ann. § 34-26-500 — SC Code / Title 34 / Chapter 26 / Article 5 / Section 34-26-500
SECTION 34-26-500. Requirements of membership; eligible groups; requirement of board approval.
Status: in_force

(1) The membership of a credit union may consist of groups having different common bonds, having been duly admitted as members, having paid any required one-time or periodic membership fee, or both, having subscribed to one or more shares, and having complied with such other requirements as the articles of incorporation and bylaws specify. (2) Credit union membership may also consist of groups having different common bonds of occupation, association, community, or persons employed within a defined business district, building, industrial park or shopping center, and members of the family of such persons who are related by either blood or marriage. (3) A credit union may add additional occupation and association groups not to exceed two hundred fifty potential members to its field of membership, as necessary, provided the groups reasonably are served by one of the credit union's service facilities, and the group has provided a written request for service to the credit union. However, the Board of Financial Institutions may revoke the power of a credit union to add groups provided by this section upon a finding that permitting additions pursuant to the provisions of this section are not in the best interest of the credit union. The adding of these groups must be consistent with the following: (a) In order to add additional groups, a credit union first shall obtain a letter on the group's letterhead, if possible, signed by an official representative identified by title, requesting credit union service. The groups shall indicate the number of potential members seeking service. This document must be maintained by the credit union permanently with its bylaws. (b) A credit union adding groups shall maintain a log of these groups. The log must include the following: the date the group obtained service, the name and location of the group, the number of potential members added, the number of miles to the nearest main or branch office, and the date of the approval of the group by the board of directors. (c) Upon complying with the above procedures, board approval is not necessary to add groups with no more than two hundred fifty potential members to a credit union's field of membership. Approval of the Board of Financial Institutions must be obtained before the addition of groups in excess of two hundred fifty. (4)(a) For the purposes of this subsection: (i) "Well-defined" means that the area has specific geographic boundaries. (ii) "Geographic boundaries" may include a municipality, city, county, or clearly identifiable neighborhood. (b) State chartered credit unions may apply to the board to serve community groups. A community group shall consist of persons who live in, attend school in, or work in a community and have common interests or interact. The area to be served must be a well-defined neighborhood, business district, community, or rural district where the credit union maintains a service facility, has a membership presence, and has the ability to serve those who qualify for and request credit union service. More than one credit union may share the same community. The credit union requesting to serve a community must provide to the board: (i) documentation describing how the area meets standards for community interaction or common interests and clearly defining the geographic boundaries of the proposed service area; (ii) documentation establishing the area as a well-defined local neighborhood, community, rural district, or business district; and (iii) current financial statements and a plan showing how the credit union intends to market its products and services to the entire community, and the credit union must have been determined by recent examinations to have a strong financial position. (c) Upon compliance with the above procedures, approval of the Board of Financial Institutions must be obtained in order to add a community group to a credit union's field of membership. (5)(a) For the purposes of this subsection: (i) "Underserved community" means a local community, neighborhood, or rural district that is an investment area. (ii) "Investment area" means an area: (A) encompassed or located in an Empowerment Zone or Enterprise Community designated under Section 1391 of the Internal Revenue Code of 1996 (26 U.S.C. 1391); (B) where the percentage of the population living in poverty is at least twenty percent; (C) in a metropolitan area where the median family income is at or below eighty percent of the metropolitan area median family income or the national metropolitan area median family income, whichever is greater; (D) outside of a metropolitan area where the median family income is at or below eighty percent of the statewide nonmetropolitan area median family income or the national nonmetropolitan area median family income, whichever is greater; (E) where the unemployment rate is at least one and a half times the national average; (F) where the percentage of occupied distressed housing, as indicated by lack of complete plumbing and occupancy of more than one person per room, is at least twenty percent; or (G) located outside of a metropolitan area with a county population loss between 1980 and 1990 and subsequent ten year intervals of at least ten percent. (b) State chartered credit unions may apply to include underserved communities in their field of membership. More than one credit union may serve the same underserved community. A credit union requesting to serve an underserved community must provide to the board: (i) documentation establishing that the community meets the definition of an investment area; and (ii) current financial statements and a business plan showing how the credit union intends to serve the community. The business plan must identify the credit and depository needs of the community and detail how the credit union plans to serve those needs. The credit union must have been determined by recent examinations to have a strong financial position. (c) Upon compliance with the above procedures, approval of the Board of Financial Institutions must be obtained in order to add a community group to a credit union's field of membership. Effect of Amendment The 1999 amendment, in subsections (1) and (2), substituted references to groups having different common bonds for references to persons or groups having a common bond, and made minor language changes. The 2007 amendment, in subsection (3), in the first sentence substituted "two hundred fifty" for "one hundred" and deleted from the end ", and does not presently have credit union service available"; in paragraph (3)(a), deleted from the end of the first sentence "and stating that the group does not have any other credit union service available from any source"; and, in paragraph (3)(c), substituted "two hundred fifty" for "one hundred" in two places. 2018 Act No. 186, SECTION 2, in (2), substituted "occupation, association, community," for "occupation or association"; in (3), in the first sentence, inserted "occupation and association" following "may add additional"; and added (4) and (5), relating to community groups and underserved communities.
S.C. Code Ann. § 34-3-810 — SC Code / Title 34 / Chapter 3 / Article 11 / Section 34-3-810
SECTION 34-3-810. National bank may become state bank; procedure.
Status: in_force

(A) Subject to approval by the board, any banking corporation organized under the laws of the United States or under the laws of any other state and doing business in this State may become an incorporated bank of this State with all the powers and subject to all the obligations and duties of banks incorporated under the laws of this State, provided such banking corporation has authority by virtue of the laws of the United States to dissolve its organization as a national banking corporation or of the laws of the other state to dissolve its organization as a state banking corporation of such state. (B) A national banking corporation or a banking corporation of another state desiring to become such an incorporated bank under the laws of this State shall proceed in the following manner: (1) file an application of conversion to a state bank with the board; (2) take such action in the manner prescribed or authorized by the laws of the United States or other such state as shall make its dissolution as a national banking corporation or as a state banking corporation effective at a specified future date; and (3) A majority of its directors shall thereafter and before the time when its dissolution becomes effective execute under their hands and seals in duplicate, upon the authority of a resolution adopted by the owners of at least two-thirds of its capital stock at a meeting held after ten days' notice thereof given to each stockholder by registered mail, a certificate setting forth the following facts: (a) its name and place of business as a national banking association or a state banking association and the name that it proposes to use as its corporate name after becoming a banking corporation under the laws of this State; (b) the principal place of business in South Carolina for the state banking association; (c) the amount of its capital stock and the number of shares into which it is divided and the par value of each; (d) the names of its directors and of its officers at the date of its dissolution as a national bank and who will constitute its directors and officers as a state bank; and (e) the date upon which its dissolution as a national banking association or state banking association shall become effective and upon which date it shall commence business as a bank under the laws of this State. (C) Such certificate in duplicate must be thereupon lodged with the Secretary of State, who shall endorse on the certificate in duplicate the date of its filing in his office. One duplicate of the certificate must be filed in the office of the Secretary of State and the other so endorsed must be issued to the bank and be recorded in the office of the register of deeds in the county in which the principal place of business of the bank is located. Effect of Amendment 2021 Act No. 30, SECTION 6, rewrote the section.
S.C. Code Ann. § 34-9-110 — SC Code / Title 34 / Chapter 9 / Section 34-9-110
SECTION 34-9-110. Capital notes and debentures shall be included in capital.
Status: in_force

The term "capital" as used in the laws of this State relating to banking shall be construed to embrace the amount of outstanding capital notes and debentures legally issued by any banking institution. The capital stock of any such banking institution may be deemed to be unimpaired when the amount of such capital notes and debentures as represented by cash or sound assets exceed the impairment as found by the Commissioner of Banking.
S.C. Code Ann. § 34-29-170 — SC Code / Title 34 / Chapter 29 / Section 34-29-170
SECTION 34-29-170. Confession of judgment or power of attorney to confess judgment shall be void.
Status: in_force

No licensee shall take any confession of judgment or permit any borrower to execute a power of attorney in favor of any licensee or in favor of any third person to confess judgment or to appear for the borrower in any judicial proceeding and any such confession of judgment or power of attorney to confess judgment shall be absolutely void.
S.C. Code Ann. § 34-11-60 — SC Code / Title 34 / Chapter 11 / Section 34-11-60
SECTION 34-11-60. Drawing and uttering fraudulent check, draft, or other written order.
Status: in_force

(a) It is unlawful for a person, with intent to defraud, in his own name or in any other capacity, to draw, make, utter, issue, or deliver to another a check, draft, or other written order on a bank or depository for the payment of money or its equivalent, whether given to pay rent, make a payment on a lease, obtain money, services, credit, or property of any kind or nature whatever, or anything of value which includes an obligation or debt of state taxes which is past due or presently due, when at the time of drawing, making, uttering, issuing, or delivering the check or draft or other written order the maker or drawer does not have an account in the bank or depository or does not have sufficient funds on deposit with the bank or depository to pay the same on presentation, or if the check, draft, or other written order has an incorrect or insufficient signature on it to be paid upon presentation. (b) In any prosecution or action under the provisions of this section, a check, draft, or other written order for which the information required in item (1) of this subsection is available at the time of issuance shall constitute prima facie evidence of the identity of the party issuing the check, draft, or other written order and that such person was a party authorized to draw upon the named account. The failure of the person receiving the check to obtain the information specified in items (1) or (2) of this subsection shall not warrant dismissal of a prosecution or other action brought pursuant to this section, but the party bringing the action shall in such circumstances have the burden of proving that the defendant signed or endorsed the check and presented it in payment of some debt or other obligation. (1) To establish this prima facie evidence, the full name, residence address, and telephone number of the person presenting the check, draft, or other written order must be obtained by the party receiving the instrument. This information may be provided by having the information recorded on the check or instrument itself, or the number of a check-cashing identification card issued by the receiving party may be recorded on the check. The check-cashing identification card must be issued only after the full name, residence address, and telephone number of the person presenting the check, draft, or other written order has been placed on file by the receiving party. (2) In addition to the information required in item (1) of this subsection, the party receiving a check shall witness the signature or endorsement of the party presenting the check and as evidence of such, the receiving party shall initial the check. Validation by a bank teller machine shall constitute compliance with this item. (c) It shall be the duty of the drawee of any check, draft, or other written order, before refusing to pay the same to the holder thereof upon presentation, to cause to be written, printed, or stamped in plain language thereon or attached thereto, the reason for drawee's dishonor or refusal to pay same. In all prosecutions under this section, the introduction in evidence of any unpaid and dishonored check, draft or other written order, having the drawee's refusal to pay stamped or written thereon, or attached thereto, with the reason therefor as aforesaid, shall be prima facie evidence of the making or uttering of such check, draft, or other written order, and the due presentation to the drawee for payment and the dishonor thereof, and that the same was properly dishonored for the reasons written, stamped or attached by the drawee on such dishonored check, draft, or other written order; and, as against the maker or drawer thereof, the withdrawing from deposit with the drawee named in the check, draft or other written order, the funds on deposit with such drawee necessary to insure payment of such check, draft or other written order upon presentation within ten days after negotiation; or the drawing, making, uttering or delivering of a check, draft or written order, payment of which is refused by the drawee, shall be prima facie evidence of knowledge of insufficient funds in or credit with such drawee; provided, however, if it is determined at the trial in a prosecution hereunder, that the payee of any such check, draft or written order at the time of accepting such check, draft or written order, had knowledge of or reason to believe that the drawer of such check, draft or other written order did not have sufficient funds on deposit in or credit with such drawee, then the payee instituting such criminal prosecution shall be assessed all costs of court incurred in connection with such prosecution. (d) The word "credit" as used in this section means securing further advances of money, goods, or services by means of a check, draft, or other written order, given in whole or in part payment of a then existing account. Payment for meals, lodging, or other goods or services at a hotel, motel, or other hostelry by means of a check, draft, or other written order before or upon departure or checkout from the hostelry is obtaining those goods or services by means of a check, draft, or other written order for the purposes of this section. This section applies to a check given in full or partial payment of any preexisting debt. This section does not apply to the giving of a check, draft, or other written order if the payee knows, has been expressly notified, or has reason to believe that the drawer did not have an account or have on deposit with the drawee sufficient funds to ensure payment of the check, nor to any check which has not been deposited to an account of the payee within a period of ten days from the date the check was presented to the payee. It is also unlawful for any person to induce, solicit, or to aid and abet any other person to draw, make, utter, issue, or deliver to any person including himself any check, draft, or other written order on any bank or depository for the payment of money or its equivalent, being informed, knowing, or having reasonable cause for believing at the time of the inducing, soliciting, or the aiding and abetting that the maker or the drawer of the check, draft, or other written order has not sufficient funds on deposit in, or an account with, the bank or depository with which to pay the same upon presentation. (e) No warrant for a violation of this section may be obtained more than one hundred eighty days after the date the check was uttered. Effect of Amendment The first 1988 amendment (by Act No. 517) in subsection (a) added the words "which includes an obligation or debt of state taxes which is past due or presently due" following the words "any thing of value", and made grammatical changes. The second 1988 amendment (by Act No. 669) in subsection (d) deleted "to any postdated check or" preceding "to any check given only in full or partial payment", and made grammatical changes. The 1991 amendment in subsection (a), added the words "pay rent, make a payment on a lease," following the words "whether given to"; and added subsection (e), pertaining to warrants. The 1996 amendment, by SECTION 1, revised subsection (b); by SECTION 2, revised subsection (d). The 1999 amendment revised subsection (d) to rewrite provisions concerning checks given in payment of preexisting debts and made grammatical changes. 2021 Act No. 30, SECTION 12, in (b)(1), substituted "telephone number" for "home telephone number" in two places, and substituted "must be" for "shall be" in two places.
S.C. Code Ann. § 34-30-1300 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1300
SECTION 34-30-1300. Limitation on total loans and extensions of credit; "person" defined; rules or regulations.
Status: in_force

