S.C. Code Ann. § 34-29-162 — SC Code / Title 34 / Chapter 29 / Section 34-29-162
SECTION 34-29-162. Refinancing loan; nonlapsed insurance coverage.
Status: in_force

If a consumer defers, refinances, or consolidates a loan and the insurance coverage upon the original loan has not lapsed: (1) incontestability and waiting periods for insurance coverage, up to the amount of the coverage remaining at the time of the deferral, refinancing, or consolidation and for an additional period not to exceed the length of the term of the original insurance, must be based upon the date on which the insurer originally insured the debtor with respect to the insurance coverage on the indebtedness that is deferred, refinanced, or consolidated; and (2) the insurance coverage, up to the amount of the coverage remaining at the time of the deferral, refinancing, or consolidation and for an additional period not to exceed the length of the term of the original insurance, on the indebtedness that is deferred, refinanced, or consolidated may not be subject to evidence of insurability. The provisions of this section do not apply to insurance for which no identifiable charge is made to the debtor.
S.C. Code Ann. § 34-26-870 — SC Code / Title 34 / Chapter 26 / Article 8 / Section 34-26-870
SECTION 34-26-870. Credit union participation in joint loan with other credit union.
Status: in_force

A credit union may participate in loans to credit union members jointly with other credit unions pursuant to written policies established by the board of directors. A credit union which originates such a loan shall retain an interest of at least ten percent of the face amount of the loan.
S.C. Code Ann. § 34-30-1660 — SC Code / Title 34 / Chapter 30 / Article 8 / Section 34-30-1660
SECTION 34-30-1660. Adverse claims to accounts.
Status: in_force

Notice to a state savings bank of an adverse claim to a deposit account on the books of the state savings bank to the credit of a person does not cause the state savings bank to recognize the adverse claimant unless the adverse claimant also either: (1) procures a restraining order, injunction, or other appropriate process against the state savings bank from a court in a case instituted by him in which the person to whose credit the account stands is made a party and served with process; or (2) executes to the state savings bank, in a form and amount and with sureties acceptable to it, a bond indemnifying the state savings bank from and against all liability, loss, damage, costs, and expenses, for and on account of the payment of the adverse claim or the dishonor of a draft or other order by the person to whose credit the account stands on the books of the state savings bank.
S.C. Code Ann. § 34-13-150 — SC Code / Title 34 / Chapter 13 / Section 34-13-150
SECTION 34-13-150. Investment of funds in federal savings and loan associations and building and loan associations.
Status: in_force

It shall be lawful for any building and loan association, bank, trust company or other financial institution operating or doing business in the State or under the laws of the State or the United States, any national bank or the receiver of any bank, trust company, building and loan association or other financial institution operating under the laws of this State or of the United States to invest its funds or the moneys in its custody or possession eligible for investment in the shares of any Federal savings and loan association or in the shares of any building and loan association organized and existing under the laws of this State when such shares are insured by the Federal Savings and Loan Insurance Corporation and also in the bonds or debentures issued by any Federal home loan bank or in the consolidated bonds or debentures issued by the Federal Home Loan Bank Board.
S.C. Code Ann. § 34-28-210 — SC Code / Title 34 / Chapter 28 / Article 3 / Section 34-28-210
SECTION 34-28-210. Conversion of federal association into state-chartered association without change of business form.
Status: in_force

Any federal association may apply to the Board for permission to convert itself without any change in business form into an association operated under the provisions of this chapter, in accordance with the following procedures: (a) The board of directors shall approve a plan of conversion by resolution adopted by a majority vote of all the directors present at the meeting at which the plan is considered. The plan shall include, among other terms: 1. Financial statements of the association as of the last day of the month preceding adoption of the plan; 2. Financial data as may be required by the Board to determine compliance with federal law or regulations regarding insurance, reserve requirements, liquidity, and those other federal regulatory requirements as may exist respecting financial condition; and 3. Other information as the Board may by regulation require. (b) The plan of conversion must be executed by a majority of the board of directors and submitted to the Board for approval prior to any vote on conversion by the members or stockholders. (c) The Board may approve or disapprove the plan in its discretion, but it shall not approve the plan unless it finds that the association complies sufficiently with the requirements of this chapter to entitle it to become an association operating under this chapter and the regulations of the Board. The Board may deny any application from any federal association that is subject to any cease and desist order or other supervisory restriction or order imposed by the federal supervisory authority or insurer. (d) If the Board approves the plan of conversion, the question of the conversion may be submitted to members or stockholders at an annual meeting or at any special meeting of the members or stockholders called to consider the action. Any federal association may then convert itself into an association under this chapter upon a vote of a majority or more of the total number of votes of the members or stockholders of the federal association eligible to be cast at the meeting. Copies of the minutes of the proceedings of the meeting of members or stockholders, verified by the affidavit of the secretary or an assistant secretary, must be filed in the office of the Board and mailed to the Federal Home Loan Bank Board, Washington, D.C., within ten days after the meeting. Verified copies of the proceedings of the meeting when so filed are presumptive evidence of the holding and action of the meeting. At the meeting at which conversion is voted upon, the members or stockholders shall also vote upon the directors who will be the directors of the state-chartered association after conversion takes effect. These directors shall then execute the Articles of Incorporation and two copies of the bylaws. The association shall insert in the Articles of Incorporation the following: "This association is incorporated by conversion from a federal association." All of the directors who are chosen for the association shall sign and acknowledge the Articles of Incorporation as incorporators. The provisions of this chapter shall, so far as applicable, apply to any conversion governed by this section. All the applicable provisions regarding property and other rights contained in Section 34-28-200 shall apply to the conversion of a federal association into an association incorporated under this chapter, so that the state-chartered association is a continuation of the corporate entity of the converting federal association and continues to have all of its property and rights. All rights, powers, and privileges respecting the holding of proxies of a converting association shall continue in full force and effect after the conversion. (e) The application for conversion of a federal association into an association operating under the provisions of this chapter must be accompanied by a nonrefundable filing fee established by the Board.
S.C. Code Ann. § 34-11-80 — SC Code / Title 34 / Chapter 11 / Section 34-11-80
SECTION 34-11-80. Stopping payment on check, draft, or order with intent to defraud.
Status: in_force

It shall be unlawful for any person with intent to defraud to stop payment on any check, draft or other written order on any bank or depository for the payment of money or its equivalent when such check, draft or other written order was given to obtain money, credit, goods or services; provided, that such money, credit, goods or services were as represented at the time of the issuance of any check, draft or written order. Any person so convicted shall be punished by a fine or imprisonment as provided for in Section 34-11-90. This section shall not apply to a postdated check nor to any check, draft or written order where the payee or holder thereof knows or has good and sufficient reason to believe that the drawer did not have sufficient funds on deposit to his credit with the drawee to insure payment thereof.
S.C. Code Ann. § 34-26-540 — SC Code / Title 34 / Chapter 26 / Article 5 / Section 34-26-540
SECTION 34-26-540. Retention of membership.
Status: in_force

Members who cease to be eligible for membership may be permitted to retain their membership in the credit union, under reasonable standards established by the board of directors.
S.C. Code Ann. § 34-28-600 — SC Code / Title 34 / Chapter 28 / Article 7 / Section 34-28-600
SECTION 34-28-600. Deposit accounts; general conditions.
Status: in_force

(1) Subject to Section 34-28-500, deposit accounts may be opened or deposits made and held by, or in trust or other fiduciary capacity for, any person, political subdivision, public unit, or governmental unit. Savings accounts are transferable only on the books of the association after proper written application by the transferee and acceptance by the association of the transferee as an account holder. The association may treat the holder of record of a savings account as the owner thereof for all purposes without being affected by a notice to the contrary unless the association has acknowledged in writing notice of a pledge of the savings account. (2) Each account holder shall execute a deposit account contract setting forth any special terms and provisions; however, the ownership thereof and the conditions upon which withdrawals may be made may not be inconsistent with the provisions of this chapter. (3) An account book, separate certificate, written statement, card, device, or other evidence, or means of access of identity, evidencing the ownership of the account must be issued to each savings account holder of record as shown by the books of the association. (4) Upon the filing with an association by the holder of record as shown by the books of the association, or by his legal representative, of an affidavit to the effect that the evidence of ownership of a savings account with the association has been lost or destroyed and that the evidence of ownership has not been pledged or assigned in whole or in part, the association shall issue a new evidence of ownership in the name of the holder of record, the evidence stating that it is issued in lieu of the one lost or destroyed, provided that the board of directors may require a bond in an amount it deems sufficient to indemnify the association against any loss which might result from the issuance of a new evidence of ownership.
S.C. Code Ann. § 34-9-20 — SC Code / Title 34 / Chapter 9 / Section 34-9-20
SECTION 34-9-20. Additional ten percent of capital must be paid in.
Status: in_force

In addition to full payment for the capital stock proposed to be issued, the applicants for a charter for a banking corporation or company shall furnish satisfactory evidence to the State Board of Bank Control that an additional sum of ten percent of the proposed capital of the bank is in hand and available for the purpose of defraying all organization expenses. The fees to be collected by the State shall be included within the meaning of the term organization expenses.
S.C. Code Ann. § 34-26-790 — SC Code / Title 34 / Chapter 26 / Article 7 / Section 34-26-790
SECTION 34-26-790. Requirement of incorporators to apply for insurance prior to application for charter.
Status: in_force

(1) Before the incorporators of a credit union forward the application to the Board of Financial Institutions under Section 34-26-300(5), they shall apply for insurance on share and deposit accounts provided by the National Credit Union Administration under Title II of the Federal Credit Union Act or subsequent federal agency. (2) A credit union which has lost its commitment for such insurance shall immediately notify the commissioner and commence steps to either liquidate or merge with an insured credit union. (3) No application to form a credit union shall be approved by the Board of Financial Institutions to form a credit union unless they have obtained a commitment for insurance of its share and deposit accounts. (4) The Board of Financial Institutions may share reports of condition and examination reports with the insuring organization.
S.C. Code Ann. § 34-28-550 — SC Code / Title 34 / Chapter 28 / Article 6 / Section 34-28-550
SECTION 34-28-550. Dealing with successors in interest.
Status: in_force