(A) The total loans and extensions of credit, both direct and indirect, by a state savings bank to a person, other than a state, county, or municipality carrying the full faith and taxing power for money borrowed, outstanding at one time, shall not exceed fifteen percent of the net worth of the state savings bank. (B) For purposes of this section, the term "person" includes an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or other form of entity not specifically listed in this subsection. A loan or extension of credit to one person includes loans made to other persons when the proceeds of the loans or extensions of credit are to be used for the direct benefit of the first person or when the persons are engaged in a common enterprise. (C) The limitations of this section do not apply to loans secured by certificates of deposits or loans or obligations to the extent that they are secured or covered by guarantees or by commitments or agreements to take over or purchase them, made by any federal reserve bank or by the United States or any instrumentality of the United States, including a corporation wholly owned directly or indirectly by the United States. Those loans must not exceed fifty percent of the net worth of the savings bank. (D) The board may adopt rules or regulations as necessary or appropriate, including rules or regulations to modify restrictions contained in this section, in order to render this section consistent with rules or regulations applicable to either federal savings banks or associations or national banks.
S.C. Code Ann. § 34-41-80 — SC Code / Title 34 / Chapter 41 / Section 34-41-80
SECTION 34-41-80. Limitations on activities by persons required to be licensed by chapter.
Status: in_force

No person required to be licensed pursuant to this chapter shall do any of the following: (1) charge fees in excess of those authorized pursuant to this chapter; (2) engage in the business of: (i) making loans of money or extension of credit; (ii) discounting notes, bills of exchange, items, or other evidences of debt; or (iii) accepting deposits or bailments of money or items; (3) use or cause to be published or disseminated any advertising communication which contains any false, misleading, or deceptive statement or representation; (4) conduct business at premises or locations other than locations licensed by the board; (5) engage in unfair, deceptive, or fraudulent practices, including unconscionable conduct in violation of Section 37-5-108; (6) cash a check, draft, or money order made payable to a payee other than a natural person unless the licensee has previously obtained appropriate documentation from the executive entity of the payee clearly indicating the authority of the natural person or persons cashing the check, draft, or money order on behalf of the payee; (7) as a Level I licensee, engage in the retail sale of goods or services, other than check-cashing services and deferred presentment services, at the location licensed pursuant to this chapter, provided, however, that a sale of money orders, postage stamps, payment of utility bills with no additional fee to the customer, vending machines for food or beverage, facsimile services, Western Union services, or postal boxes at rates not higher than allowed by the United States Postal Service is not the sale of goods or services prohibited by this subsection; (8) as a Level II licensee, engage in the business of deferred presentment as provided in Chapter 39 of Title 34; (9) be licensed pursuant to Section 12-21-2720(a)(3) to operate a video poker machine; or (10) permit others to engage in an activity prohibited by this section at a location licensed pursuant to this chapter.
S.C. Code Ann. § 34-9-130 — SC Code / Title 34 / Chapter 9 / Section 34-9-130
SECTION 34-9-130. Reserve requirements of state banks.
Status: in_force

Every state bank which is not a member of the Federal Reserve System shall maintain the same reserves against deposits as required for a state bank which is a member of the Federal Reserve System. These reserves must be maintained in the same kind of assets as required for member banks. Effect of Amendment The 1991 amendment rewrote this section.
S.C. Code Ann. § 34-5-140 — SC Code / Title 34 / Chapter 5 / Section 34-5-140
SECTION 34-5-140. Segregation and use under Section 34-5-80 of deposits not required after termination of conservatorship.
Status: in_force

After fifteen days have elapsed from the time the affairs of the bank shall have been returned to its directors by the conservator either with or without a reorganization as provided in Section 34-5-110, the provisions of Section 34-5-80 with respect to the segregation of deposits received while a bank is in the hands of a conservator and with respect to the use of such deposits to liquidate the indebtedness of such bank shall no longer be effective.
S.C. Code Ann. § 34-13-100 — SC Code / Title 34 / Chapter 13 / Section 34-13-100
SECTION 34-13-100. Investigation of security consisting of warehouse receipts.
Status: in_force

When warehouse receipts for products are pledged as securities in any State bank under examination the examiner of such bank may go upon the premises of the person issuing the receipts, question the management under oath and, if thought necessary, have the actual product exhibited to him.
S.C. Code Ann. § 34-30-30 — SC Code / Title 34 / Chapter 30 / Article 1 / Section 34-30-30
SECTION 34-30-30. Definitions.
Status: in_force

(A) The term "savings and loan association" when used in the 1976 Code, other than in Chapter 28, includes state savings banks chartered under this chapter and Chapter 28. (B) Unless the context otherwise requires, the following definitions apply in this chapter: (1) "Board" means the State Board of Financial Institutions. (2) "Affiliate" means a person or corporation that controls, is controlled by, or is under common control with a savings institution. (3) "Articles of incorporation or charter" means the document that represents the corporate existence of a state savings bank. (4) "Associate" means a person's relationship with: (a) any corporation or organization, other than the applicant or a majority-owned subsidiary of the applicant, of which the person is an officer or partner or is, directly or indirectly, the beneficial owner of ten percent or more of any class of equity securities; (b) any trust or other estate in which the person has a substantial beneficial interest or as to which the person serves as trustee or in a similar fiduciary capacity; and (c) a relative or spouse who lives in the same house as that person or a relative of that person's spouse who lives in the same house as that person or who is a director or officer of the applicant or any of its parents or subsidiaries. (5) "Association" means a mutual or stock-owned savings association, savings and loan association, building and loan association, or savings bank as organized pursuant to Section 34-28-30. (6) "Branch office" means an office of a state savings bank, other than its principal office, that accepts deposits and renders savings institution services. (7) "Capital stock" means securities that represent ownership of a stock state savings bank. (8) "Conflict of interest" means a matter before the board of directors in which one or more of the directors, officers, or employees has a direct or indirect financial interest in its outcome. (9) "Control" means the power, directly or indirectly, to: (a) direct the management or policies of a state savings bank or to vote twenty-five percent or more of a class of voting securities for a state savings bank; (b) control the election or appointment of a majority of the directors of a state savings bank; or (c) control or exercise a controlling influence over the management or policies of the state savings bank. For purposes of this definition of control, references to a state savings bank include the holding company for the state savings bank. (10) "Depository institution" means a person, firm, or corporation engaged in the business of receiving, soliciting, or accepting money or its equivalent on deposit, or of lending money or its equivalent, or of both. (11) "Disinterested directors" means those directors who have absolutely no direct or indirect financial interest in the matter before them. (12) "Dividends on stock" means the earnings of a state savings bank paid out to holders of capital stock in a stock state savings bank. (13) "Examination and investigation" means a supervisory inspection of a state savings bank or proposed state savings bank that may include inspection of every relevant piece of information including subsidiary or affiliated businesses. (14) "Immediate family" means one's spouse, father, mother, children, brothers, sisters, and grandchildren; and the father, mother, brothers, and sisters of one's spouse; and the spouse of one's child, brother, or sister. (15) "Insurance of deposit accounts" means insurance on a state savings bank's deposit accounts when the beneficiary is the holder of the insured account. (16) "Loan production office" means an office of a state savings bank other than the principal or branch offices whose activities are limited to the generation of loans. (17) "Members" means deposit account holders and borrowers in a state mutual savings bank. (18) "Mutual savings bank" means a state savings bank organized in mutual form under this chapter. (19) "Mutual holding company" means a holding company for a mutual savings bank. (20) "Net worth" means a state savings bank's total assets less total liabilities as defined by generally accepted accounting principles. (21) "Original incorporators" means one or more natural persons who are the organizers of a state savings bank responsible for the business of a proposed state savings bank from the filing of the application to the board's final decision on the application. (22) "Plan of conversion" means a detailed outline of the procedure for conversion of a savings institution from one to another regulatory authority, from one to another form of organization, or from one to another charter. (23) "Principal office" means the office that houses the headquarters of a state savings bank. (24) "Registered agent" means the person named in the articles of incorporation upon whom service of legal process is binding upon the state savings bank. (25) "Savings institution" means either an association or a state savings bank, or a federal savings association or federal savings bank. (26) "Service corporation" means a corporation operating under Article 7 of this chapter that engages in activities determined by the board to be incidental to the conduct of a depository institution business as provided in this chapter, or engages in activities that further or facilitate the corporate purposes of a state savings bank, or furnishes services to a state savings bank or subsidiaries of a state savings bank, the voting stock of which is owned directly or indirectly by one or more savings institutions. (27) "State savings bank" means a depository institution organized and operated under this chapter or a corporation organized under federal law and converted so as to be operated under this chapter. (28) "Stock savings bank" means a state savings bank owned by holders of capital stock and organized under this chapter. (29) "Voluntary dissolution" means the dissolution and liquidation of a state savings bank in initiated by its ownership.
S.C. Code Ann. § 34-29-260 — SC Code / Title 34 / Chapter 29 / Section 34-29-260
SECTION 34-29-260. Modification, amendment, or repeal of chapter.
Status: repealed

(a) This chapter or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder; provided, that such cancellation or alteration shall not impair or affect the obligations of any preexisting lawful contract between any licensee and any obligor. (b) Nothing contained herein shall be so construed as to impair or affect the obligation of any contract of loan between any lender and any borrower which was entered into prior to August 7 1966.
S.C. Code Ann. § 34-30-1430 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1430
SECTION 34-30-1430. Loans or investments for federal associations or national banking associations located in State.
Status: in_force

With the prior approval of the board, a state savings bank may make a loan or investment, or engage in an activity, which may be permitted under state law for banks or pursuant to the laws of the United States for federal associations or national banking associations whose principal offices are located within this State.
S.C. Code Ann. § 34-41-42 — SC Code / Title 34 / Chapter 41 / Section 34-41-42
SECTION 34-41-42. Requirements for mobile check-cashing services.
Status: in_force

For the purposes of this chapter, all mobile check-cashing services must: (1) be licensed as a Level I licensee; (2) be a registered and licensed armored vehicle in accordance with the laws of this State; (3) be considered a "branch" of a check-cashing business for purposes of licensure through this chapter; and (4) keep records in accordance with this chapter that are returned daily to either the main office or another nonmobile branch of the business.
S.C. Code Ann. § 34-29-160 — SC Code / Title 34 / Chapter 29 / Section 34-29-160
SECTION 34-29-160. Insurance on security and borrower.
Status: in_force

Subject to the conditions provided in this section and notwithstanding any other provisions of this chapter, reasonable insurance may be sold to and required of the borrower for insuring personal property securing a loan and for insuring the life and earning capacity of not more than two parties obligated on the loan other than accommodation parties. Property insurance shall be in an amount not to exceed the reasonable value of the property insured and for the customary term approximating the term of the loan contract. It shall be optional with the borrower to obtain such insurance in an amount greater than the amount of the loan or for a longer term. Life insurance must be in an amount not to exceed the approximate amount of the debt and for a term not exceeding the approximate term of the loan contract. For purposes of credit coverage, the 'approximate amount of the debt' is defined as follows: (1) the periodic installment payment multiplied by the number of scheduled periodic installment payments for a loan with a term of sixty months or less; (2) the amount necessary to liquidate the remaining debt in a single lump sum payment, excluding all unearned interest and other unearned finance charges, plus six monthly installment payments for a loan with a term in excess of sixty months. Accident and health insurance and unemployment insurance, or both, must provide periodic benefits which may not exceed an amount which approximately equals the amount of each periodic installment payment to be made under the loan contract. However, when a loan is discharged or a new policy or policies of insurance are issued, the life, property, or accident and health insurance or all three on the prior obligation must be canceled and the unearned portion of the insurance premium or premiums, or identifiable charge, must be refunded to the borrower. However, the method of refunding the premiums on the policies must be pursuant to the Rule of 78 or the Sum of the Digits Method, except that no refund under three dollars must be made. The insurance company shall calculate its reserves on the policies in the same manner or, in the case of credit life insurance, in accordance with a mortality table and interest assumption used for ordinary life policies. Notwithstanding this requirement, if the property insurance policy or policies cover the insurable interest of the borrower as well as the lender, the policy or policies may be continued in force at the request of the borrower. This section does not require a creditor to grant a refund or credit of a life insurance premium to the debtor if any refund or credit due to the debtor under this section is less than three dollars. If the coverage provides accident and health benefits, the policy or certificate shall contain a provision that, if the insured obligor is disabled, as defined in the policy, for a period of more than three days, benefits shall commence as of the first day of disability, provided that accident and health insurance shall not be allowed on loans with a cash advance of less than one hundred dollars. Disability shall not be defined more restrictively than the inability of the insured to engage in his own occupation during the first year of disability or for the length of the benefit period if less than one year. After the first year of disability, disability shall not be defined more restrictively than the inability of the insured to engage in the substantial duties of any gainful occupation for substantially equivalent remuneration to the insured's own occupation. Substantially equivalent remuneration means not less than seventy-five percent of the insured's base wage, exclusive of overtime and bonus, as of the date disability commences. All insurance sold or provided pursuant to this section shall bear a reasonable and bona fide relation to the existing hazard or risk of loss and shall be written by an agent or agency licensed in this State in an insurance company authorized to conduct such business in this State. A licensee shall not require the purchasing of insurance from the licensee or any employee, affiliate, or associate of the licensee, as a condition precedent to the making of a loan and shall not decline existing insurance where such insurance is provided by an insurance company authorized to conduct such business in this State. The licensee shall within thirty days after the loan is made, deliver to the borrower, or if more than one, to one of them, a policy or certificate of insurance covering any insurance procured by or through the licensee or any employee, affiliate, or associate of the licensee, which shall set forth the amount of any premium or identifiable charge which the borrower has paid or is obligated to pay, the amount of insurance, the term of insurance, and a complete description of the risks insured. Such policy or certificate may contain a mortgage clause or other appropriate provisions to protect the insurable interest of the licensee. Notwithstanding any other provision of this chapter, any gain or advantages in the form of commission, dividend, identifiable charge, or otherwise, to the licensee or to any employee, affiliate, or associate of the licensee from such insurance or its sale shall not be deemed to be additional or further interest or charge in connection with such a loan. Any accident and health or property insurance sold in conjunction with this chapter must be written on forms and at rates approved by the South Carolina Department of Insurance, provided that a minimum charge of three dollars may be made, pursuant to reasonable regulations adopted by it and having as their purpose the establishment and maintenance of premium rates which are reasonably commensurate with the coverage afforded and which are adequate, not excessive, and not unfairly discriminatory giving due consideration to past or prospective loss experience within or without this State, to dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to borrowers, to reasonable expense allowances necessary to achieve proper risk distribution and spread, and to all other relevant factors within or without this State. These regulations may include reasonable classification systems or programs based upon identifiable and measurable variations in the hazards or expense requirements and may include statistical plans, systems, or programs, which the insurers may be required to adopt, for the purpose of providing that statistical information and data as may be necessary or reasonably appropriate to the determination of premium rates or rate levels. The premium rates and rate levels must be calculated to produce and maintain a ratio of losses incurred, or reasonably expected to be incurred, to premiums earned, or reasonably expected to be earned, of not less than fifty percent, and rates producing a lesser loss ratio are considered excessive. Until January 1, 2001, credit life insurance premiums for each one hundred dollars of indebtedness are considered reasonable and may be charged if they are not greater than the amounts given in the following table times the number of years, or fraction of a year, that the indebtedness covered by insurance is scheduled to continue, subject to a minimum charge of three dollars: Effective January 1, 2001, credit life insurance premiums for each one hundred dollars of indebtedness are considered reasonable and may be charged if they are not greater than the amounts given in the following table times the number of years, or fraction of a year, that the indebtedness covered by insurance is scheduled to continue: Effective January 1, 2003, credit life insurance premiums for each one hundred dollars of indebtedness are considered reasonable and may be charged if they are not greater than the amounts given in the following table times the number of years, or fraction of a year, that the indebtedness covered by insurance is scheduled to continue: Effect of Amendment The 1987 amendment added to the third unnumbered paragraph the provision concerning refunds under two dollars, and revised the ninth unnumbered paragraph by making grammatical changes and adding the provision regarding a minimum charge of two dollars. The 1991 amendment in the last [tenth] paragraph changed the dollar amounts in the table, effective Jan. 1, 1993. The 1993 amendment, in the ninth undesignated paragraph, substituted "South Carolina Department of Insurance" for "South Carolina Insurance Commission". The 1995 amendment revised this section to further provide for conditions, minimum charges, and premiums. The 1999 amendment, in the third undesignated paragraph, added the definition of "approximate amount of the debt", in the fifth undesignated paragraph, added the final three sentences relating to disability, added the last two paragraphs setting forth the premiums in 2001 and 2003, respectively, and made other wording changes. The 2002 amendment, in the eighth undesignated paragraph, substituted "minimum charge of three dollars" for "minimum charge of two dollars".
S.C. Code Ann. § 34-30-1250 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1250
SECTION 34-30-1250. Loan expenses; late payment charge; levy of payments.
Status: in_force

Pursuant to the provisions of the South Carolina Consumer Protection Code as contained in Title 37, a state savings bank may require borrowers to pay: (1) all reasonable expenses incurred by the state savings bank in connection with making, closing, disbursing, extending, adjusting, or renewing loans. (2) a charge for late payments made during the course of repayment of a loan. The payments may be levied only upon the terms and conditions that are fixed by the state savings bank's board of directors and agreed to by the borrower in the loan contract.
S.C. Code Ann. § 34-28-720 — SC Code / Title 34 / Chapter 28 / Article 8 / Section 34-28-720
SECTION 34-28-720. Conservatorship.
Status: in_force

(1) If the Board as a result of any examination or from any report made to it believes that the public interest may be served by the appointment of a conservator, and if it shall find that any association: (a) is in an impaired condition; (b) is engaging in practices which threaten to result in an impaired condition; or (c) is in violation of an order or injunction as authorized by Section 34-28-710 which has become final in that time to appeal has expired without appeal or a final order has been entered from which there can be no appeal, the Board may appoint a conservator for the association, which may be the chairman of the Board, his deputy, or any other person and, upon their appointment, shall apply immediately to the circuit court in the county in which the home office of the association is located and, in the case of a foreign association doing business in this State, the county in which its registered office in this State is located, for confirmation of the appointment, and the court has exclusive jurisdiction to determine the issues and all related matters. These proceedings must be given precedence over other cases pending in the court and must in every way be expedited. The court shall confirm the appointment if it finds that one or more of the grounds specified in this subsection exist, and a certified copy of the order of the court confirming the appointment is evidence thereof. The conservator has the power and authority provided in this chapter and any other power and authority as may be expressed in the order of the court. The conservator shall endeavor promptly to remedy the situations complained of by the Board in its application for confirmation of the appointment. Within six months of the date of the appointment, or within twelve months if the court extends the six months' period, the association must be returned to the board of directors thereof and thereafter must be managed and operated as if no conservator had been appointed, or a receiver must be managed and operated as hereinafter provided. If the chairman of the Board, or his deputy, or an employee of the Board is appointed conservator, he shall receive no additional compensation, but if another person is appointed, then the compensation of the conservator, as determined by the court, must be paid by the association. A certified copy of the order of the court discharging the conservator and returning the association to the directors is sufficient evidence thereof. (2) Any conservator has all the rights, powers, and privileges possessed by the officers, directors, members, and stockholders of the association. (3) The conservator shall not retain special counsel or other experts, incur any expense other than normal operating expenses, or liquidate assets except in the ordinary course of operations. (4) The directors and officers shall remain in the office and the employees shall remain in their respective positions, but the conservator may remove any director, officer, or employee, provided the order of removal of a director or officer is approved in writing by the Board. (5) While the association is in the charge of a conservator, borrowers and other obligors of the association shall continue to make payments to the association in accordance with the terms and conditions of their contracts, and the conservator, in his discretion, may permit deposit account holders to withdraw their account from the association pursuant to the provisions of this chapter or under and subject to those regulations as the Board may prescribe. The conservator has power to accept new deposit accounts and additions to existing deposit accounts, but any amounts received by the conservator may be segregated if the Board shall so order in writing; and, if so ordered, the segregated amounts are not subject to offset and may not be used to liquidate any indebtedness of the association existing at the time the conservator was appointed for it or any subsequent indebtedness incurred for the purposes of liquidating the indebtedness of any association existing at the time the conservator was appointed. All expenses of the association during the conservatorship must be paid by the association.
S.C. Code Ann. § 34-3-650 — SC Code / Title 34 / Chapter 3 / Article 9 / Section 34-3-650
SECTION 34-3-650. Federal Deposit Insurance Corporation subrogated to rights of depositors paid by it.
Status: in_force

Whenever any banking institution shall have been closed as aforesaid and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the Corporation, whether or not it shall become receiver or liquidator of such closed banking institution, shall be subrogated to all rights of the owners of such deposits against such closed banking institution in the same manner and to the same extent as subrogation of the Corporation is provided for in subsection (1) of Section 12B of the Federal Reserve Act, as amended (being Section 8 of the Federal "Banking Act of 1933") or in any amendments thereof or any substitutions therefor, in the case of the closing of a national bank. But the rights of depositors and other creditors of such closed institutions shall be determined in accordance with the applicable provisions of the laws of this State.
S.C. Code Ann. § 34-3-240 — SC Code / Title 34 / Chapter 3 / Article 3 / Section 34-3-240
SECTION 34-3-240. Other powers of directors.
Status: in_force

The directors may: (1) Appoint all necessary officers and employees of the corporation, fix their compensation and take security for the faithful discharge of their respective duties; (2) Prescribe the manner of paying for the stock of the corporation and the transfer thereof; and (3) Prescribe from time to time such penalties for the nonpayment of subscriptions to the capital stock of the corporation as they may deem proper.
S.C. Code Ann. § 34-6-70 — SC Code / Title 34 / Chapter 6 / Section 34-6-70
SECTION 34-6-70. Review of compliance.
Status: in_force

Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. Effect of Amendment The 2008 amendment rewrote the section.
S.C. Code Ann. § 34-6-40 — SC Code / Title 34 / Chapter 6 / Section 34-6-40
SECTION 34-6-40. Appropriation for expenditure or accumulation of endowment fund; rules of construction.
Status: in_force

(A) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by this institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors: (1) the duration and preservation of the endowment fund; (2) the purposes of the institution and the endowment fund; (3) general economic conditions; (4) the possible effect of inflation or deflation; (5) the expected total return from income and the appreciation of investments; (6) other resources of the institution; and (7) the investment policy of the institution. (B) To limit the authority to appropriate for expenditure or accumulate pursuant to subsection (A), a gift instrument must specifically state the limitation. (C) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income", "interest", "dividends", or "rents", "issues", or "profits", or "to preserve the principal intact", or words of similar import: (1) create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and (2) do not otherwise limit the authority to appropriate for expenditure or accumulate pursuant to subsection (A). Effect of Amendment The 2008 amendment rewrote the section.
S.C. Code Ann. § 34-25-60 — SC Code / Title 34 / Chapter 25 / Article 1 / Section 34-25-60
SECTION 34-25-60. Time for decision; public hearing.
Status: in_force

(a) The board shall decide whether to approve an acquisition under this article within sixty days after receipt of a completed application. However, if the board requests additional information from the applicant following receipt of a completed application, the time limit for decision by the board shall be the later of: (1) the date set forth in this subsection (a); or (2) thirty days after the board's receipt of the requested additional information. (b) The board in its discretion may hold a public hearing in connection with an application if a significant issue of law or fact has been raised with respect to the proposed acquisition. (c) If the board holds a public hearing within ninety days after receipt of an application, the time limit specified in subsection (a) shall be extended to thirty days after the conclusion of the public hearing. (d) An application shall be deemed approved if the board takes no action on the application within the time limits specified in this section.
S.C. Code Ann. § 34-19-30 — SC Code / Title 34 / Chapter 19 / Section 34-19-30
SECTION 34-19-30. Lease of box to minor.
Status: in_force

A bank may lease a safe deposit box to and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity.
S.C. Code Ann. § 34-36-80 — SC Code / Title 34 / Chapter 36 / Section 34-36-80
SECTION 34-36-80. Violation constitutes unfair trade practice; actions for damages; remedies additional to those otherwise provided.
Status: in_force