With respect to any investment made by an association in a loan, in the event the ownership of the security for the loan or any part thereof becomes vested in a person other than the parties originally executing the security instruments, and provided there is not an agreement in writing to the contrary, the association may, without notice to the original parties, deal with the successors in interest with reference to the security and the debt thereby secured in the same manner as if the property were owned by the original parties, and may forbear to sue or may extend time for payment of or otherwise modify the terms of the debt secured thereby, without discharging or in any way affecting the original liability of the parties thereunder or under the debt thereby secured.
S.C. Code Ann. § 34-30-1260 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1260
SECTION 34-30-1260. Repayment plan; written agreement required.
Status: in_force

Subject to rules or regulations as the board prescribes, a state savings bank must agree in writing with borrowers as to the method or plan by which an indebtedness must be repaid.
S.C. Code Ann. § 34-26-390 — SC Code / Title 34 / Chapter 26 / Article 3 / Section 34-26-390
SECTION 34-26-390. Exemption of credit union from business license tax.
Status: in_force

Credit unions organized under this chapter are exempt from business license taxes.
S.C. Code Ann. § 34-26-780 — SC Code / Title 34 / Chapter 26 / Article 7 / Section 34-26-780
SECTION 34-26-780. Account lien; right of set-off.
Status: in_force

The credit union shall have a lien on the share accounts and accumulated dividends of a member for any sum owed the credit union by the member and for any loan endorsed by him. The credit union shall also have a right of immediate set-off with respect to every deposit account. The credit union may waive its right to a lien, to immediate set-off, to restrict withdrawals, or to any combination of such rights with respect to any share or deposit account or groups of such accounts.
S.C. Code Ann. § 34-30-120 — SC Code / Title 34 / Chapter 30 / Article 2 / Section 34-30-120
SECTION 34-30-120. Approval or disapproval of application; order; filing of articles; corporate existence; certificate of authorization, commencement of business; limitation on ownership or control.
Status: in_force

(A) After consideration of its findings, and the consideration of other information and evidence, the board shall approve or disapprove the application. The board shall approve the application if it finds that the articles of incorporation are in compliance with Section 34-30-90 and that there is compliance with the criteria in Section 34-30-110, the remainder of this chapter, regulations, and the 1976 Code. The order approving the application may impose reasonable conditions which must be met before a certificate of authorization to transact business is issued. (B) If the board approves the application, the applicant shall file its articles of incorporation with the Secretary of State. (C) The corporate existence of a state savings bank begins on the date the approved articles of incorporation are filed with the Secretary of State, unless otherwise provided in the articles of incorporation, but the state savings bank may not commence business before it is in possession of a certificate of authorization to transact business as provided in Section 34-30-150. (D) A subscriber to the stock of a proposed stock state savings bank, other than its holding company, shall not own or control as principal more than ten percent of a class of voting shares of the state savings bank or its holding company.
S.C. Code Ann. § 34-30-1750 — SC Code / Title 34 / Chapter 30 / Article 8 / Section 34-30-1750
SECTION 34-30-1750. Powers to acquire and be acquired.
Status: in_force

A state savings bank and its holding company shall have the same powers to acquire and be acquired as a state bank and its holding company as provided in Chapter 25 of Title 34.
S.C. Code Ann. § 34-21-210 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-210
SECTION 34-21-210. Definitions.
Status: in_force

The following terms used in this article shall have the meanings ascribed to them in this section unless the context indicates otherwise: (1) "Trust institution" means any state bank, any national bank, any building and loan association, savings association, savings and loan association, savings bank, or any trust company authorized to conduct a trust business in this State, or any trust company, authorized to act in a fiduciary capacity in this State, and under the supervision of the Comptroller of the Currency of the United States, or the Federal Reserve System, or the State Board of Bank Control of South Carolina; (2) The term "fiduciary" means a trust institution undertaking to act alone or jointly with others primarily for the benefit of another in all matters connected with its undertaking and includes trustee, executor, administrator, guardian of estates, committee of estates of persons non compos mentis, and managing agent; (3) The term "common trust fund" means a fund maintained by a trust institution, exclusively for the collective investment and reinvestment of moneys contributed thereto by the institution in its capacity as a fiduciary or cofiduciary and established, maintained and administered pursuant to the requirements of this article; (4) The term "estate" or "estates" means any trust, estate or fund administered by a trust institution in a fiduciary capacity; (5) The term "participation" means the interest of a participating estate in the common trust fund; (6) The term "security" or "securities" means all types of property in which the trust institution is authorized to invest the assets of the common trust fund; and (7) The term "managing agency" means the fiduciary relationship assumed by a bank upon the creation of an account so entitled which confers investment discretion on the bank and imposes upon it the fiduciary responsibilities imposed upon trustees under will or deed. (8) The term "affiliate" means any bank, state or national, or trust company which is (i) duly authorized to act as a fiduciary, wherever located, (ii) under the supervision of the Comptroller of the Currency of the United States, the Federal Reserve System, or a state banking regulatory board or commission, and (iii) a member of the same affiliated group, as defined in Section 1504 of the Internal Revenue Code of 1954, as amended, as a particular trust institution.
S.C. Code Ann. § 34-26-200 — SC Code / Title 34 / Chapter 26 / Article 2 / Section 34-26-200
SECTION 34-26-200. Responsibility of Board of Financial Institutions.
Status: in_force

The Board of Financial Institutions shall be responsible for the supervision and regulation of credit unions incorporated under this chapter.
S.C. Code Ann. § 34-3-10 — SC Code / Title 34 / Chapter 3 / Article 1 / Section 34-3-10
SECTION 34-3-10. Use of "bank" or "banking" by other than banking institutions.
Status: in_force

(A) A person in this State, other than a legalized incorporated banking institution, may not use the word "bank" or "banking" in connection with a business, calling, or pursuit; except that a state-chartered savings and loan association may change its designation and name to a "savings bank" pursuant to the same authority and subject to the same rules and regulations that federally-chartered savings and loan associations are permitted to make that change according to the provisions of Public Law 97-320 (the Garn-St. Germain Depository Institutions Act of 1982). A person violating the provisions of this subsection must be fined not less than one thousand dollars and not more than ten thousand dollars or imprisoned not more than ten years or less than one year, or both fined and imprisoned, all in the discretion of the court. (B)(1) A person in this State may not use the name or logo of a banking entity in connection with the sale, offering for sale, or advertising of a financial product or service without the written consent of that banking entity. A person violating this subsection must be fined not less than five hundred dollars and not more than one thousand dollars for each separate use of the name or logo of a banking entity in connection with the sale, offering for sale, or advertising of a financial product or service without the written consent of the banking entity. (2) A banking entity may file an action to enjoin the use of its name or logo in connection with the sale, offering for sale, distribution, or advertising of a financial product or service without its written consent. A court of competent jurisdiction may grant an injunction to restrain the wrongful use and may require the defendants to pay to the banking entity all profits derived from, and all damages suffered by reason of, the wrongful use of the name or logo, including costs and reasonable attorney's fees. (3) The remedies of this subsection are not exclusive and do not preclude the use of another remedy at law. Effect of Amendment The 2008 amendment designated and rewrote subsection (A) and added subsection (B) relating to use of banking entity's logo or name in connection with the sale of a financial product or service.
S.C. Code Ann. § 34-5-30 — SC Code / Title 34 / Chapter 5 / Section 34-5-30
SECTION 34-5-30. Federal Deposit Insurance Corporation as conservator.
Status: in_force

Nothing contained in this chapter shall be construed to prevent the Board from appointing the Federal Deposit Insurance Corporation conservator or receiver of any closed bank and the Board may in its discretion so appoint the Federal Deposit Insurance Corporation as conservator or receiver of any closed bank as provided for under the terms of Section 264, Title 12, United States Code Annotated (49 Statute 684) and the provisions of Section 34-3-630.
S.C. Code Ann. § 34-36-60 — SC Code / Title 34 / Chapter 36 / Section 34-36-60
SECTION 34-36-60. Actions to enjoin violations; impounding of property; appointment of receiver or administrator; order of restitution.
Status: in_force

(A) In addition to other remedies set forth in this chapter, whenever the department determines, from evidence satisfactory to it, that any person has engaged, is engaged, or is about to engage in an act or practice constituting a violation of this chapter or a regulation promulgated hereunder, the department may bring action in the name and on behalf of the State against the person and any other person concerned in that practice in violation of this chapter to enjoin the person or persons from continuing the violation. In the court proceedings, the department may apply for and on due showing is entitled to have issued, the court's subpoena requiring the appearance of any defendant and his employees or agents to testify or give evidence concerning the acts or conduct or things complained of in the application for injunction, and requiring the production of documents, books, and records that may appear necessary for the hearing of the petition. (B) In addition to all other means provided by law for the enforcement of any temporary restraining order, temporary injunction, or permanent injunction issued in the court proceedings, the court shall have the power, upon application of the department, to impound and to appoint a receiver or administrator for the property, assets, and business of the defendant, including, but not limited to, the books, records, documents, and papers appertaining thereto. The receiver or administrator, when appointed and qualified, shall have all powers and duties as to custody, collection, administration, winding up, and liquidation of this property and business as is from time to time conferred upon him by the court. In the action, the court may issue orders and decrees staying all pending suits and enjoining any further suits affecting the receiver's or administrator's custody or possession of this property, assets, and business, or in its discretion may with the consent of the chief administrative judge of the circuit, require that all these suits be assigned to the circuit court judge appointing this receiver or administrator. (C) In addition to any other remedies provided by this chapter, the department may apply to the court hearing this matter for an order of restitution whereby the defendants in the action must be ordered to make restitution of those sums shown by the department to have been obtained by them in violation of any of the provisions of this chapter. The restitution, at the option of the court, must be payable to the administrator or receiver appointed pursuant to this section or directly to the persons whose assets were obtained in violation of this chapter.
S.C. Code Ann. § 34-1-120 — SC Code / Title 34 / Chapter 1 / Section 34-1-120
SECTION 34-1-120. Penalties for obstructing Commissioner of Banking.
Status: in_force