(A) A violation of this chapter shall constitute an unfair trade practice under Chapter 5, Title 39, and individual borrowers or prospective borrowers injured by violations of this chapter have an action for damages as set forth in Section 39-5-140. (B) Any borrower injured by a violation of this chapter may bring an action against the surety bond or trust account, if any, of the loan broker. (C) The remedies provided under this chapter are in addition to any other procedures or remedies for any violation or conduct authorized by law.
S.C. Code Ann. § 34-3-370 — SC Code / Title 34 / Chapter 3 / Article 5 / Section 34-3-370
SECTION 34-3-370. Form of report to Commissioner of Banking.
Status: in_force

The form of report to the Commissioner of Banking referred to in Section 34-3-350 shall be as follows: To the Commissioner of Banking: The report of the recent examination of this bank has been received, was submitted to the directors at a board meeting held __________ and was duly considered and a record of the action taken made upon the minutes. ( Chief Executive) Name and location of bank. We, the undersigned directors of __________ bank, have reviewed the report of the Commissioner of Banking under date of __________. Effect of Amendment 2021 Act No. 30, SECTION 4, substituted "Commissioner of Banking" for "State Board of Bank Control" in three places, and substituted "Chief Executive" for "President or Cashier".
S.C. Code Ann. § 34-26-560 — SC Code / Title 34 / Chapter 26 / Article 5 / Section 34-26-560
SECTION 34-26-560. Expulsion; request for hearing.
Status: in_force

The board of directors may expel a member pursuant to a written policy adopted by it. Any person expelled by the board shall have the right to request a hearing before it to reconsider the expulsion.
S.C. Code Ann. § 34-26-260 — SC Code / Title 34 / Chapter 26 / Article 2 / Section 34-26-260
SECTION 34-26-260. Form of credit union annual report to board.
Status: in_force

(1) Credit unions shall report to the board annually on forms approved by the board for that purpose. Additional reports may be required. (2) A charge shall be levied, as prescribed by regulation, for each day a credit union fails to provide a required report, unless it is excused for cause.
S.C. Code Ann. § 34-30-100 — SC Code / Title 34 / Chapter 30 / Article 2 / Section 34-30-100
SECTION 34-30-100. Mutual state savings banks, stock state savings banks; approval of application; minimum pledges, adjustment, considerations.
Status: in_force

(A) The board may approve an application to form a mutual state savings bank only when: (1) the proposed state savings bank has an operational expense fund, from which to pay organizational and incorporation expenses, in an amount determined by the board to be sufficient for the safe and proper operation of the state savings bank, but not less than four hundred thousand dollars. The monies remaining in the expense fund must be held by the state savings bank for at least three years from its date of licensing. No portion of the fund may be released to an incorporator or director who contributed to it, to another contributor, or to another person, and no dividends may be accrued or paid on the funds without the prior approval of the board; (2) the proposed state savings bank has pledges for deposit accounts in an amount determined by the board to be sufficient for the safe and proper operation of the state savings bank, but not less than four million dollars; (3) all deposit accounts of the proposed state savings bank have been made with legal tender of the United States; (4) the name of the proposed state savings bank will not mislead the public and is not the same as an existing depository institution or so similar to the name of an existing depository institution as to mislead the public; (5) the character, general fitness, and responsibility of the incorporators and the initial board of directors of the proposed state savings bank, a majority of whom must be residents of South Carolina, command the confidence of the community in which the proposed state savings bank locates; (6) there are reasonable demand and necessity in the community that which are served by the establishment of the proposed state savings bank; (7) the public convenience and advantage are served by the establishment of the proposed state savings bank; and (8) the proposed state savings bank has a reasonable probability of sustaining profitable and beneficial operations in the community. (B) The board may approve an application to form a stock state savings bank only when: (1) the proposed state savings bank has prepared a plan to solicit subscriptions for capital stock in an amount determined by the board to be sufficient for the safe and proper operation of the state savings bank, but not less than four million dollars; (2) the name of the proposed state savings bank does not mislead the public and is not the same as an existing depository institution or so similar to the name of an existing depository institution as to mislead the public, and contains the wording "corporation", "incorporated", "limited", "company", or an abbreviation of one of these words or other words sufficient to distinguish stock savings banks from mutual savings banks; (3) the character, general fitness, and responsibility of the incorporators, initial board of directors, and initial stockholders of the proposed state savings bank command the confidence of the community in which the proposed state savings bank locates; (4) all subscriptions for capital stock of the proposed state savings bank have been purchased with legal tender of the United States; (5) there are reasonable demand and necessity in the community which is served by the establishment of the proposed state savings bank; (6) the public convenience and advantage are served by the establishment of the proposed state savings bank; and (7) the proposed state savings bank has a reasonable probability of sustaining profitable and beneficial operations in the community. (C) The minimum amount of pledges for deposit accounts or subscriptions for capital stock may be adjusted if the board determines that a greater requirement is necessary or that a smaller requirement provides a sufficient capital base. The board's decision must be based upon due consideration of: (1) the population of the proposed trade area; (2) the total deposits of the depository institutions operating in the proposed trade area; (3) the economic conditions of and projections for the proposed trade area; (4) the business experience and reputation of the proposed management; (5) the business experience and reputation of the proposed incorporators and directors; and (6) the projected deposit growth, capitalization, and profitability of the proposed state savings bank, and other factors considered relevant by the board.
S.C. Code Ann. § 34-33-50 — SC Code / Title 34 / Chapter 33 / Section 34-33-50
SECTION 34-33-50. Exemption from banking laws.
Status: in_force

If the State Board of Financial Institutions determines that any provision of Title 34 of the 1976 Code is inconsistent with the purpose for which a banker's bank is organized and that the public welfare or any financial institution would not be jeopardized thereby, it may by regulation exempt a banker's bank from the provision or limit its application.
S.C. Code Ann. § 34-28-350 — SC Code / Title 34 / Chapter 28 / Article 4 / Section 34-28-350
SECTION 34-28-350. Permissible nondisqualified acquisitions.
Status: in_force

A Southern Region association, a Southern Region savings and loan holding company, a South Carolina association, or a South Carolina savings and loan holding company may acquire or control, and does not cease to be a Southern Region association, a Southern Region savings and loan holding company, a South Carolina association, or South Carolina savings and loan holding company, respectively, by virtue of its acquisition or control of: (1) An association having offices in a state other than a Southern Region state, if the acquisition has been consummated pursuant to the provisions of Section 123 of the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. Section 1730a(m); or (2) An association or savings and loan holding company other than as expressly permissible under subsection (1) of this section or under Sections 34-28-310 and 34-28-320 if: (a) Immediately following the consummation of the acquisition, the South Carolina association, South Carolina savings and loan holding company, Southern Region association, or Southern Region savings and loan holding company qualifies as such, and (b) The association or savings and loan holding company making the application complies with the approval and notification requirements in Sections 34-28-310 through 34-28-330.
S.C. Code Ann. § 34-29-240 — SC Code / Title 34 / Chapter 29 / Section 34-29-240
SECTION 34-29-240. Licenses for persons engaged in lending on December 1, 1965.
Status: in_force

Any person engaged in the business of lending on December 1, 1965, may be licensed under the provisions of this chapter; provided, he applies for and obtains a license from the Board of Bank Control within ninety days after August 7, 1966; and, provided, further, that such person meets the requirements of Section 34-29-40 (b) (1) (2).
S.C. Code Ann. § 34-25-100 — SC Code / Title 34 / Chapter 25 / Article 1 / Section 34-25-100
SECTION 34-25-100. Board authority.
Status: in_force

In order to carry out the purposes of this article, the board may: (a) promulgate regulations in accordance with the Administrative Procedures Act; (b) enter into cooperative, coordinating or information-sharing agreements with any other bank supervisory agency or any organization affiliated with or representing one or more bank supervisory agencies; (c) accept any report of examination or investigation by another bank supervisory agency having concurrent jurisdiction over a South Carolina state bank or a bank holding company that controls a South Carolina state bank in lieu of conducting the board's own examination or investigation of such bank holding company or bank; (d) enter into contracts with any bank supervisory agency having concurrent jurisdiction over a South Carolina state bank or a bank holding company that controls a South Carolina state bank to engage the services of such agency's examiners at a reasonable rate of compensation, or to provide the services of the board's examiners to such agency at a reasonable rate of compensation; provided that any such contract shall be deemed a sole source contract. (e) enter into joint examinations or joint enforcement actions with any other bank supervisory agency having concurrent jurisdiction over any South Carolina state bank or any bank holding company that controls a South Carolina state bank; provided that the board may take any such action independently (except with respect to the examination of an out-of-state bank holding company) if the board determines that such action is necessary to carry out its responsibilities under this article or to enforce compliance with the laws of this State; and provided, further that in the case of an out-of-state bank holding company, the board shall recognize the exclusive authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters; and (f) assess supervisory and examination fees that shall be payable by South Carolina banks and South Carolina bank holding companies in connection with the board's performance of its duties under this article and in accordance with regulations promulgated by the board. Such fees may be shared with other bank supervisory agencies or any organizations affiliated with or representing one or more bank supervisory agencies in accordance with agreements between them and the board.
S.C. Code Ann. § 34-31-20 — SC Code / Title 34 / Chapter 31 / Section 34-31-20
SECTION 34-31-20. Legal rate of interest.
Status: in_force

(A) In all cases of accounts stated and in all cases wherein any sum or sums of money shall be ascertained and, being due, shall draw interest according to law, the legal interest shall be at the rate of eight and three-fourths percent per annum. (B) A money decree or judgment of a court enrolled or entered must draw interest according to law. The legal rate of interest is equal to the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year for which the damages are awarded, plus four percentage points, compounded annually. The South Carolina Supreme Court shall issue an order by January 15 of each year confirming the annual prime rate. This section applies to all judgments entered on or after July 1, 2005. For judgments entered between July 1, 2005, and January 14, 2006, the legal rate of interest shall be the first prime rate as published in the first edition of the Wall Street Journal after January 1, 2005, plus four percentage points. Code Commissioner's Note Based on the effective dates of the applicable acts, judgments to which this section apply entered before January 1, 2001, draw interest at the rate of fourteen percent a year (see Act 445 of 1982). Judgments entered January l, 2001, through June 30, 2005, draw interest at the rate of twelve percent a year (see Act 344 of 2000). Effect of Amendment The 2000 amendment, in subsection (B), substituted "is" for "shall be" and "twelve percent a year" for "fourteen percent per annum". The 2005 amendment rewrote subsection (B).
S.C. Code Ann. § 34-41-50 — SC Code / Title 34 / Chapter 41 / Section 34-41-50
SECTION 34-41-50. Maintenance of minimum liquid assets; issuance of license.
Status: in_force

(A) Each licensee and applicant shall have and maintain liquid assets of at least fifty thousand dollars for each licensee. (B) Upon the filing and investigation of an application, and compliance by the applicant with Section 34-41-40, and this section, the board shall issue and deliver to the applicant the license applied for to engage in business pursuant to this chapter at the locations specified in the application, provided that the board finds that the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. If the board fails to make these findings, a license may not be issued, and the board shall notify the applicant of the denial and the reasons for it. The provisions of the Administrative Procedures Act apply to the appeal of the denial of a license.
S.C. Code Ann. § 34-25-20 — SC Code / Title 34 / Chapter 25 / Article 1 / Section 34-25-20
SECTION 34-25-20. Purpose.
Status: in_force

This article sets forth the conditions under which a company may acquire a South Carolina bank or a South Carolina bank holding company. This article is intended not to discriminate against out-of-state holding companies in any manner that would violate Section 3(d) of the Bank Holding Company Act, as amended by Section 101 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Pub.L. No. 103-328.
S.C. Code Ann. § 34-25-250 — SC Code / Title 34 / Chapter 25 / Article 3 / Section 34-25-250
SECTION 34-25-250. Application.
Status: in_force

Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a South Carolina state bank shall notify the board of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency, and shall submit a copy of that application to the board and pay the filing fee, if any, required by the board. Any South Carolina state bank which is a party to such interstate merger transaction shall comply with the South Carolina Business Corporation Act of 1988, and with other applicable state and federal laws. Any out-of-state bank which shall be the resulting bank in such an interstate merger transaction shall provide satisfactory evidence to the board of compliance with applicable requirements of Section 33-15-101.
S.C. Code Ann. § 34-3-850 — SC Code / Title 34 / Chapter 3 / Article 11 / Section 34-3-850
SECTION 34-3-850. Consolidation or merger of banks and trust companies.
Status: in_force

(A) A bank or trust company organized under the laws of South Carolina or the acts of Congress, and doing business in this State, may merge or consolidate with, or sell or transfer some or all of its assets and liabilities to any other such bank or trust company when all applicable laws governing the transactions are first complied with. (B) When any such bank or trust company executes a transaction under the provisions of subsection (A): (1) all the then rights, powers, privileges, duties, appointments, and account designations regarding each fiduciary capacity or other relationship transferred, whether created by will, indenture, trust, court order, agreement, or other means; (2) title to all property, real, personal, and mixed; (3) all debts due on whatever account; (4) all other choses in action held in a fiduciary capacity; (5) each and every other interest, as a fiduciary, or contractual relationship, of or belonging to: (a) the disappearing corporation in the case of a merger; (b) each corporation in the case of a consolidation; or (c) the transferor, but only to the extent transferred, in the case of a transfer, as the case may be, shall, upon the effective date of the transaction and without further act or deed, vest in, devolve upon, and thereafter be performed by the resultant bank or trust company, or transferee, as the case may be. (C) A merger, consolidation, or transfer described in this section does not constitute a resignation or disqualification of any party to the merger or consolidation or a resignation or disqualification of the transferor or transferee, to serve as a fiduciary, or in any other capacity, under any documents, instruments, or agreements in existence or in effect prior to or after the merger, consolidation, or transfer, as the case may be, or a relinquishment of trust powers by any party to a merger or consolidation or by the transferor or transferee, as the case may be. However, in the case of a transfer, the transferor may resign as a fiduciary in favor of the transferee. (D) When any such merger or consolidation is approved and effected as provided for by law, all the rights, franchises, and fiduciary and other interests of such bank or trust company merged or consolidated in and to all property real, personal, and mixed and choses in action is considered to be transferred to and vested in the resultant bank or trust company without any deed or any other transfer. Upon the transfer of some or all of the assets of such bank or trust company pursuant to applicable law, to the extent transferred, all of the rights, franchises, and fiduciary and other interests of such bank or trust company in and to all property, real, personal, and mixed and choses in action are considered to have been transferred to and vested in the transferee bank or trust company without any deed or further transfer. In the case of such a merger or consolidation, the rights of creditors of such bank or trust company are preserved unimpaired, and all lawful debts and liabilities of such bank or trust company are considered to have been assumed by the resultant bank or trust company. In the case of a transfer, the rights of creditors and the rights of others to any claim, action, or proceeding pending against the transferor as of the date of the transfer, to the extent so transferred, are considered to have been transferred to and assumed by the transferee bank or trust company. (E) Any previous merger, consolidation, or transfer of any national bank to or into any state bank or trust company doing business in this State, in accordance with the provisions of this section, is ratified and confirmed subject to the conditions of this section. (F) In the case of a transfer, where the fiduciary or other relationship is a matter of public record, the transferor and transferee both shall use reasonable efforts to execute an affidavit in recordable form giving notice of the transfer which affidavit must be filed in the appropriate public records. Where the fiduciary or other relationship is not a matter of public record, the transferor and transferee both shall use reasonable efforts to give notice of the transfer to the person or entity originally responsible for establishing the fiduciary or other relationship, if possible, and if not then to the person or entity most directly affected by the change of fiduciary or change of relationship. Effect of Amendment The 1987 amendment rewrote this section.
S.C. Code Ann. § 34-3-90 — SC Code / Title 34 / Chapter 3 / Article 1 / Section 34-3-90
SECTION 34-3-90. Penalties.
Status: repealed

Any violation of the provisions of Sections 34-1-60, 34-1-70, 34-3-310 and 34-3-320, 34-5-10 to 34-5-80 and 34-5-100 to 34-5-150 or of any of the duly promulgated rules and regulations issued by the Board under the authority of any of such sections shall constitute a misdemeanor and shall be punishable by a fine of not exceeding five thousand dollars or by imprisonment not exceeding one year, or both. Editor's Note Section 34-1-70, referenced in the text, was repealed by 2021 Act No. 30, SECTION 19, effective May 6, 2021.
S.C. Code Ann. § 34-6-20 — SC Code / Title 34 / Chapter 6 / Section 34-6-20
SECTION 34-6-20. Definitions.
Status: in_force

In this chapter: (1) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or another purpose, the achievement of which is beneficial to the community. (2) "Endowment fund" means an institutional fund or part of one that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use. (3) "Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund. (4) "Institution" means: (a) a person, other than an individual, organized and operated exclusively for charitable purposes; (b) a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for charitable purposes; or (c) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated. (5) "Institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include: (a) program-related assets; (b) a fund held for an institution by a trustee that is not an institution; or (c) a fund in which a beneficiary that is not an institution has an interest, other than the interest that could arise upon violation or failure of the purposes of the fund. (6) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public cooperation, government or governmental subdivision, agency, or instrumentality, or other legal or commercial entity. (7) "Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment. (8) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. Effect of Amendment The 2008 amendment rewrote the section.
S.C. Code Ann. § 34-39-160 — SC Code / Title 34 / Chapter 39 / Section 34-39-160
SECTION 34-39-160. Qualifications for licensure.
Status: in_force

To qualify for a license issued pursuant to this chapter, an applicant shall have: (1) a minimum net worth, determined in accordance with generally accepted accounting principles, of at least twenty-five thousand dollars available for the operation of each location; and (2) the financial responsibility, character, experience, and general fitness so as to command the confidence of the public and to warrant belief that the business is operated lawfully, honestly, fairly, and efficiently.
S.C. Code Ann. § 34-29-190 — SC Code / Title 34 / Chapter 29 / Section 34-29-190
SECTION 34-29-190. Disposition of fees and other funds.
Status: in_force

All license fees, investigation fees, and other funds collected by the Board under the terms of this chapter, shall be paid over to the State Treasurer and shall be used to defray costs of administering this chapter, including salaries of assistant examiners and other clerical help found necessary and necessary travel expenses and subsistence.
S.C. Code Ann. § 34-28-700 — SC Code / Title 34 / Chapter 28 / Article 8 / Section 34-28-700
SECTION 34-28-700. Annual and other reports; examinations.
Status: in_force

(1) Every association, service corporation, savings and loan holding company, and subsidiary of any association or savings and loan holding company shall make an annual and those other reports as the Board may require, which must be in that form and filed on that date as may be prescribed by the Board. (2) The Board, without previous notice, may examine or cause an examination to be made into the affairs of every association, savings and loan holding company, service corporation, or subsidiary of any association or savings and loan holding company subject to this chapter. If an audit at least once each year is not conducted in a manner satisfactory to the Board, the examination by the Board shall include an audit. (3) In lieu of the examination, the Board may accept any examination made by a Federal Home Loan Bank, the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, or the savings association supervisory authority of other states. Two copies of any audit, signed and certified by the auditor making the audit, must be filed with the Board. (4) Whenever, in the judgment of the Board, the condition of any association, savings and loan holding company or any subsidiary, or service corporation thereof renders it necessary or expedient to make an extra examination or audit or to devote any extraordinary attention to its affairs, the Board shall cause the same to be done. A full and complete copy of the report of all examinations and audits must be furnished to the examined institution. The report of examination or audit must be presented by the president to the board of directors of the examined association or company at its next regular or special meeting. (5) The Board is authorized in connection with any examination or audit of any association, savings and loan holding company, or any service corporation or subsidiary thereof, to cause appraisals to be made of real estate or other property held by the company being audited or securing its assets when specific facts or information with respect to real estate or other property held, with respect to secured loans or lending, or when in the Board's opinion its policies, practices, operating results, and trends give evidence that its appraisals or valuations of ability to make payments may be excessive, that lending or investment may be a marginal nature, that appraisal policies and loan practices may not conform with generally accepted and established professional standards, or that real estate or other property held by it or assets secured by real estate or other property are overvalued. In lieu of causing these appraisals to be made, the Board may accept any appraisal caused to be made by a Federal Home Loan Bank, the Federal Home Loan Bank Board, or the Federal Savings and Loan Insurance Corporation. Unless otherwise ordered by the Board, appraisal of real estate or other property in connection with any examination or audit pursuant to this subsection must be made by a professional appraiser or appraisers selected by the Board, and the cost of the appraisal must be paid by the association, savings and loan holding company, or service corporation or subsidiary thereof directly to the appraiser or appraisers upon receipt by it of a statement of the cost bearing the written approval of the Board. A copy of the report of each appraisal caused to be made by the Board pursuant to this subsection must be furnished to the association, savings and loan holding company, or service corporation or subsidiary thereof within a reasonable time, not to exceed sixty days, following the completion of the appraisals and may in the case of an insured association be furnished to the insuring agency. (6) The Board and any of its examiners or auditors have free access to all books and papers of an association, savings and loan holding company, and any subsidiary or service corporation thereof doing business in this State which relate to its business and to the books and papers kept by an officer, agent, or employee, relating to or upon which any record of its business is kept. The Board may summon witnesses and administer oaths or affirmations in the examination of the directors, officers, agents, or employees of any association, savings and loan holding company, any service corporation or subsidiary thereof, or any other person in relation to its affairs, transactions, and conditions and may require and compel the production of records, books, papers, contracts, or other documents by court order, if not voluntarily produced.
S.C. Code Ann. § 34-28-300 — SC Code / Title 34 / Chapter 28 / Article 4 / Section 34-28-300
SECTION 34-28-300. Definitions.
Status: in_force

(1) "Acquire", as applied to an association or a savings and loan holding company, means any of the following actions or transactions: (a) The merger or consolidation of an association with another association or with a savings and loan holding company. (b) The acquisition of the direct or indirect ownership or control of voting shares of another association or savings and loan holding company if, after the acquisition, the acquiring association or savings and loan holding company will directly or indirectly own or control more than ten percent of any class of voting shares of the acquired association or savings and loan holding company. (c) The direct or indirect acquisition of all or substantially all of the assets of another association or savings and loan holding company. (d) The taking of any other action that would result in the direct or indirect control of another association or savings and loan holding company. (2) "Association" means a mutual or capital stock savings and loan association, savings association, building and loan association, or savings bank chartered under the laws of any one of the states or by the Federal Home Loan Bank Board, pursuant to the "Homeowner's Loan Act of 1933", 12 U.S.C. Section 1464, as amended, and whose deposits are eligible to be insured by the Federal Savings and Loan Insurance Corporation. (3) "Board" means the State Board of Financial Institutions. (4) "Branch office" means any office at which an association accepts deposits. The term branch office does not include: (a) Unmanned automatic teller machines, point-of-sale terminals, remote service units, or similar unmanned electronic banking facilities at which deposits may be accepted; (b) Offices located outside the United States; (c) Loan production offices, representative offices, service corporation offices, or other offices at which deposits are not accepted. (5) "Company" means that which is set forth in the Federal Savings and Loan Holding Company Act, 12 U.S.C. Section 1730a(a)(1)(C), as amended. (6) "Control" means that which is set forth in the Federal Savings and Loan Holding Company Act, 12 U.S.C. Section 1730a(a)(2), as amended. (7) "Deposits" means with respect to an association withdrawable or repurchaseable shares, investment certificates, all demand, time or savings deposits in an association held by individuals, partnerships, corporations, the United States Government, states, and political subdivisions in the United States, and other entities, exclusive of deposits (a) by foreign governments and foreign official institutions, and (b) by other associations. Determinations of deposits must be made by reference to regulatory reports of condition or similar reports filed by the association with applicable state or federal regulatory authorities. (8) "Federal association" means an association chartered by the Federal Home Loan Bank Board pursuant to the "Homeowner's Loan Act of 1933", 12 U.S.C. Section 1464, as amended. (9) "Principal place of business" of an association means the state in which the aggregate deposits of the association are the largest. For the purposes of this section, the principal place of business of a savings and loan holding company is the state where the aggregate deposits of the association subsidiaries of the holding company are the largest. (10) "Savings and loan holding company" means that which is set forth in the Federal Savings and Loan Holding Company Act, 12 U.S.C. Section 1730a(a)(1)(D), as amended. (11) "Service corporation" means any corporation, the majority of the capital stock of which is owned by one or more associations and which engages, directly or indirectly, in any activities similar to activities which may be engaged in by a service corporation in which an association may invest under the laws of one of the states or under the laws of the United States. (12) "South Carolina association" means an association organized under the laws of the State of South Carolina or under the laws of the United States and that: (a) Has its principal place of business in the State of South Carolina; (b) Which if controlled by an organization, the organization is either a South Carolina association, Southern Region association, South Carolina Savings and Loan Holding Company, or a Southern Region Savings and Loan Holding Company; (c) More than eighty percent of its total deposits other than deposits located in branch offices pursuant to Section 34-28-450(1) are in its branch offices located in one or more of the Southern Region states. (13) "South Carolina Savings and Loan Holding Company" means a savings and loan holding company that: (a) Has its principal place of business in the State of South Carolina; (b) Has total deposits of its Southern Region association subsidiaries and South Carolina association subsidiaries that exceed eighty percent of the total deposits of all association subsidiaries of the savings and loan holding company other than those association subsidiaries held under Section 34-28-450(1). (14) "Southern Region association" means an association other than a South Carolina association organized under the laws of one of the Southern Region states or under the laws of the United States and that: (a) Has its principal place of business only in a Southern Region state other than South Carolina; (b) Which if controlled by an organization, the organization is either a Southern Region association or a Southern Region savings and loan holding company; and (c) More than eighty percent of its total deposits other than deposits located in branch offices pursuant to Section 34-28-450(1) are in its branch offices located in one or more of the Southern Region states. (15) "Southern Region savings and loan holding company" means a savings and loan holding company that: (a) Has its principal place of business in a Southern Region state other than the State of South Carolina; (b) Has total deposits of its Southern Region association subsidiaries and South Carolina association subsidiaries that exceed eighty percent of the total deposits of all association subsidiaries of the savings and loan holding company other than those association subsidiaries held under Section 34-28-350(1). (16) "Southern Region states" means the states of Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia. (17) "State" means one of the states of the United States and also the District of Columbia. (18) "State association" means an association organized under the laws of one of the states. (19) "Subsidiary" means that which is set forth in the Federal Savings and Loan Holding Company Act, 12 U.S.C. Section 1730a(a)(1)(H), as amended.
S.C. Code Ann. § 34-29-40 — SC Code / Title 34 / Chapter 29 / Section 34-29-40
SECTION 34-29-40. Issuance or denial of license.
Status: in_force