Any person who obstructs or interferes with the Commissioner of Banking or any of his assistants or agents in any way in performance of his duties, shall, upon conviction, be deemed guilty of a misdemeanor, and shall be subject to imprisonment for not more than one year, or a fine of not more than one thousand dollars, or both, in the discretion of the court.
S.C. Code Ann. § 34-13-110 — SC Code / Title 34 / Chapter 13 / Section 34-13-110
SECTION 34-13-110. Certain discounts are not considered as money borrowed.
Status: in_force

The discount of bills of exchange drawn in good faith against existing values and the discount of commercial business paper shall not be considered as money borrowed.
S.C. Code Ann. § 34-21-40 — SC Code / Title 34 / Chapter 21 / Article 1 / Section 34-21-40
SECTION 34-21-40. Forms of security for funds received or held in trust.
Status: in_force

Funds received or held in the trust department of the bank or by a trust company awaiting investment or distribution must be secured to the trust department or trust company if these funds have been deposited in its own bank, in any of its affiliate banks, or in any other banking corporation by: (1) furnishing an indemnity bond in a responsible surety company authorized to do business in this State; or (2) pledging as collateral: (a) obligations of the United States; (b) obligations fully guaranteed both as to principal and interest by the United States; (c) general obligations of this State or a political subdivision of this State; or (d) obligations of the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation; or (3) providing an irrevocable letter of credit issued by the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation, in which the letter of credit otherwise meets any criteria established and prescribed by the State Treasurer for public funds. Effect of Amendment The 1991 amendment added "of the bank or by a trust company", "or trust company", and "in any of its affiliate banks". The 2006 amendment substituted items (1) to (4) for "bonds acceptable for the securing of public funds in the State equal in market value to the amount of funds deposited".
S.C. Code Ann. § 34-25-90 — SC Code / Title 34 / Chapter 25 / Article 1 / Section 34-25-90
SECTION 34-25-90. Enforcement.
Status: in_force

(a) The board may enforce the provisions of this article by any appropriate action in the courts of this State, including an action for injunctive relief, provided that the board promptly shall give notice to the home state regulator of any enforcement action initiated against an out-of-state bank holding company and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving said enforcement action. (b) Any company which knowingly violates any provision of this chapter, or any regulation or order issued by the board pursuant to this chapter is guilty of a misdemeanor and, upon conviction, must be fined not more than one hundred dollars for each day during which the violation continues. Any individual who wilfully participates in a violation of this chapter, or any regulation, or order of the board issued pursuant to this chapter is guilty of a misdemeanor and, upon conviction, must be fined not more than five thousand dollars. Any officer, director, agent, or employee of a bank holding company or subsidiary of it who makes any false entry in any book, report, record, or statement of the company or subsidiary with the intent to deceive, or who, with like intent wilfully omits to make a true entry of any material pertaining to the business of the company or subsidiary in any book, report, record, or statement of the company or subsidiary, made or kept by him or under his direction, is guilty of a misdemeanor and, upon conviction, must be fined not more than ten thousand dollars or imprisoned not more than one year, or both.
S.C. Code Ann. § 34-39-180 — SC Code / Title 34 / Chapter 39 / Section 34-39-180
SECTION 34-39-180. Restrictions and requirements for deferred presentment or deposit of check.
Status: in_force

(A) A licensee may defer the presentment or deposit of a check for up to thirty-one days pursuant to the provisions of this section. (B) The total amount advanced by a licensee to any customer at one time for deferred presentment or deposit may not exceed five hundred fifty dollars, exclusive of the fees allowed in Section 34-39-180(E). A licensee may not advance to a customer an amount for deferred presentment or deposit which causes this limit to be exceeded by the customer. (C) Each check must be documented by a written agreement signed by both the customer and the licensee. The written agreement must contain the name or trade name of the licensee, the transaction date, the amount of the check, and a statement of the total amount of fees charged, expressed both as a dollar amount and as an effective annual percentage rate (APR). The written agreement must authorize expressly the licensee to defer presentment or deposit of the check until a specific date, not later than thirty-one days from the date the check is accepted by the licensee. (D) The board shall require each licensee to issue a standardized consumer notification and disclosure form in compliance with state and federal truth-in-lending laws before entering into a deferred presentment agreement. (E) A licensee shall not charge, directly or indirectly, a fee or other consideration in excess of fifteen percent of the principal amount of the transaction for accepting a check for deferred presentment or deposit. The fee or other consideration authorized by this subsection may be imposed only once for each written agreement. Records must be kept by each licensee with sufficient detail to ensure that the fee or other consideration authorized by this subsection may be imposed only once for each written agreement. (F) A check accepted for deferred presentment or deposit pursuant to this chapter may not be repaid from the proceeds of another check accepted for deferred presentment or deposit by the same licensee or an affiliate of the licensee. A licensee shall not renew or otherwise extend presentment of a check or withhold the check from deposit, for old or new consideration, for a period beyond the time set forth in the written agreement with the customer. (G) If a check is returned to the licensee from a payor financial institution due to insufficient funds, closed account, or stop payment order, the licensee may pursue all legally available civil means to collect the check except for the imposition of a returned check charge. An individual who issues a personal check to a licensee under a deferred presentment agreement is not subject to criminal liability. Editor's Note 2009 Act No.78, SECTION 11 provides as follows: "SECTIONS 2, 3, and 4 [amending subsection (B) above] of this act take effect upon implementation of the common database as required in SECTION 1 [SECTION 34-39-175]. The remaining SECTIONS of this act take effect upon approval by the Governor. Effect of Amendment The 2009 amendment, in subsection (B), in the first sentence substituted "total amount advanced by a licensee to any customer at one time" for "face amount of a check taken" and "five hundred fifty dollars" for "three hundred dollars", and added the second sentence prohibiting advances causing the customer to exceed the limit; in subsection (E), in the first sentence substituted "principal amount of the transaction" for "face amount of the check"; and, in subsection (G), in the first sentence substituted "except for" for "including, but not limited to," and deleted at the end "as provided in Section 34-11-70(a), except that the service charge imposed by the licensee shall not exceed the lesser of ten dollars of the fee imposed by the financial institution on the licensee for the returned check".
S.C. Code Ann. § 34-28-510 — SC Code / Title 34 / Chapter 28 / Article 6 / Section 34-28-510
SECTION 34-28-510. Investment in loans.
Status: in_force

Every association shall have power to invest in or otherwise acquire loans and interests in loans, secured or unsecured, of any type or amount and for any purpose, subject only to the requirement that as an annual average based on monthly computations, an amount equal to at least fifty percent of the gross assets other than liquid assets of the association and any of its service corporations and subsidiaries (to the extent of the association's interest in the service corporations or subsidiaries) must be invested in one or more of the following: (a) real estate loans or interests therein on home property or primarily residential property; (b) mortgage related securities issued in connection with mortgage loans on home property or primarily residential property, including but not limited to Federal Home Loan Mortgage Corporation participating certificates, Federal National Mortgage Association mortgage backed securities, and Government National Mortgage Association securities; (c) collateralized mortgage obligations issued in connection with mortgage loans on home property or primarily residential property. Any qualifying real estate loan held by a service corporation or subsidiary, and in the event the service corporation or subsidiary is not wholly owned by the association, the percentage of the outstanding principal of the qualifying loan that is equal to the association's percentage ownership in the service corporations or subsidiaries holding the qualifying loan, will be included in the association's qualifying real estate loans for purposes of the fifty percent test.
S.C. Code Ann. § 34-30-180 — SC Code / Title 34 / Chapter 30 / Article 2 / Section 34-30-180
SECTION 34-30-180. Change of office location; information, evaluation.
Status: in_force

The board of directors of a state savings bank may change the location of a branch office or the principal office of the state savings bank with the prior written approval of the board. The board may request, and the state savings bank must provide, information that the board determines is necessary to evaluate the request.
S.C. Code Ann. § 34-1-60 — SC Code / Title 34 / Chapter 1 / Section 34-1-60
SECTION 34-1-60. Powers.
Status: in_force

The Board may supervise all banks and building and loan associations and provide regulations and instructions for the direction, control and protection of all such institutions, the conservation of their assets and the liquidation thereof, as may be necessary or proper to effectuate the purposes of this Title.
S.C. Code Ann. § 34-21-310 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-310
SECTION 34-21-310. Limitation on interest of any one participant in collective investment fund.
Status: in_force

Except in the case of collective investment funds described in Section 34-21-220(2), no funds or other property shall be invested in a participation in a collective investment fund if as a result of such investment the participant would have an interest aggregating in excess of ten percent of the then market value of the fund. Provided, that in applying this limitation, if two or more accounts are created by the same person or persons and as much as one half of the income or principal of each account is payable or applicable to the use of the same person or persons such accounts shall be considered as one.
S.C. Code Ann. § 34-3-220 — SC Code / Title 34 / Chapter 3 / Article 3 / Section 34-3-220
SECTION 34-3-220. Acceptance of drafts and bills of exchange.
Status: in_force

Every such banking corporation may accept drafts or bills of exchange drawn upon it having not more than six months' sight to run, exclusive of grace, which (a) grow out of transactions involving the importation or exportation of goods or the domestic shipment of goods, provided shipping documents conveying or securing title are attached at the time of acceptance, or (b) are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples. No such banking corporation shall accept, whether in a foreign or domestic transaction, for any one person an amount equal at any one time in the aggregate to more than ten per cent of its paid-up and unimpaired capital stock and surplus, unless the banking corporation is secured either by attached documents or by some other actual security arising out of the same transaction as the acceptance. And no banking corporation shall accept such bills to an amount equal at any time in the aggregate to more than one half of its paid-up and unimpaired capital stock and surplus. But the Commissioner of Banking, under such general regulations as he may prescribe which shall apply to all banking corporations alike regardless of the amount of capital stock and surplus, may authorize any banking corporation to accept such bills to an amount not exceeding at any time in the aggregate one hundred per cent of its paid-up and unimpaired capital stock and surplus.
S.C. Code Ann. § 34-28-20 — SC Code / Title 34 / Chapter 28 / Article 1 / Section 34-28-20
SECTION 34-28-20. Application of the South Carolina Business Corporation Act.
Status: in_force

When not in direct conflict with or superseded by specific provisions of this chapter, the provisions of the South Carolina Business Corporation Act, Chapters 1 to 25 of Title 33, apply to any association organized or operated under this chapter.
S.C. Code Ann. § 34-45-50 — SC Code / Title 34 / Chapter 45 / Section 34-45-50
SECTION 34-45-50. Cease and desist orders.
Status: in_force

Each savings promotion contest is subject to oversight by the appropriate state or federal regulatory agency of the participating financial institution, and the appropriate state or federal regulatory agency may issue cease and desist orders relating to the savings promotion contests if the regulatory agency concludes, based on substantial evidence, that a financial institution is engaging in unsafe or unsound practices or that the financial institution is in violation of any law, regulation, or any condition or written agreement imposed by the regulatory agency.
S.C. Code Ann. § 34-30-1230 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1230
SECTION 34-30-1230. Acceptance of own capital stock or mutual capital certificates as security prohibited.
Status: in_force

A state savings bank may not accept its own capital stock, or that of its holding company, or its own mutual capital certificates as security for loans made by the state savings bank.
S.C. Code Ann. § 34-26-750 — SC Code / Title 34 / Chapter 26 / Article 7 / Section 34-26-750
SECTION 34-26-750. Ownership interests in share accounts; joint accounts.
Status: in_force

(1) A member may designate any person or persons to own a share account with the member in joint tenancy with the right of survivorship, as a tenant in common or under any other form of joint ownership permitted by law, but no co-owner, unless a member in his own right, shall be permitted to vote, obtain loans, or hold office or be required to pay a membership fee. Credit union bylaws or policy, or both, shall establish membership and member's right to vote, obtain loans, or hold office. (2) Payment of part or all of such accounts to any of the co-owners shall, to the extent of such payment, discharge the liability to all unless the account agreement contains a prohibition or limitation on such payment. Effect of Amendment The 2007 amendment, in subsection (1), added the second sentence relating to credit union bylaws.
S.C. Code Ann. § 34-1-30 — SC Code / Title 34 / Chapter 1 / Section 34-1-30
SECTION 34-1-30. Terms of members; vacancies.
Status: in_force

The Governor originally having appointed four members of the Board, one to serve for the term of one year, one for the term of two years, one for the term of three years and one for the term of four years, the successors of the present members, upon the expiration of their respective terms of office, shall be appointed for a term of four years and until their successors are appointed and have qualified. All vacancies shall be filled in the same manner as regular appointments.
S.C. Code Ann. § 34-25-240 — SC Code / Title 34 / Chapter 25 / Article 3 / Section 34-25-240
SECTION 34-25-240. Merger resulting in out-of-state bank; board approval.
Status: in_force

(a) One or more South Carolina banks may enter into an interstate merger transaction with one or more out-of-state banks under this article, and an out-of-state bank resulting from such transaction may maintain and operate the branches in South Carolina of a South Carolina bank that participated in such transaction, provided that the conditions and filing requirements of this article are met. (b) Except as otherwise expressly provided in this subsection (b), an interstate merger transaction involving two or more banks both having offices in this State shall not be permitted under this article if, upon consummation of such transaction, the resulting bank (including all insured depository institutions that would be "affiliates" as defined in 12 U.S.C. Section 1841(k) of the resulting bank) would control thirty percent or more of the total amount of deposits held by all insured depository institutions in this State. The board by regulation may promulgate a procedure whereby the foregoing limitation on control of deposits may be waived for good cause shown. This subsection shall not apply with respect to any interstate merger transaction involving only affiliated banks. (c) An interstate merger transaction resulting in the acquisition by an out-of-state bank of a South Carolina bank, or all or substantially all of the branches of a South Carolina bank, shall not be permitted under this article unless such South Carolina bank shall have been in continuous operation, on the date of such acquisition, for a period of at least five years.
S.C. Code Ann. § 34-26-820 — SC Code / Title 34 / Chapter 26 / Article 8 / Section 34-26-820
SECTION 34-26-820. Incidental fees and expenses.
Status: in_force

(1) In addition to interest charged on loans, a credit union may charge members all reasonable expenses in connection with the making, closing, disbursing, extending, collecting, or renewing of loans allowed by the Consumer Protection Code. (2) A credit union may assess charges to members, in accordance with the bylaws, for failure to meet their obligations to the credit union in a timely manner.
S.C. Code Ann. § 34-28-400 — SC Code / Title 34 / Chapter 28 / Article 5 / Section 34-28-400
SECTION 34-28-400. Meetings of members or stockholders; voting rights, proxies, quorum requirements.
Status: in_force

(1) The annual meeting of the members or stockholders of each association must be held during the first four months of the association's fiscal year, as fixed in the bylaws of the association. Special meetings may be called as provided in the bylaws or as otherwise provided by law. (2) Those who are entitled to vote at any meeting of members or shareholders are: (a) In the case of a mutual association, those who are members of record at the end of the calendar month next preceding the date of the meeting, except those who have ceased to be members. The number of votes which members are entitled to cast must be in accordance with the books on the date determinative of entitlement to vote. (b) In the case of a capital stock association, the directors may, unless prohibited by the Articles of Incorporation or the bylaws, fix a date not more than fifty days and not fewer than ten days prior to the date set for the meetings as the record date as of which the stockholders of record who have the right to and are entitled to notice of and to vote at the meeting and any adjournment will be determined. (3)(a) In the determination of all questions requiring action by the members of a mutual association, each member is entitled to cast one vote for each one hundred dollars of the withdrawal value of savings and deposit accounts, if any, held by the member. No member, however, shall cast more than one thousand votes. (b) Unless otherwise provided in the Articles of Incorporation, every shareholder of a stock association is, if present in person or voting through a duly authorized proxy, entitled at any meeting of stockholders, and upon each proposal presented at the meeting, to one vote for each share of voting stock recorded in his name on the books of the association on the record date fixed in subsection (2)(b) as above provided or, if no record date was fixed, on the day of the meeting. The books of record of stockholders must be produced at any stockholders' meeting upon the request of any stockholder. (4) At any meeting of the members or stockholders, or any adjournment thereof, voting may be in person or by proxy, as provided in the bylaws. Every proxy must be in writing and signed by the member or stockholder or his duly authorized attorney-in-fact, and, when filed with the secretary, shall, unless otherwise specified in the proxy, continue in force from year to year until revoked by a writing duly delivered to the secretary or until superseded by subsequent proxies. In the event that any instrument shall designate two or more persons to act as proxies, a majority of the persons present at the meeting, or, if only one be present, that one shall have all of the power conferred by the instrument upon all the persons so designated unless the instrument shall otherwise provide. (5) At an annual meeting or at any special meeting of the members or stockholders, any number of members, or the stockholders entitled to vote a majority of the stock, present in person or by proxy eligible to be voted, constitute a quorum. A majority of all votes cast at any meeting of members or stockholders shall determine any question unless this chapter or the provisions of the South Carolina Business Corporation Act, Chapters 1 to 25 of Title 33, specifically provide otherwise.
S.C. Code Ann. § 34-26-840 — SC Code / Title 34 / Chapter 26 / Article 8 / Section 34-26-840
SECTION 34-26-840. Limitation of size of loan; in general.
Status: in_force

The aggregate of direct or indirect loans to any one member shall be limited to fifteen percent of the credit union's reserves and undivided earnings. This limit shall not apply to loans which are fully secured by assignment of shares or deposits in the credit union or obligations of the United States Government. However, for credit unions in operation for five years or less, the aggregate of direct or indirect loans to any one member shall not exceed ten percent of the credit union's shares.
S.C. Code Ann. § 34-29-150 — SC Code / Title 34 / Chapter 29 / Section 34-29-150
SECTION 34-29-150. Written statement disclosing terms of contract; receipts for payments; return of note and security on payment in full; lien on household furniture.
Status: in_force