(a) Upon the filing of the application and payment of the fees, the Board shall investigate the facts concerning the application and the requirements provided for in subsection (b) of this section. The Board shall notify the applicant and each licensee having a place of business in the community where the applicant proposes to do business of such application of a day it proposes to consider the application, which shall be not more than twenty days after the date of filing. If any licensee having a place of business in the community or other person files an objection within twenty days after the date of mailing such notice, or if as a result of a preliminary investigation the Board has any doubt of the applicant meeting the standards of subsection (b), the Board shall set a date and a time for a hearing of such application not less than thirty days nor more than forty-five days from the date of such mailing. (b) The Board shall grant or deny each application for a license which is accompanied by the required fees, within sixty days from the date of mailing said notice, unless extended by written agreement of the applicant and Board, if it shall find (1) that the financial responsibility, character, experience, and general fitness of the applicant are such as to command the confidence of the public and to warrant belief that the business will be operated lawfully, honestly, fairly and efficiently within the purposes of this chapter, which requirements shall be maintained during the period of the license, (2) that the applicant has available liquid assets of not less than twenty-five thousand dollars for operation of such business at the specified location; provided, that any licensed person engaged in the business of lending as of August 7, 1966 shall have five years from August 7, 1966 to meet this requirement, for the operation of such business at the specified location, and (3) allowing such applicant to engage in business will promote the convenience and advantage of the community in which the licensed office is to be located; thereupon, it shall enter an order granting the application, place on file its findings of fact and forthwith issue a license to the applicant. However, where the number of licensees in a community is less than two, upon properly qualified applications under clauses (1) and (2) hereof, the Board shall issue additional licenses as to bring the number of licenses to two in such community. (c) If the findings of the Board are not favorable, it shall place on file its findings of fact and enter an order denying the application and notifying the applicant of the denial, returning the license fee but retaining the investigation fee.
S.C. Code Ann. § 34-3-70 — SC Code / Title 34 / Chapter 3 / Article 1 / Section 34-3-70
SECTION 34-3-70. False statements concerning solvency of bank.
Status: in_force

Any person who shall falsely and wilfully and with intent to injure circulate any report or make any false oral statement as to the assets or liabilities of any bank in this State, its solvency or ability to meet its obligations or its soundness or who shall make any other false oral statement calculated to affect the credit or standing of such a bank or to cast suspicion upon its solvency, soundness or ability to meet its deposits or other obligations in due course shall be guilty of a misdemeanor and upon conviction thereof shall be fined not less than one hundred dollars nor more than five hundred dollars or be imprisoned for not more than one year, or both, in the discretion of the court.
S.C. Code Ann. § 34-30-760 — SC Code / Title 34 / Chapter 30 / Article 5 / Section 34-30-760
SECTION 34-30-760. Violations; statement, order of discontinuance and compliance; enforcement by court; application for hearing and suspension of order; notice; adjudication.
Status: in_force

If the board, as a result of an examination or from a report made to it, finds that a state savings bank or a service corporation or subsidiary is violating the provisions of its articles of incorporation or bylaws, the laws of this State or the United States, or any lawful order or regulation of the board, it shall state, by a formal written order delivered to the home office, the alleged violation, with a statement of the facts alleged to constitute the violation, and order discontinuance of the violation and compliance with all requirements of law. The order must specify its effective date, which may be immediate or may be at a later date, and it remains in effect until withdrawn by the board or until terminated by a court order. The order of the board, upon application made on or after its effective date by the board to the circuit court in the county in which the home office of the association or organization is located, may be enforced by the court. A state savings bank or company affected by an order of the board, after its receipt, shall have the right to apply within thirty days to a court of competent jurisdiction for an immediate hearing and order suspending the order of the board until the hearing has been completed. The hearing of the application to the court must be upon that notice to the board as the court shall provide. Whether upon application by the board or by the state savings bank or other company, the court has power to and shall adjudicate the question and enter the proper orders and enforce the same.
S.C. Code Ann. § 34-26-1220 — SC Code / Title 34 / Chapter 26 / Article 12 / Section 34-26-1220
SECTION 34-26-1220. Conversion of credit union to organization under laws of another state or United States; requirement of member approval.
Status: in_force

(1) A credit union incorporated under the laws of this State may be converted to a credit union organized under the laws of any state or under the laws of the United States, or a credit union organized under the laws of the United States or of any other state may convert to a credit union incorporated under the laws of this State. (2) To effect such a conversion, a credit union must receive the approval of a majority of the members voting in accordance with the credit union's bylaws on the question of a charter conversion and upon the approval of the credit union's current and future regulator. (3) The assets and liabilities of the predecessor credit union will vest in and become the property of the successor credit union subject to all existing liabilities against the predecessor credit union. Members of the predecessor credit union may become members of the successor credit union pursuant to this chapter. Effect of Amendment 2021 Act No. 30, SECTION 18, inserted the (1) designator and redesignated the second sentence as (2); in (2), deleted "two-thirds" following "approval of a"; and added (3).
S.C. Code Ann. § 34-3-660 — SC Code / Title 34 / Chapter 3 / Article 9 / Section 34-3-660
SECTION 34-3-660. Closed institutions may borrow or sell assets to Federal Deposit Insurance Corporation.
Status: in_force

With respect to any banking institution which is closed (a) on account of inability to meet the demands of its depositors, (b) by action of the Commissioner of Banking or of a court or (c) by action of its directors or in the event of its insolvency or suspension, the Commissioner of Banking or the receiver or liquidator of such institution with the permission of the Commissioner of Banking may borrow from the Federal Deposit Insurance Corporation and furnish any part or all of the assets of such institution to such Corporation as security for a loan from it. But when the Corporation is acting as such receiver or liquidator the order of a court of record of competent jurisdiction shall be first obtained approving such loan. Upon an order of a court of record of competent jurisdiction and with the permission of the Commissioner of Banking, the receiver or liquidator of any such institution may sell to the Corporation any part or all of the assets of such an institution. The provisions of this section shall not be construed to limit the power of any banking institution, the Commissioner of Banking or receivers or liquidators to pledge or sell assets in accordance with any existing law.
S.C. Code Ann. § 34-29-70 — SC Code / Title 34 / Chapter 29 / Section 34-29-70
SECTION 34-29-70. Licensing purchaser of business.
Status: in_force

Should a licensee sell his outstanding loan contracts and surrender his license, the Board shall issue a license to make loans under this chapter at the specific location from which the business sold was conducted to the purchaser of such loan contracts without reference to whether the convenience and advantage of the community will be promoted thereby and without the notice to other licensees as provided by Section 34-29-40 (a), if the purchaser shall qualify in all other respects for the issuance of such license.
S.C. Code Ann. § 34-5-90 — SC Code / Title 34 / Chapter 5 / Section 34-5-90
SECTION 34-5-90. Conservators may borrow to pay dividends or to reopen.
Status: in_force

The Board may, for the purpose of securing funds to pay a dividend to depositors or for the purpose of reopening any bank, banking corporation or trust company operated by a conservator under the Board, authorize and empower any conservator to borrow such sum of money, in the corporate name of such bank, banking corporation or trust company, as the Board may order, and evidence such indebtedness by a note or notes, payable at such time as the notes may provide and bearing such interest rate or discount as may therein be provided, securing the payment of such note by a pledge of all or any of the assets of such bank, banking corporation or trust company in the hands of such conservator. Any note and the pledge of any securities, assets or other property of any such conservator made and delivered as herein provided shall be binding upon and constitute a liability of any such bank, banking institution or trust company.
S.C. Code Ann. § 34-28-800 — SC Code / Title 34 / Chapter 28 / Article 9 / Section 34-28-800
SECTION 34-28-800. Foreign associations.
Status: in_force

(1) For the purpose of this section, "foreign association" includes any person, firm, company, association, fiduciary, partnership, or corporation, or whatever name called, actually engaged in the business of a savings association, which is not organized under the provisions of this chapter or the laws of the United States, and the principal business office of which is located outside the territorial limits of this State. (2) No foreign association shall do any business of a savings association within this State or maintain an office in this State for the purpose of doing business including, but not limited to, establishment of a branch office except as otherwise authorized by this chapter or otherwise by law. The origination of real estate mortgages covering real property located in this State or acquiring a participation interest in any mortgage is considered doing business as a savings association if the state of domicile of the principal business office of the foreign association does not permit associations from this State to originate real estate mortgages covering real property located in that state, unless an association having an authorized office in this State is either the originator of the mortgage or is a partner or joint venturer in the company that originates the mortgages. (3) The Board is authorized and required to obtain an injunction or to take any other action necessary to prevent any foreign association from doing any business of an association in this State. (4) Except as otherwise provided in subsection (2), for the purpose of this section and any other law of this State prohibiting, limiting, or regulating the doing of business in this State by foreign associations or foreign corporations of any type, any federal association the principal office of which is located outside this State, and any foreign association which is subject to state or federal supervision which by law are subject to periodic examination by these supervisory authorities and to a requirement of periodic audit, are not considered to be doing business in this State by reason of engaging in any of the following activities: (a) The purchase, acquisition, holding, sale, assignment, transfer, collecting, and enforcement of obligations or any interest therein secured by real estate mortgages or other instruments in the nature of a mortgage, covering real property located in this State, or the foreclosure of these instruments, or the acquisition of title to the property at foreclosure, or otherwise, as a result of default under these instruments, or the holding, protection, rental, maintenance, and operation of the property so acquired, or the disposition thereof; provided the associations shall not hold, own, or operate property for a period exceeding five years without securing the approval of the Board. (b) The advertising or solicitation of savings accounts or the making of any representations with respect thereto in this State through the medium of the mail, radio, television, magazines, or newspapers or any other medium which is published or circulated within this State provided that the advertising, solicitation, or the making of these representations is accurately descriptive of the facts. (5) Any foreign association or federal association described in subsection (4) which engages in any of the activities described in paragraph (a) thereof pursuant to the provisions of this section is subject to suit in the courts of this State by this State and the citizens of this State. Service on the association must be effected by serving the Secretary of State of this State, except that the provisions of this section shall have no other application to the questions of whether any foreign association or federal association is subject to service of process and suit in this State as a result of the transaction of business or other activities in this State.
S.C. Code Ann. § 34-29-80 — SC Code / Title 34 / Chapter 29 / Section 34-29-80
SECTION 34-29-80. Revocation, suspension, surrender, and reinstatement of licenses.
Status: in_force

(a) The Board may, if it has reason to believe that grounds for revocation of a license may exist, notify the licensee not less than thirty days before revoking the license and it shall specify in the notice the particulars of the alleged grounds for revocation, and shall offer the licensee proper opportunity to be heard in answer thereto. The reason or reasons for revocation of a license shall be one or more of the following: (1) The licensee has failed to pay the annual license fee. (2) The licensee has failed to operate the business of lending for a continuous period of sixty days or more, unless the licensee shall have, prior to a finding by the Board that such licensee is inoperative, secured the written approval of the Board to suspend business operations for a reasonable additional period. (3) The licensee, either knowingly or without the exercise of due care to prevent the same, has violated any provisions of this chapter or any regulation or order lawfully made pursuant to and within the authority of this chapter. (b) If the Board finds that probable cause for revocation of any license exists and that enforcement of the chapter requires immediate suspension of such license pending investigation, it may, upon ten days' written notice and a hearing, enter an order prohibiting such licensee from making any loans for a period not exceeding thirty days. (c) Whenever the Board shall revoke or suspend a license issued pursuant to this chapter, it shall enter an order to that effect and forthwith notify the licensee of the revocation or suspension. Within five days after the entry of such an order it shall place on file its findings of fact and a summary of the evidence supporting them and forthwith deliver a copy to the licensee. (d) Any licensee may surrender any license by delivering it to the Board with written notice of its surrender, but such surrender shall not affect his civil or criminal liability for acts committed prior thereto. (e) No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any obligor. (f) The Board may reinstate suspended licenses or issue new licenses to a person whose license or licenses have been revoked, if no fact or condition then exists which clearly would have justified the Board in refusing originally to issue such license under this chapter.
S.C. Code Ann. § 34-1-140 — SC Code / Title 34 / Chapter 1 / Section 34-1-140
SECTION 34-1-140. State preemption of lender regulation.
Status: in_force