(a) The licensee shall disclose, at the time a loan is made, the following to the obligor on a loan transacted pursuant to this chapter, (if there are two or more obligors on the loan contract, delivery to one of them shall be sufficient) in a written statement in conspicuous type: (1) The amount and date of the note or loan contract and of its maturity; (2) The original principal amount of the loan excluding any charge made under Section 34-29-140; (3) The original dollar charge for the loan; (4) A description of the payment schedule; (5) The right of the obligor to prepay the loan in full prior to maturity, and the fact that such prepayment in full will reduce the charge for the loan; (6) The nature of the security, if any; (7) Every deduction from the loan or payment made by the obligor through the licensee for insurance, and a description of the insurance coverage for which each deduction or payment was made; (8) The name and address of the obligor and of the licensee; (9) Signature of principal borrower directly beneath amount of cash borrower actually receives. (b) For each payment in cash made on any loan the licensee shall furnish a full and complete receipt. (c) Upon payment of any loan in full the licensee shall return to the customer, marked "paid," the note or other evidence of indebtedness of the loan and the security signed by any obligor and release any mortgage, restore any pledge and cancel and return any note and any assignment given to the licensee. (d) No licensee shall take any obligation evidencing a loan which does not disclose the amount of the loan, a schedule of the payments, the amount of the finance charges, and amounts disbursed for the account of the borrower, nor shall the licensee take any instrument in which blanks are left to be filled in after execution. (e) No licensee shall take any chattel mortgage or other lien on household furniture then in possession and use of the obligor unless it is in writing and signed by the obligor, and in case of a married obligor unless given with the consent of the spouse and such consent shall be evidenced by the spouse in the mortgage or other lien by the signing of his or her name thereto. The written consent shall not be required when husband and wife have been living separate and apart for a period of at least five months prior to the making of such mortgage or when such spouse is legally incompetent.
S.C. Code Ann. § 34-3-820 — SC Code / Title 34 / Chapter 3 / Article 11 / Section 34-3-820
SECTION 34-3-820. Time corporate existence as state bank commences.
Status: in_force

After the issuance of such certificate by the Secretary of State and the payment to him of the same fees as would be payable for the incorporation of a bank under the laws of this State with a similar capital stock, the corporate existence of such bank as a state bank shall begin as soon as its dissolution as a national banking corporation or state banking corporation becomes effective. Effect of Amendment 2021 Act No. 30, SECTION 7, substituted "state bank" for "State bank" and inserted "or state banking corporation" following "national banking corporation".
S.C. Code Ann. § 34-3-20 — SC Code / Title 34 / Chapter 3 / Article 1 / Section 34-3-20
SECTION 34-3-20. Provisions not applicable to national banks.
Status: repealed

Nothing contained in Sections 34-3-30, 34-3-50, 34-3-60, 34-3-210 to 34-3-250, 34-3-380 to 34-3-420, 34-9-30, 34-9-130, 34-11-30, 34-13-10 to 34-13-80, 34-13-100, 34-13-110, 34-13-130, and 34-15-10 to 34-15-40 shall apply to any national bank. Editor's Note Section 34-3-60, referenced in the text, was repealed by 2021 Act No. 30, SECTION 19, effective May 6, 2021.
S.C. Code Ann. § 34-21-320 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-320
SECTION 34-21-320. Making and withdrawing investments.
Status: in_force

The trust institution shall invest the moneys of an estate in such common trust fund by adding them thereto, and by apportioning a participation therein to such estate in the proportion that the moneys of the estate added thereto bears to the aggregate value of all the securities of such fund at the time of such investment, including in such securities the moneys of the estate so added. The withdrawal of a participation of such common trust fund shall be on the basis of its proportionate interest in the aggregate value of all the securities of such fund at the time of such withdrawal, as hereinafter provided. The participating interest of any estate in such common trust fund may, from time to time, be withdrawn in whole or in part by the trust institution, and shall be so withdrawn within a period of three months following the written request so to do of any person acting with the trust institution in a fiduciary capacity. Upon such withdrawals, the trust institution may make distribution in cash or ratably in kind, or partly in cash or partly in kind; provided, that all such distribution as of any one time shall be made on the same basis.
S.C. Code Ann. § 34-30-1380 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1380
SECTION 34-30-1380. Investments in stock of corporations or state agencies which provide educational loans.
Status: in_force

A state savings bank may invest in stock or obligations of a corporation doing business in this State, or of an agency of this State or of the United States, where the principal business of the corporation or agency is to make loans for the financing of a college or university education, or education at an industrial education center, technical institute, or community college.
S.C. Code Ann. § 34-26-655 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-655
SECTION 34-26-655. Appointment of credit committee loan officers.
Status: in_force

The credit committee may appoint one or more loan officers and delegate the power to approve or disapprove loans, subject to such limitations or conditions as it may prescribe.
S.C. Code Ann. § 34-3-830 — SC Code / Title 34 / Chapter 3 / Article 11 / Section 34-3-830
SECTION 34-3-830. Transfer of assets, property, and rights of national or state bank.
Status: in_force

At the time the corporate existence of such state bank begins all the property of the former national banking corporation or state banking corporation, including all of its right, title, and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action and every right, privilege, interest, and asset of any conceivable value or benefit then existing, belonging, or appertaining to it or which would inure to it shall immediately by act of law and without any conveyance or transfer and without any further act or deed be vested in and become the property of such state bank, which shall have, hold, and enjoy them in its own right as fully and to the same extent as they were possessed, held, and enjoyed by the national banking corporation or state banking corporation. The State bank shall be deemed to be a continuation of the entity and of the identity of the national banking corporation or state banking corporation operating under and pursuant to the laws of this State, and all the rights, obligation, and relations of the national banking corporation or state banking corporation to or in respect to any person, estate, creditor, depositor, trustee, or beneficiary of any trust and in or in respect to any executorship or trusteeship or other trust or fiduciary function shall remain unimpaired, and such state bank, as of the beginning of its corporate existence, shall by operation of this section succeed to all such rights, obligations, relations, and trust and the duties and liabilities connected therewith and shall execute and perform each and every such trust or relation in the same manner as if such state bank had itself assumed the trust or relation, including the obligations and liabilities connected therewith. If such national banking corporation or such state banking corporation is acting as administrator, coadministrator, executor, coexecutor, or cotrustee of or in respect to any estate or trust being administered under the laws of this State such relation, as well as any other similar fiduciary relation, and all rights, privileges, duties, and obligations connected therewith shall remain unimpaired and shall continue into and in the state bank, from and as of the beginning of its corporate existence, irrespective of the date when such relation may have been created or established and irrespective of the date of any trust agreement relating thereto or the date of the death of any testator or decedent whose estate is being so administered. Neither the act of the national banking corporation or state banking corporation, under Section 34-3-810 in fixing the date of or providing for its liquidation or dissolution, nor its liquidation or dissolution under the national banking laws or other state banking laws, nor any other thing done in connection with the change from a national bank or other state bank to a state bank shall, in respect to any such executorship, trusteeship, or similar fiduciary relation, be deemed to be or to effect, under the laws of this State, a renunciation or revocation of any letters of administration or letters testamentary to such relation, nor a removal or resignation for any such executorship or trusteeship, nor shall they be deemed to be of the same effect as if the executor or trustee had died or otherwise become incompetent to act. Effect of Amendment 2021 Act No. 30, SECTION 8, inserted "or state banking corporation" in five places; in the third sentence, inserted "or such state banking corporation"; in the fourth sentence, inserted "or other state banking laws" and substituted "national bank or other state bank to a state bank" for "national to a State bank"; and made nonsubstantial changes throughout.
S.C. Code Ann. § 34-30-1320 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1320
SECTION 34-30-1320. Investments in obligations issued and guaranteed by federal government.
Status: in_force

A state savings bank may invest in an obligation issued and fully guaranteed in principal and interest by the United States government or an instrumentality of the United States.
S.C. Code Ann. § 34-30-1650 — SC Code / Title 34 / Chapter 30 / Article 8 / Section 34-30-1650
SECTION 34-30-1650. Pledge or hypothecation of savings account in joint tenancy.
Status: in_force

The pledge or hypothecation to a state savings bank of all or part of a savings account in joint tenancy by any tenant or tenants, whether minor or adult, upon whose signature or signatures withdrawals may be made from the account is, unless the terms of the savings account provide specifically to the contrary, a valid pledge and transfer to the state savings bank of that part of the account pledged or hypothecated, and does not operate to sever or terminate the joint and survivorship ownership of all or part of the account.
S.C. Code Ann. § 34-21-70 — SC Code / Title 34 / Chapter 21 / Article 1 / Section 34-21-70
SECTION 34-21-70. Custody of securities.
Status: in_force

The securities of the trust department for each individual trust shall be in the joint custody of two or more officers or other employees designated by the board of directors of the bank or trust company, as the case may be, and such officers or employees shall be bonded.
S.C. Code Ann. § 34-3-380 — SC Code / Title 34 / Chapter 3 / Article 5 / Section 34-3-380
SECTION 34-3-380. Report of condition.
Status: in_force

All institutions doing business in this State in lending money and receiving deposits, under acts of incorporation granted by the State, under penalty of a forfeiture of their charters, shall provide when and as called for by the State Board of Financial Institutions, without previous notice, a correct report of the condition and business of the institution. The report must contain a statement under oath by the chief executive or chief financial officer of the institution of the amount of the capital stock paid in, the institution's total capital as compared to the minimum capital set forth in Section 34-9-40, deposits, discounts, property, and liabilities of the institution verified by two of the directors. This section applies to all private banking institutions whether chartered or not. The board shall accept in lieu of the report required by this section a report of condition filed with the federal banking agencies. Effect of Amendment The 1995 amendment provided for submitting a report of condition filed with federal banking agencies in lieu of the report required by this section. 2021 Act No. 30, SECTION 5, in the second sentence, substituted "The report must" for "The report shall" and "chief executive or chief financial officer" for "president or cashier", inserted "the institution's total capital as compared to the minimum capital set forth in Section 34-9-40,", and substituted "two of the directors" for "three of the directors".
S.C. Code Ann. § 34-41-90 — SC Code / Title 34 / Chapter 41 / Section 34-41-90
SECTION 34-41-90. Suspension or revocation of license.
Status: in_force

(A) The board may suspend or revoke any license or licenses issued pursuant to this chapter if, after notice and opportunity for hearing, the board issues written findings that the licensee has engaged in any of the following conduct: (1) violated this chapter or applicable state or federal law or rules; (2) made a false statement on the application for a license pursuant to this chapter; (3) refused to permit investigation by the board authorized pursuant to this chapter; (4) failed to comply with an order of the board; (5) demonstrated incompetency or untrustworthiness to engage in the business of check cashing; or (6) has been convicted of a felony or misdemeanor involving fraud, misrepresentation, or deceit. (B) The board may not suspend or revoke any 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. § 34-26-520 — SC Code / Title 34 / Chapter 26 / Article 5 / Section 34-26-520
SECTION 34-26-520. Eligibility of other credit unions.
Status: in_force

Any credit union organized under this chapter may accept as a member any other credit union organized under this or any other provision of law.
S.C. Code Ann. § 34-28-540 — SC Code / Title 34 / Chapter 28 / Article 6 / Section 34-28-540
SECTION 34-28-540. Other investment powers and limitations; reserves and liquidity requirements.
Status: in_force

Subject to Section 34-28-510 through Section 34-28-530 an association may invest its funds subject to the following definitions, restrictions, and limitations: (1) Except as otherwise provided in this subsection, there is no limitation, with respect to investment of the total assets of the investing association, in the following investments: (a) direct obligations of the United States Government; (b) stock or obligations of federal agencies created by act of the United States Congress and authorized thereby to issue securities or evidences of indebtedness, regardless of guarantee of repayment of principal and interest by the United States; (c) stock or obligations of any Federal Home Loan Bank, the Federal Savings and Loan Insurance Corporation, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association or any successor thereto, or any other governmental or quasi-governmental organization or similar company approved by the Board; (d) obligations issued or guaranteed by the International Bank for Reconstruction and Development; (e) obligations issued or guaranteed by the Inter-American Development Bank; (f) demand, time, or savings deposits, shares, or accounts of any state or federal financial institution including without limitation any state or federally chartered association; (g) bankers' acceptances which are eligible for purchase by federal reserve banks; (h) public housing authority obligations; (i) general obligations of the states of the United States and of the political subdivisions and the municipalities thereof; (j) obligations issued by the State Board of Education under authority of the Constitution of this State or by law; (k) tax anticipation certificates or warrants of counties or municipalities having maturities not exceeding one year; (l) prerefunded municipal bonds, the principal and interest of which are secured by the principal and interest of a direct obligation of the United States Government; (m) the sale of federal funds on a daily basis; however, no association shall sell at any one time federal funds to any depository institution, Federal Home Loan Bank, or Federal Reserve Bank in an amount exceeding twenty-five percent of the total assets of the selling association. (2) Up to twenty-five percent of the total assets of an association may be invested in the obligations of state agencies. (3) Up to ten percent of the total assets of an association may be invested in the sum of any equity and debt securities of any service corporation and equity and debt securities of any other corporation that is not controlled by the investing association; provided, that except as otherwise authorized in Section 34-28-120(6) and subsection (4) of this section, no association shall own five percent or more of any class of voting stock in any corporation other than a service corporation, or a subsidiary in which it owns all of the voting shares. (4) Subject to Section 34-28-120(6), an association may make those other investments, including investments in capital stock of other financial depository institutions, as the Board may approve by regulation of general application. (5)(a) Every association shall set up and maintain adequate allowances for potential losses satisfactory to the Board, in accordance with minimum capital reserve regulations which must be promulgated by the Board. (b) A stock association may designate any portion or all of its capital, surplus, or retained earnings as any insurance or other reserve required by law or by any insurer. (c) No association shall invest in any security, other than in liquid assets, or in any loan, at any time when its liquid assets are less than the required percentage of total liabilities established by regulation promulgated by the Board.
S.C. Code Ann. § 34-7-70 — SC Code / Title 34 / Chapter 7 / Section 34-7-70
SECTION 34-7-70. Reopening of bank in hands of State Board of Bank Control; agreement of fiduciaries.
Status: in_force

Any bank placed in the hands of the State Board of Bank Control other than a banking institution that has been duly adjudged insolvent in an action or special proceeding duly instituted in the court of common pleas under Section 34-7-10 may reopen and operate as a going banking institution upon the consent of two thirds of the depositors in number and amount holding deposits in excess of ten dollars in such bank who shall agree in writing to an extension of payment of unsecured creditors of the bank. Such writing shall specify the terms of such extension and amounts to be paid from time to time for a period not exceeding five years. All such agreements when signed by executors, trustees, administrators or committees for persons non compos mentis shall be lawful and binding upon their wards and shall be binding upon all depositors.
S.C. Code Ann. § 34-21-300 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-300
SECTION 34-21-300. Authority of estates not restricted to legal investments.
Status: in_force

If the instrument under which the trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after this article takes effect, shall authorize investments of moneys of the estate in a common trust fund or in investments other than those designated by law as legal investments, or shall authorize the trust institution, either alone or in conjunction with any person acting with it in a fiduciary capacity, to exercise its or their discretion with respect to the investment of moneys of the estate, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys, of the estate in any such common trust fund maintained by it. Any such common trust fund consisting solely of moneys of estates contributed thereto by the trust institution pursuant to authority contained in any such instruments creating the fiduciary capacity to invest moneys of the estates in a common trust fund, or in investments other than such legal investments, or pursuant to such discretionary powers with respect to the investment of moneys creating the fiduciary capacity, may be composed of investments other than those of the class designated by law as legal investments for funds held by fiduciaries.
S.C. Code Ann. § 34-30-1030 — SC Code / Title 34 / Chapter 30 / Article 6 / Section 34-30-1030
SECTION 34-30-1030. Fiduciary duties of officers and directors; duties of good faith, diligence, and care.
Status: in_force

Officers and directors of a state savings bank shall act in a fiduciary capacity towards the state savings bank and its members or stockholders. They shall discharge duties of their respective positions in good faith, and with that diligence and care which ordinarily prudent persons would exercise under similar circumstances in like positions.
S.C. Code Ann. § 34-28-390 — SC Code / Title 34 / Chapter 28 / Article 4 / Section 34-28-390
SECTION 34-28-390. Penalties and remedies.
Status: in_force

(a) Any association or savings and loan holding company which knowingly violates any provisions of Sections 34-28-310 through 34-28-390, or any regulation or order issued by the Board pursuant to these sections is guilty of a misdemeanor and must, upon conviction, be fined not more than one hundred dollars for each day during which the violation continues. Any individual who wilfully participates in a violation of these sections, or any regulation or order of the Board issued pursuant to the provisions of these sections is guilty of a misdemeanor and must, upon conviction, be fined not more than five thousand dollars. Any officer, director, agent, or employee of an association, service corporation, or savings and loan holding company who makes any false entry in any book, report, record, or statement of an association, service corporation, or savings and loan holding company with the intent to deceive, or who with like intent wilfully omits to make a true entry of any material pertaining to the business of the association, service corporation, or savings and loan holding company in any book, report, record, or statement of the association, service corporation, or savings and loan holding company made or kept by him or under his direction, is guilty of a misdemeanor and, upon conviction, must be fined not more than ten thousand dollars or imprisoned not more than one year, or both. (b) In the event any association or savings and loan holding company consummates an acquisition that is prohibited by these sections, the Board shall require the association or savings and loan holding company to divest itself within two years of its direct or indirect ownership or control of all South Carolina associations or South Carolina savings and loan holding companies. In addition, the Board has the power to enforce any other requirements or prohibitions in these sections by requiring divestitures of nonconforming associations and savings and loan holding companies or through the exercise of other remedies as are provided in this title or otherwise by law, including but not limited to injunctive or other judicial actions.
S.C. Code Ann. § 34-13-70 — SC Code / Title 34 / Chapter 13 / Section 34-13-70
SECTION 34-13-70. Maximum amounts of loans; another maximum.
Status: in_force

(A) In no case shall a loan be made by any state bank which when added to the then existing total loans to the borrower thereof would increase the total to more than twenty-five percent of the capital, surplus, and deposits of the bank, less the amount invested in real estate, bonds, or other securities. (B) For purposes of this section, "loan" includes any credit exposure to a borrower arising from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction between a bank and that borrower. (C) For purposes of this section, "derivative transaction" means any transaction that is a contract, agreement, swap, warrant, note, or option that is based, in whole or in part, on the value of any interest in, or any quantitative measure or the occurrence of any event relating to one or more commodities, securities, currencies, interest, or other rates, indices, or assets. Effect of Amendment The 2012 amendment inserted subsection designator (A), added subsections (B) and (C), and made other nonsubstantive changes.
S.C. Code Ann. § 34-36-90 — SC Code / Title 34 / Chapter 36 / Section 34-36-90
SECTION 34-36-90. Department responsible for administration and enforcement of chapter; authority to promulgate regulations.
Status: in_force

(A) The department is responsible for the administration and enforcement of this chapter. (B) The department is authorized to promulgate those regulations necessary to implement and administer the provisions of this chapter.
S.C. Code Ann. § 34-3-250 — SC Code / Title 34 / Chapter 3 / Article 3 / Section 34-3-250
SECTION 34-3-250. Association with national reserve association.
Status: in_force

Any bank, banking association or trust company chartered and engaged in the banking business under the laws of this State may associate itself with any national reserve association of the United States or any branch thereof under any law enacted by the Congress of the United States and may invest such part of its capital or surplus therein as may be necessary to acquire and preserve its membership in such association.
S.C. Code Ann. § 34-30-1370 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1370
SECTION 34-30-1370. Investments in direct general obligations of state government, bonds payable from pledged revenues or earnings.
Status: in_force

A state savings bank may invest in bonds or other evidences of indebtedness that are direct general obligations of a state, county, city, town, village, school district, sanitation, or park district, or other political subdivision or municipal corporation in the top three rating bands of one of the national rating services. A state savings bank also may invest in bonds or other evidences of indebtedness that are payable from revenues or earnings specifically pledged for it, which are issued by a county or a political subdivision or municipal corporation of a county in this State up to the loan limitations of Section 34-30-1300.
S.C. Code Ann. § 34-30-330 — SC Code / Title 34 / Chapter 30 / Article 3 / Section 34-30-330
SECTION 34-30-330. Mutual state savings bank conversion to stock; application, fee; conversion plan; amendment; approval; vote.
Status: in_force