A political subdivision of this State may not enact or enforce any ordinance, resolution, or rule regulating the financial or lending activities of a person or a subsidiary or affiliate of that person, including disqualification of a person from doing business with the political subdivision based upon lending interest rates or imposition of reporting requirements or other obligations upon a person regarding its financial services or lending practices, if that person or a subsidiary or an affiliate of that person: (1) is subject to the jurisdiction of the State Board of Financial Institutions; (2) is subject to the jurisdiction of the Office of Thrift Supervision, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Federal Deposit Insurance Corporation, the Federal Trade Commission, or the United States Department of Housing and Urban Development; (3) originates, purchases, sells, or assigns securities, services, property interests, or obligations created by a financial transaction or loan made, executed, or originated to assist or facilitate the transaction by a person referred to in item (1) or (2); or (4) sells or markets banking, insurance, securities, or commodities services provided by an institution or entity defined in or required to comply with the Federal Gramm-Leach-Bliley Financial Modernization Act, 113 Stat. 1338.
S.C. Code Ann. § 34-26-300 — SC Code / Title 34 / Chapter 26 / Article 3 / Section 34-26-300
SECTION 34-26-300. Application for credit union charter of incorporation; articles of incorporation and bylaws.
Status: in_force

(1) Any ten or more residents of this State, of legal age, who share one or more common bonds referred to in Section 34-26-500(2) with one thousand or more residents of this State may apply for a credit union charter by complying with this section. (2) The incorporators shall prepare, adopt, and execute in duplicate articles of incorporation and agree to the terms thereof. The articles shall state: (a) The credit union's name, and the location of the proposed credit union's principal place of business; (b) that the existence of the credit union shall be perpetual; and (c) the names and addresses of the incorporators to the articles of incorporation. (3) The incorporators shall prepare, adopt, and execute in duplicate bylaws consistent with this chapter for the general government of the credit union. (4) The incorporators shall select at least five persons who are eligible for membership and who agree to become members and serve on the board of directors, and at least three other persons who are eligible for membership and who agree to become members and serve on the supervisory committee. The persons selected to serve on the board of directors and supervisory committee shall execute an agreement to serve in these capacities until the first annual meeting or until the election of their respective successors, whichever is later. (5) The incorporators shall forward to the commissioner the incorporation fee, if any, the duplicate articles of incorporation and bylaws and the agreements to serve. Effect of Amendment The 1999 amendment, in (1), changed "a common bond" to "one or more common bonds".
S.C. Code Ann. § 34-26-600 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-600
SECTION 34-26-600. Authority of board of directors.
Status: in_force

The board of directors shall have the authority and responsibility for the oversight of the management of the business affairs, funds, and records of the credit union. The authority to direct shall be exercised by the board as a group and not individually.
S.C. Code Ann. § 34-3-630 — SC Code / Title 34 / Chapter 3 / Article 9 / Section 34-3-630
SECTION 34-3-630. Federal Deposit Insurance Corporation as receiver or liquidator.
Status: in_force

The Federal Deposit Insurance Corporation may, with the approval of the State Board of Bank Control, be and act without bond as receiver or liquidator of any banking institution the deposits in which are to any extent insured by the Corporation and which shall have been closed on account of inability to meet the demands of its depositors. The State Board of Bank Control may, in the event of such closing, tender to the Corporation the appointment as receiver or liquidator of such banking institution and, if the Corporation accepts such appointment, it shall have all the powers and privileges provided by the laws of this State with respect to a receiver or liquidator of a banking institution, its depositors and other creditors and be subject to all the duties of such receiver or liquidator.
S.C. Code Ann. § 34-30-1950 — SC Code / Title 34 / Chapter 30 / Article 9 / Section 34-30-1950
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.
Status: in_force

(A) Notwithstanding other law, a stock state savings bank, simultaneously with its incorporation or conversion to a stock state savings bank or after, may provide for its ownership by a holding company. In the case of a conversion, members of the converting state savings bank may purchase capital stock of the holding company instead of capital stock of the converted state savings bank in accordance with Section 34-30-330(C)(6). (B) Notwithstanding other law, a stock state savings bank may reorganize its ownership to provide for ownership by a holding company, upon adoption of a plan of reorganization by a favorable vote of not less than two-thirds of the members of the board of directors of the state savings bank and approval of the plan of reorganization by the holders of not less than a majority of the issued and outstanding shares of stock of the state savings bank. (C) Notwithstanding other law, a mutual state savings bank, with approval of the board, may reorganize its ownership to provide for ownership by a mutual holding company upon adoption of a plan of reorganization by favorable vote of not less than two-thirds of the members of the board of directors of the state savings bank and approval of the plan of reorganization by a majority of the voting members of the state savings bank. The plan of reorganization must provide that: (1) the resulting ownership of one or more subsidiary state savings banks is evidenced by stock shares owned directly by the mutual holding company or by the mutual holding company through one or more subsidiaries; (2) the substantial portion of the assets and all of the insured deposits, and part or all of the other liabilities are transferred, by way of merger or otherwise, to one or more subsidiary state savings banks; (3) the reorganization is not subject to state or federal income taxation; and (4) the plan of reorganization is fair and equitable to all members of the state savings bank. The mutual holding company may be organized by a method approved by the board. The articles of incorporation of the mutual holding company must confer on the depositors and borrowers of the reorganizing mutual state savings bank the same rights in the mutual holding company that they had in the mutual savings bank. For so long as the mutual holding company is in existence, the mutual holding company must own at least a majority of the voting stock of the state savings bank, or at least a majority of the voting stock of a company owning all of the voting stock of the state savings bank. (D) A holding company, including a mutual holding company, may invest in an investment authorized by its board of directors, except as limited by regulations adopted by the board under this article. (E) An entity that controls a stock state savings bank, or acquires control of a stock state savings bank, is a holding company.
S.C. Code Ann. § 34-28-630 — SC Code / Title 34 / Chapter 28 / Article 7 / Section 34-28-630
SECTION 34-28-630. Powers of attorney on deposit accounts.
Status: in_force

Any association or federal association may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals either in whole or in part from any deposit account to an account holder, whether minor or adult, until it receives written notice or is on actual notice of the revocation of his authority. For the purposes of this section, written notice of the death or adjudication of incompetency of the account holder constitutes written notice of revocation of the authority of his attorney. No association is liable for damages, penalty, or tax by reason of any payment made pursuant to this section.
S.C. Code Ann. § 34-28-250 — SC Code / Title 34 / Chapter 28 / Article 3 / Section 34-28-250
SECTION 34-28-250. Supervisory case; emergency conversion, reorganization and merger.
Status: in_force

(1) The Board may determine that an association is a supervisory case if it finds that: (a) The association is in an impaired condition (Section 34-28-30(10)); or (b) The association is in imminent danger of being in an impaired condition. Any of these findings by the Board must be based upon reports furnished to it by a savings and loan association examiner or upon other evidence from which it is reasonable to conclude that the association is a supervisory case. (2) Notwithstanding any other provisions of this chapter, if the Board finds that immediate action is necessary in order to prevent the probable failure of an association which is a supervisory case, the Board shall have the power, with the concurrence of the appropriate federal regulatory agency in the case of any association the deposits of which are insured by the Federal Savings and Loan Insurance Corporation, to issue an emergency order authorizing: (a) the conversion of the association into a federal association without change of business form; (b) the reorganization, merger, or consolidation of the association; (c) the conversion of the association into a capital stock association; or (d) any state or federal association to acquire the assets of and assume the liabilities of the failing association.
S.C. Code Ann. § 34-3-230 — SC Code / Title 34 / Chapter 3 / Article 3 / Section 34-3-230
SECTION 34-3-230. Directors may make and change bylaws.
Status: in_force

The directors of any bank may make and change bylaws, not inconsistent with law, regulating the manner in which the stock of the bank shall be transferred, its directors elected or appointed, its property transferred, its general business conducted and the privileges granted to it by law exercised and enjoyed.
S.C. Code Ann. § 34-26-660 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-660
SECTION 34-26-660. Purpose and composition of credit union supervisory committee; term of office.
Status: in_force

(1) Each credit union shall have a supervisory committee. The supervisory committee shall make or cause to be made an annual audit of the credit union and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union. The supervisory committee shall make or cause to be made such supplementary audits, examinations, and verifications of members' accounts as it deems necessary or as are required by the board or by the board of directors, and submit a report of these supplementary audits to the board of directors. It may investigate questions regarding the financial affairs of the credit union, and may by unanimous vote suspend any officer of the credit union or any member of the credit committee or the board of directors whom it might believe or suspect is failing to properly handle the credit union's financial affairs. (2) The supervisory committee shall consist of three members to be elected by and from the membership. Elections shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the supervisory committee shall hold office for such terms as the bylaws provide.
S.C. Code Ann. § 34-28-530 — SC Code / Title 34 / Chapter 28 / Article 6 / Section 34-28-530
SECTION 34-28-530. Direct ownership of real estate by associations.
Status: in_force

An association may directly own or invest in real estate, improved or unimproved, to be used for office and related facilities and for rental or sale, if the investment is made and maintained under a prudent program of property acquisition to meet the association's present needs or its reasonable future needs for office and related facilities.
S.C. Code Ann. § 34-1-100 — SC Code / Title 34 / Chapter 1 / Section 34-1-100
SECTION 34-1-100. Initiation of criminal prosecutions.
Status: in_force

The report shall be considered by the Board at its next meeting and should the Board conclude that the matters covered in such report of the Commissioner of Banking do constitute an apparent violation of existing statutes or rules or regulations of the Board, then the Board may direct the Commissioner of Banking to file a detailed written report of such apparent criminal violations of existing statutes or rules or regulations with the grand jury for the county in which the apparent criminal violations were committed, or direct him to make affidavit before a magistrate and obtain a warrant. The Board may direct the Commissioner of Banking to file a copy of the detailed written report of the apparent criminal violations with the solicitor for the judicial circuit in which the county in which the apparent criminal violations were committed is located.
S.C. Code Ann. § 34-15-20 — SC Code / Title 34 / Chapter 15 / Section 34-15-20
SECTION 34-15-20. Fiduciary bonds.
Status: in_force

Every such banking corporation appointed administrator, receiver, assignee, guardian or trustee, when fiduciary bonds are required of individual persons under like circumstances, shall be required to execute and file approved fiduciary bonds similar in every respect to the bonds required by law of private persons acting as such fiduciaries.
S.C. Code Ann. § 34-41-130 — SC Code / Title 34 / Chapter 41 / Section 34-41-130
SECTION 34-41-130. Promulgation of regulations.
Status: in_force

The board may promulgate regulations necessary to carry out the purposes of this chapter, to provide for the protection of the public, and to assist licensees in interpreting and complying with this chapter.
S.C. Code Ann. § 34-26-100 — SC Code / Title 34 / Chapter 26 / Article 1 / Section 34-26-100
SECTION 34-26-100. Short title.
Status: in_force

This chapter is known and may be cited as the "South Carolina Credit Union Act of 1996".
S.C. Code Ann. § 34-3-65 — SC Code / Title 34 / Chapter 3 / Article 1 / Section 34-3-65
SECTION 34-3-65. Opening of deposit accounts at special events; conditions.
Status: in_force

Financial institutions may provide for account service representatives to visit public events and commercial locations including governmental, educational, and health facilities for the purpose of opening deposit accounts and providing services incidental to opening these accounts. However, access is only available if the financial institution and the sponsor of the public event or the person responsible for the commercial location agree to have the financial institution at the event or location. Account paying and receiving services may not be provided during these visits other than an initial deposit to a new account.
S.C. Code Ann. § 34-39-210 — SC Code / Title 34 / Chapter 39 / Section 34-39-210
SECTION 34-39-210. Suspension or revocation of license.
Status: in_force

(A) The board may suspend or revoke a license issued pursuant to this chapter if, after notice and opportunity for hearing, the board issues written findings that the licensee has: (1) violated this chapter or applicable state or federal law; (2) made a false statement on the application for a license under the chapter; (3) refused to permit investigation by the board as authorized by this chapter; (4) failed to comply with an order of the board; (5) demonstrated incompetency or untrustworthiness to engage in the business of deferred presentment services; or (6) been convicted of a felony or misdemeanor involving fraud, misrepresentation, or deceit. (B) The board may not suspend or revoke a license issued pursuant to this chapter unless the licensee has been given notice and opportunity for hearing in accordance with the Administrative Procedures Act.
S.C. Code Ann. § 34-30-570 — SC Code / Title 34 / Chapter 30 / Article 4 / Section 34-30-570
SECTION 34-30-570. Board and agents, powers; failure to comply with subpoena, refusal to testify; contempt proceedings.
Status: in_force