(A) A mutual state savings bank may convert from mutual to the stock form of organization as provided in this section. (B) A mutual state savings bank may apply to the board for permission to convert to a stock state savings bank and for certification of appropriate amendments to the state savings bank's articles of incorporation. Upon receipt of an application to convert from mutual to stock form, the board shall examine all facts connected with the requested conversion. The state savings bank applying for permission to convert must pay a fee established by the board. (C) The state savings bank must submit a plan of conversion as a part of the application to the board. The board may approve it with or without amendment, if it is reasonably anticipated that: (1) after conversion, the state savings bank is in sound financial condition and is soundly managed; (2) the conversion does not impair the capital of the state savings bank nor adversely affect the state savings bank's operations; (3) the conversion is fair and equitable to the members of the state savings bank and no person whether member, employee, or otherwise, receives any inequitable gain or advantage by reason of the conversion; (4) the state savings bank services provided to the public by the state savings bank are not adversely affected by the conversion; (5) the substance of the plan has been approved by a vote of two-thirds of the board of directors of the state savings bank; (6) all shares of stock issued in connection with the conversion are offered for sale first to the members of the state savings bank; (7) all stock is offered for sale to members of the state savings bank and others in prescribed amounts and otherwise under a formula and procedure that is fair and equitable and is fairly disclosed to all interested persons; and (8) the plan provides a statement as to whether stockholders have preemptive rights to acquire additional or treasury shares of the state savings bank. If the board approves the plan, the plan must be submitted to the members as provided in subsection (D). If the board refuses to approve the plan, the board shall state the objections in writing and give the converting state savings bank an opportunity to amend the plan to obviate the objections. (D) After lawful notice to the members of the state savings bank and full and fair disclosure, the substance of the plan must be approved by a majority of the total votes cast by members of the state savings bank present in person or by proxy, or such greater voting requirement as required by federal law. The results of the vote as certified by an appropriate officer of the state savings bank must be filed with the board. The board shall then either approve or disapprove the requested conversion. After approval of the conversion, the board shall supervise and monitor the conversion process and shall ensure that the conversion is conducted lawfully and under the state savings bank's approved plan of conversion.
S.C. Code Ann. § 34-30-1400 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1400
SECTION 34-30-1400. Investments in stock of urban renewal investment corporations.
Status: in_force

A state savings bank may invest in stock or other evidence of indebtedness or obligations of an urban renewal investment corporation chartered under the laws of this State or of the United States.
S.C. Code Ann. § 34-26-710 — SC Code / Title 34 / Chapter 26 / Article 7 / Section 34-26-710
SECTION 34-26-710. Dividends.
Status: in_force

(1) At such intervals and for such periods as the board of directors may authorize, and after provision for the required reserves, the board of directors may declare dividends to be paid on share accounts from the current earnings. Any dividends paid from the undivided earnings account must have prior approval of the commissioner. (2) Dividends may be paid at various rates with due regard to the conditions that pertain to each type of account such as minimum balance, notice, and time requirements.
S.C. Code Ann. § 34-9-100 — SC Code / Title 34 / Chapter 9 / Section 34-9-100
SECTION 34-9-100. Issuance of capital notes or debentures.
Status: in_force

With the approval of the Commissioner of Banking any banking institution may at any time, through action of its board of directors and without requiring any action of its stockholders, issue and sell its capital notes or debentures. Such capital notes or debentures shall be subordinate and subject to the claims of depositors and may be subordinated and subjected to the claims of other creditors.
S.C. Code Ann. § 34-30-530 — SC Code / Title 34 / Chapter 30 / Article 4 / Section 34-30-530
SECTION 34-30-530. Adoption of rules, regulations, definitions, and forms; recording or reproducing of records; printed reproductions.
Status: in_force

(A) The board shall adopt rules or regulations, definitions, and forms as necessary for the supervision and regulation of state savings banks and for the protection of the public investing in state savings banks. (B) Without limiting the generality of subsection (A) of this section the board may adopt rules or regulations, definitions, and forms with respect to the following: (1) reserve requirements; (2) stock ownership and dividends; (3) stock transfers; (4) original incorporators, stockholders, directors, officers, and employees of a state savings bank; (5) bylaws; (6) the operation of state savings banks; (7) deposit accounts, bonus plans, and contracts for savings programs; (8) loans and loan expenses; (9) investments and resource management; (10) forms or proxies, holders of proxies, and proxy solicitations; (11) types of financial records to be maintained by state savings banks; (12) retention periods of various financial records; (13) internal control procedures of state savings banks; (14) conduct and management of state savings banks; (15) chartering and branching; (16) liquidations, dissolutions, and receiverships; (17) mergers, consolidations, conversion, and combination mergers and conversions; (18) interim state savings banks; (19) reports that may be required by the board; (20) conflicts of interest; (21) service corporations; and (22) subsidiary state savings banks and holding companies, including the rights of members, levels of investment in the subsidiaries, and stock sales. (C) A state savings bank may cause any or all of its records to be recorded, copied, or reproduced by: (1) photostatic, photographic, or microfilming process; or (2) electronic graphic imaging through scanning, digitizing, or other means. These processes or means must correctly copy, reproduce, or form a medium for copying or reproducing the original record so that an accurate facsimile of the original is printed or otherwise reproduced on paper, film, or similar medium. (D) The printed reproduction is considered an original record for all purposes and must be treated as an original record in all courts or administrative agencies for the purpose of its admissibility into evidence, regardless of whether the institution retains or disposes of the original, provided: (1) the original document otherwise qualified as a business record pursuant to the South Carolina Uniform Business Records as Evidence Act or the appropriate state or federal rules or regulations of evidence; and (2) a custodian or other qualified witness as those terms are used in the appropriate state or federal rules of evidence certifies that the printed reproduction is a true and correct copy of the original.
S.C. Code Ann. § 34-45-60 — SC Code / Title 34 / Chapter 45 / Section 34-45-60
SECTION 34-45-60. Construction of savings promotion contest.
Status: in_force

A savings promotion contest offered in accordance with this chapter is not nor does it promote unlawful gambling or an unlawful lottery or raffle.
S.C. Code Ann. § 34-3-540 — SC Code / Title 34 / Chapter 3 / Article 7 / Section 34-3-540
SECTION 34-3-540. Copies and reproductions of bank records; admissibility in evidence.
Status: in_force

(A) Any corporation, institution, or association whose deposits are insured by the federal government or an agency or a nonprofit corporation that has been designated by the State to originate or hold educational loans made to or on behalf of students may cause promissory notes, checks, drafts, and records kept by the corporation, institution, association, or agency to be copied or reproduced by: (1) photostatic, photographic, or microfilming process; or (2) electronic graphic imaging through scanning, digitizing, or other means. (B) These processes or means must correctly copy, reproduce, or form a medium for copying or reproducing the original record so that an accurate facsimile of the original can be printed or otherwise reproduced on paper, film, or similar medium. The reproduction is considered an original record for all purposes and must be treated as an original record in all courts or administrative agencies for the purpose of its admissibility into evidence, regardless of whether the institution retains or disposes of the original, provided that the original document otherwise qualified as a business record pursuant to the South Carolina Uniform Business Records as Evidence Act or the appropriate state or federal rules of evidence. Effect of Amendment The 1995 amendment revised the entities to which this section applies, and revised the manner in which records may be copied, reproduced and admitted into evidence. The 1998 amendment designated the first paragraph and items (1) and (2) following it as subsection (A), and made a nonsubstantive change in that text; designated the remaining text as subsection (B); and in subsection (B), in the second sentence substituted "reproduction" for "printed reproduction", deleted the designator for item (1), and deleted item (2) requiring certification of the copy by the custodian.
S.C. Code Ann. § 34-30-300 — SC Code / Title 34 / Chapter 30 / Article 3 / Section 34-30-300
SECTION 34-30-300. Conversion to state savings bank; application, examination, fee; conversion plan, amendment; vote, filing of results; approval.
Status: in_force

(A) Any association or state or national bank, upon a majority vote of its board of directors, may apply to the board for permission to convert to a state savings bank and for certification of appropriate amendments to its articles of incorporation to effect the change. Upon receipt of an application to convert to a state savings bank, the board shall examine all facts connected with the conversion. The depository institution applying for permission to convert must pay a fee established by the board. (B) The converting depository institution must submit a plan of conversion as a part of the application to the board. The board may approve it with or without amendment. If the board approves it, the plan must be submitted to the members or stockholders as provided in subsection (C) of this section. If the board refuses to approve the plan, the objections must be stated in writing and the converting depository institution must be given an opportunity to amend the plan to obviate the objections. (C) After lawful notice to the members or stockholders of the converting depository institution and full and fair disclosure, the substance of the plan must be approved by the affirmative vote of a majority of votes or shares present. The vote by the members or stockholders may be in person or by proxy. The results of the vote as certified by an appropriate officer of the converting depository institution must be filed with the board. The board then shall approve or disapprove the requested conversion to a state savings bank. Upon approval of the conversion, the board shall supervise and monitor the conversion process and shall ensure that the conversion is conducted lawfully and under the approved plan of conversion.
S.C. Code Ann. § 34-26-1210 — SC Code / Title 34 / Chapter 26 / Article 12 / Section 34-26-1210
SECTION 34-26-1210. Merger.
Status: in_force

A credit union organized under this chapter may, with the approval of the Board of Financial Institutions regardless of common bond, merge with one or more credit unions organized under this chapter, the laws of another state or territory of the United States, or the laws of the United States with approval of each credit union's regulator.
S.C. Code Ann. § 34-39-290 — SC Code / Title 34 / Chapter 39 / Section 34-39-290
SECTION 34-39-290. Annual report and meeting concerning data.
Status: in_force