(A) The board and the board's agents: (1) shall have free access to all books and records of a state savings bank, or its service corporation or holding company, that relate to its business, and the books and records kept by an officer, agent, or employee relating to or upon which any record is kept; (2) may subpoena witnesses and administer oaths or affirmations in the examination of any director, officer, agent, or employee of a state savings bank, or its service corporation or holding company or of another person in relation to its affairs, transactions, and conditions; (3) may require the production of records, books, papers, contracts, and other documents; and (4) may order that improper entries be corrected on the books and records of a state savings bank. (B) The board may issue subpoenas duces tecum. (C) If a person fails to comply with a subpoena or a party or witness refuses to testify on a matter, a court of competent jurisdiction, on the application of the board, shall compel compliance by proceedings for contempt as in the case of disobedience of the requirements of a subpoena issued from the court or a refusal to testify in the court.
S.C. Code Ann. § 34-41-30 — SC Code / Title 34 / Chapter 41 / Section 34-41-30
SECTION 34-41-30. Applicability of chapter; exceptions.
Status: in_force

This chapter shall not apply to: (1) a bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state; and (2) any person or entity principally engaged in the bona fide retail sale of goods or services, who either as an incident to or independently of a retail sale or service and not holding itself out to be a Level I or Level II check-cashing service, from time to time cashes checks, drafts, or money orders without a fee or other consideration.
S.C. Code Ann. § 34-45-10 — SC Code / Title 34 / Chapter 45 / Section 34-45-10
SECTION 34-45-10. Legislative findings.
Status: in_force

The South Carolina General Assembly finds that: (1) Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that include a chance to win prizes. (2) Savings promotion contests are not lotteries, because they do not require individuals to pay consideration for a chance to win a prize, and the individual maintains ownership of the money that is deposited into a savings or other qualifying account. (3) The prizes are funded through the interest that accrues across the pool of savings accounts participating in a savings promotion contest. (4) Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to certain conditions and authorization under state law. (5) Savings promotion contests in other states and countries have led to an increase in the number and amount of funds in personal savings accounts. (6) It is in the best interest of the citizens of South Carolina to encourage increases in personal savings accounts.
S.C. Code Ann. § 34-29-20 — SC Code / Title 34 / Chapter 29 / Section 34-29-20
SECTION 34-29-20. License; exemptions; loans violating requirements are void.
Status: in_force

(a) No person shall engage in the business of lending in amounts of seventy-five hundred dollars or less and contract for, exact or receive directly or indirectly, or in connection with any such loan, any charges, whether for interest, compensation, consideration or expense, which in the aggregate are greater than the interest rate permitted by the general usury statute, except as provided in and authorized by this chapter and without first having obtained a license from the Board. (b) This chapter does not apply to any person doing business under authority of and as permitted by any law of this State or of the United States relating to banks, savings and loan associations, savings banks, trust companies, insurance companies, credit unions or licensed pawnbrokers; and does not apply to loans made to a corporation. (c) The provisions of subsection (a) of this section shall apply to any person who seeks to avoid its application by any device, subterfuge or pretense whatsoever. (d) Any contract of loan, the making or collecting of which violates subsection (a) of this section shall be void and the lender shall have no right to collect, receive or retain any principal, interest or charges whatsoever, except in the case of bona fide error. (e) Any person and the several members, officers, directors, agents and employees thereof, who shall knowingly or wilfully violate or participate in the violation of any of the provisions of subsection (a) of this section shall be deemed guilty of a misdemeanor and, upon conviction thereof, shall be punishable by a fine of not more than one thousand dollars and not less than one hundred dollars, or by imprisonment for not more than six months, or by both such fine and imprisonment in the discretion of the court.
S.C. Code Ann. § 34-1-130 — SC Code / Title 34 / Chapter 1 / Section 34-1-130
SECTION 34-1-130. Study of capital reserve position of financial institutions; report.
Status: in_force

The State Board of Financial Institutions is directed to conduct an annual study as to the capital reserve position of all financial institutions and intermediaries subject to its supervision and to report its findings to the General Assembly, including recommended legislation, if any, in its annual report to the General Assembly.
S.C. Code Ann. § 34-30-520 — SC Code / Title 34 / Chapter 30 / Article 4 / Section 34-30-520
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.
Status: in_force

(A) The board may establish procedures to implement a provision of this chapter and to define a term not defined in the chapter so as to foster and maintain an effective level of savings bank services and the security of depositor accounts. The provisions of the State Administrative Procedures Act apply to all regulations of the board under this chapter. (B) After ten days' notice and hearing in which the savings bank may appear, the board may issue a cease and desist order, having determined from competent and substantial evidence that a savings bank is engaged or has engaged or when the board has reasonable cause to believe the savings bank is about to engage in an unsafe or unsound practice, or is violating or has violated or the board has reasonable cause to believe is about to violate a material provision of a law, regulation, or a condition imposed in writing by the board or a written agreement made with the board. (C) After ten days' notice and hearing in which the director, officer, or committee member may appear, the board may suspend from office and prohibit from further participation in the conduct of the affairs of a savings bank any director, officer, or committee member who has committed a violation of a law, regulation, or of a cease and desist order or who has engaged or participated in an unsafe or unsound practice in connection with the savings bank or who has committed or engaged in any act, omission, or practice which constitutes a breach of that person's fiduciary duty as any director, officer, or committee member, when the board has determined that the action or actions have resulted or will result in substantial financial loss or other damage that seriously prejudices the interests of the depositors. (D) By issuing operational instructions, the board may authorize state savings banks to engage in activities approved for federally chartered savings banks.
S.C. Code Ann. § 34-26-210 — SC Code / Title 34 / Chapter 26 / Article 2 / Section 34-26-210
SECTION 34-26-210. Discretionary powers of board.
Status: in_force

(1) The board may establish procedures to implement any provision of this chapter and to define any term not defined in the chapter. Such procedures shall serve to foster and maintain an effective level of credit union services and the security of member accounts. The provisions of the State Administrative Procedures Act shall apply to all regulations of the board under this chapter. (2) The board may restrict the withdrawal of shares or deposit accounts or both from any credit union having determined circumstances exist which make such restriction necessary for the proper protection of shareholders or depositors. (3) The board may issue cease and desist orders having determined from competent and substantial evidence that a credit union is engaged or has engaged, or when the board has reasonable cause to believe the credit union is about to engage, in an unsafe or unsound practice, or is violating or has violated or the board has reasonable cause to believe is about to violate a material provision of any law, regulation, or any condition imposed in writing by the board or any written agreement made with the board. (4) The board may suspend from office and prohibit from further participation in any manner in the conduct of the affairs of a credit union any director, officer, or committee member who has committed any violation of a law, regulation, or of a cease and desist order or who has engaged or participated in any unsafe or unsound practice in connection with the credit union or who has committed or engaged in any act, omission, or practice which constitutes a breach of that person's fiduciary duty as such director, officer, or committee member, when the board has determined that such action or actions have resulted or will result in substantial financial loss or other damage that seriously prejudices the interests of the members. (5) By issuing operational instructions, the board may authorize state credit unions to engage in activities approved for federally-chartered credit unions.
S.C. Code Ann. § 34-29-166 — SC Code / Title 34 / Chapter 29 / Section 34-29-166
SECTION 34-29-166. Insurance provided by creditor; delivery of policy; information on policy.
Status: in_force

If a creditor provides insurance, the insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor at the time of the transaction where the debtor is present at the creditor's place of business. If the debtor is not present at the creditor's place of business at the time of the transaction, the individual policy or certificate of insurance must be sent to him at his address as stated by him, within thirty days after the term of the insurance commences under the agreement between the creditor and debtor or the creditor shall promptly notify the debtor of any failure or delay in providing the insurance. Each policy or certificate of credit life insurance or credit accident and sickness insurance shall set forth the following on the first page of the policy or attached thereto in a manner that is clear and conspicuous and achieves a grade level score of no higher than seventh grade on the Flesch-Kincaid readability test: (a) the name, address, and telephone number of the insurer and the process to be followed in submitting a claim; (b) the name or names of the debtor, or in the case of a certificate, the identity by name or otherwise of the debtor; (c) the age or date of birth of the debtor; (d) the premium or amount payable by the debtor separately for credit life insurance and credit accident and sickness insurance; (e) a description of the coverage including the amount and term of the coverage, and any exceptions, limitations, or restrictions; (f) a statement that the benefits shall be paid to the creditor to reduce or extinguish the unpaid indebtedness; (g) a statement that, if the amount of insurance exceeds the amount necessary to discharge the indebtedness, any excess shall be payable to a beneficiary, other than the creditor, named by the debtor or to the debtor's estate; (h) a conspicuous statement that the insured debtor shall have the right to cancel the insurance policy or group certificate and have all the premiums paid by or charged to the insured debtor refunded or credited, upon giving written notice to the insurer within thirty days from the date the insured debtor received the policy or certificate; (i) a conspicuous statement which reads as follows: "For specific information about credit insurance issued in conjunction with your loan, contact your creditor or your insurance company. For general information about credit insurance or complaints regarding your credit insurance, please contact the South Carolina Department of Insurance at [current toll-free number]."; and (j) the provisions of this section do not apply to insurance for which no identifiable charge is made to the debtor.
S.C. Code Ann. § 34-26-510 — SC Code / Title 34 / Chapter 26 / Article 5 / Section 34-26-510
SECTION 34-26-510. Organizations eligible for credit union membership.
Status: in_force

Organizations comprised entirely of individuals who are eligible for membership in the credit union may be admitted to membership. Likewise, organizations, one of whose principal functions is to provide services to persons who are eligible for membership in the credit union, may be admitted to membership. Other organizations having a commonality of interest with the credit union may be admitted to membership with the approval of the commissioner.
S.C. Code Ann. § 34-26-640 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-640
SECTION 34-26-640. Meetings of board; frequency of meetings.
Status: in_force

(A) The board of directors shall meet as often as necessary and at least quarterly. (B) Unless the bylaws provide otherwise, one regular meeting each calendar year must be conducted in person. If a quorum is present in person for the annual in person meeting, then the remaining board members may participate using audio or video teleconference methods. The other regular meetings may be conducted using audio or video teleconference methods. Effect of Amendment 2018 Act No. 186, SECTION 3, inserted the (A) designator and added (B), relating to meeting requirements. 2021 Act No. 30, SECTION 16, in (A), substituted "as often as necessary and at least quarterly" for "at least monthly and at other times as is necessary".
S.C. Code Ann. § 34-3-350 — SC Code / Title 34 / Chapter 3 / Article 5 / Section 34-3-350
SECTION 34-3-350. Directors shall review reports of examinations.
Status: in_force

Upon the examination of any state banking institution, the Commissioner of Banking shall, as soon as he can conveniently do so, forward a copy of the report of the examination to the chief executive of the bank who shall, within thirty days of receipt of the report, call a meeting of the directors of the bank for the purpose of reviewing the report and taking such action as is necessary. In forwarding such report to the chief executive, the commissioner shall use the form of notice contained in Section 34-3-360 and in certifying that such reports have been reviewed by the directors, the banking institution shall use the form contained in Section 34-3-370, and all directors who were present at the meeting shall sign the form contained in Section 34-3-370, certifying that they have received the report of the commissioner. Effect of Amendment 2021 Act No. 30, SECTION 2, rewrote the section.
S.C. Code Ann. § 34-21-260 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-260
SECTION 34-21-260. Propriety of investments in fund.
Status: in_force

Any trust institution in its capacity as a fiduciary or cofiduciary, whether such fiduciary capacity arose before or is created after this article takes effect, may invest funds which it lawfully holds for investment in such capacity in participations in one or more common trust funds, if such investment is not prohibited by the instrument, judgment, decree or order creating the fiduciary relationship, and if, in the case of cofiduciaries, the trust institution procures the consent of its cofiduciary or cofiduciaries to such investment.
S.C. Code Ann. § 34-3-50 — SC Code / Title 34 / Chapter 3 / Article 1 / Section 34-3-50
SECTION 34-3-50. Officers and employees must be bonded.
Status: in_force

All active officials and employees of any State bank shall be bonded. The bonds shall be reviewed and approved or disapproved in writing annually by the board of directors.
S.C. Code Ann. § 34-26-1000 — SC Code / Title 34 / Chapter 26 / Article 10 / Section 34-26-1000
SECTION 34-26-1000. Investment of credit union funds; investment committee.
Status: in_force

The board of directors shall have charge of the investments of funds, except that the board may designate an investment committee or investment officer to make investments in its behalf, under written investment policies established by the board.
S.C. Code Ann. § 34-3-330 — SC Code / Title 34 / Chapter 3 / Article 5 / Section 34-3-330
SECTION 34-3-330. Federal examinations.
Status: in_force

Any examination made under the authority of any agency of the Federal Government may be accepted by the Board, in its discretion, as equivalent to an examination made under the terms of Section 34-3-320.