(A) Based upon data provided by the database vendor, the Board of Financial Institutions annually shall report to the General Assembly the following information for loans made in South Carolina in the previous reporting year, specifically the number of: (1) loans made in South Carolina by loan amount and the dollar amount of fees collected by loan amount; (2) borrowers by loan amount and the number of borrowers by the number of times each borrower took out a loan; (3) borrowers who chose to pay off their loans through an extended payment plan by loan amount; (4) loans that were not paid off in the previous year by loan amount; (5) loans on which the lender submitted the check for collection by loan amount and the number of loans on which the lender took action for collection; and (6) the number of twenty-four hour periods within which a successive loan is conducted after a prior loan is completed. (B) The Senate Banking and Insurance Committee and the House of Representatives Labor, Commerce and Industry Committee must annually meet, jointly or separately, to hold a hearing concerning the data provided by the database vendor and the report submitted by the Board of Financial Institutions. The vendor and the Board of Financial Institutions must testify at the meeting and answer questions, including questions related to the data and the report.
S.C. Code Ann. § 34-15-50 — SC Code / Title 34 / Chapter 15 / Section 34-15-50
SECTION 34-15-50. Liability when acting as trustee of partnership interest for minors.
Status: in_force

Any banking corporation or trust company authorized under this chapter to act as a fiduciary which acts or is acting as trustee of a partnership interest for minor beneficiaries shall not be liable as a partner except to the extent of the assets in the trust, the provisions of Sections 33-41-350 to 33-41-390 to the contrary notwithstanding; provided, however, nothing in this section shall waive, limit or restrict the duty and liability otherwise of the bank as trustee of a partner's interest.
S.C. Code Ann. § 34-28-360 — SC Code / Title 34 / Chapter 28 / Article 4 / Section 34-28-360
SECTION 34-28-360. Prohibited acquisitions.
Status: in_force

(a) Except as specifically permitted under Section 34-28-350, no South Carolina association, South Carolina savings and loan holding company, Southern Region association, or Southern Region savings and loan holding company having a South Carolina association subsidiary may acquire an association or savings and loan holding company which is not either a South Carolina savings and loan holding company or a Southern Region savings and loan holding company or an association which is not either a South Carolina association or a Southern Region association. (b) Except as expressly permitted by federal law, no association which is not either a South Carolina association or a Southern Region association and no savings and loan holding company which is not either a South Carolina savings and loan holding company or a Southern Region savings and loan holding company may acquire a South Carolina association, a South Carolina savings and loan holding company, or a Southern Region savings and loan holding company controlling a South Carolina association.
S.C. Code Ann. § 34-3-520 — SC Code / Title 34 / Chapter 3 / Article 7 / Section 34-3-520
SECTION 34-3-520. Regulations classifying records.
Status: repealed

The State Board of Bank Control shall from time to time issue regulations classifying all records kept by banks and prescribing the period for which records of each class shall be retained. The periods may be permanent or for a lesser term of years. The regulations may from time to time be amended or repealed. Prior to issuing any such regulation, the Board shall consider: (1) Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable; (2) State and Federal statutes of limitation applicable to such actions or proceedings; (3) The availability of information contained in bank records from other sources; and (4) Such other matters as the Board shall deem pertinent, in order that its regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and shareholders and of the people of this State in having bank records available.
S.C. Code Ann. § 34-3-360 — SC Code / Title 34 / Chapter 3 / Article 5 / Section 34-3-360
SECTION 34-3-360. Form of notice to chief executive.
Status: in_force

The form of notice from the Commissioner of Banking to the chief executive of the bank referred to in Section 34-3-350 must be as follows: To the Chief Executive: In accordance with the law I enclose a copy of the report of examination of your bank made __________, 20___, by the Commissioner of Banking, __________, with the request that it be considered at a meeting of your directors to be held within thirty days from this date and a record of the action taken thereon entered upon the minutes. Please also fill out and return the form attached. Commissioner of Banking. Effect of Amendment 2021 Act No. 30, SECTION 3, rewrote the section.
S.C. Code Ann. § 34-29-164 — SC Code / Title 34 / Chapter 29 / Section 34-29-164
SECTION 34-29-164. Amount charged for nonfiling insurance coverage.
Status: in_force

The amount charged for nonfiling insurance coverage may not exceed seventy-five percent of the official fee as defined in Section 37-1-301(17).
S.C. Code Ann. § 34-30-200 — SC Code / Title 34 / Chapter 30 / Article 2 / Section 34-30-200
SECTION 34-30-200. Loan production office, opening or closing.
Status: in_force

A state savings bank may open or close a loan production office upon thirty days' written notice to the board.
S.C. Code Ann. § 34-1-90 — SC Code / Title 34 / Chapter 1 / Section 34-1-90
SECTION 34-1-90. Commissioner of Banking shall report criminal violations to Board.
Status: in_force

When in the exercise by the Board through its examining department of its powers of supervision over banks, banking institutions, building and loan associations, cash depositories and all institutions doing any kind of banking or building and loan business there shall be found any apparent criminal violation of any statute of this State or of any rule or regulation of the Board, the Commissioner of Banking shall file with the Board a written report of such apparent criminal violations.
S.C. Code Ann. § 34-26-605 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-605
SECTION 34-26-605. Membership of board; term of office; board appointment of credit committee.
Status: in_force

(1) The board shall consist of an odd number of directors, at least five in number, to be elected by and from the members. Elections shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the board shall hold office for such terms as the bylaws provide, except that terms shall be staggered so that an approximately equal number expire each year. (2) At an organization meeting to be held within thirty days following each annual election, if it is stipulated in the bylaws, the board of directors shall appoint a credit committee that consists of an odd number, not less than three, whose terms are as the bylaws provide. The bylaws may offer the option of using loan officers instead of having a credit committee. Effect of Amendment The 2007 amendment, in subsection (2), in the first sentence added "if it is stipulated in the bylaws," and added the second sentence relating to the option of using loan officers.
S.C. Code Ann. § 34-9-30 — SC Code / Title 34 / Chapter 9 / Section 34-9-30
SECTION 34-9-30. Recovery of penalties for nonpayment of stock subscriptions and unpaid installments on subscriptions.
Status: in_force

The penalties for the nonpayment of any stock subscriptions as prescribed in Section 34-3-240, together with any unpaid installments on such subscriptions, may be recovered in any court having jurisdiction of the aggregate amount so due or the stock may be sold for cash after twenty days' notice advertised in the nearest newspaper. If at any such sale the sum bid should not be sufficient to satisfy and discharge the amount so due, together with the cost and charges incident to such sale, the subscriber in default shall be liable for any deficiency, and it may be recovered in the name of the corporation in any court having jurisdiction.
S.C. Code Ann. § 34-30-780 — SC Code / Title 34 / Chapter 30 / Article 5 / Section 34-30-780
SECTION 34-30-780. Appointment of receiver; confirmation of appointment; power and authority; compensation; tender of appointment to Federal Deposit Insurance Corporation; procedure; contesting of proceedings; reimbursement of expenses and attorney fees.
Status: in_force

(A) If the board finds that a state savings bank is: (1) in an impaired condition; (2) engaging in practices which threaten to result in an impaired condition; or (3) in violation of an order or injunction, as provided in Section 34-30-760, which has become final in that the time to appeal has expired without appeal or a final order has been entered from which there is no appeal, the board may appoint a receiver for the state savings bank. Upon this appointment, the board shall apply immediately to the circuit court in the county in which the home office of the state savings bank is located and, in the case of a foreign state savings bank 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 be expedited. The court shall confirm the appointment if it finds that one or more of the grounds specified in this section exist, and a certified copy of the order of the court confirming the appointment is evidence of its confirmation. In the case of an insured state savings bank, the appointment by the board of a receiver under this section constitutes an official determination of a public authority in this State pursuant to which a receiver is appointed for the purpose of liquidation as contemplated by and within the meaning of the Federal Deposit Insurance Act, if, within ten days after the date the application of the board is filed, confirmation of the appointment or denial of confirmation has not been issued by the court. The receiver has all the powers and authority of a conservator, plus the power to liquidate, and shall have those other powers and authority as may be expressed in the order of the court. If the chairman of the board, or his deputy, or an employee of the board is appointed receiver, he shall receive no additional compensation, but if another person is appointed, the compensation of the receiver, as determined by the court, must be paid from the assets of the state savings bank. (B) If the state savings bank is an institution insured by the Federal Deposit Insurance Corporation, the Federal Deposit Insurance Corporation must be tendered appointment as receiver or co-receiver. If it accepts the appointment, it may make loans on the security of or purchase at public or private sale a part or all of the assets of the state savings bank of which it is receiver or co-receiver, provided the loan or purchase is approved by the court. (C) The procedure in the receivership action must be in all other respects in accordance with the practice in the court where the action was filed, including all rights of appeal and review. The directors, officers, and attorneys of a state savings bank in office at the time of the initiation of a proceeding under this section or Section 34-30-770 are authorized to contest the proceeding and must be reimbursed for reasonable expenses and attorney fees by the state savings bank or from its assets. A court having a proceeding before it shall allow reasonable expenses and attorney fees for the directors, officers, and attorneys.
S.C. Code Ann. § 34-33-60 — SC Code / Title 34 / Chapter 33 / Section 34-33-60
SECTION 34-33-60. Limitation on investments in banker's banks.
Status: in_force

Notwithstanding any other provision of law, up to fifteen percent of the capital accounts of a bank may be invested in the capital stock of a banker's bank, except that no purchase of stock may result in acquisition of more than five percent of any class of voting securities of the banker's bank.
S.C. Code Ann. § 34-39-220 — SC Code / Title 34 / Chapter 39 / Section 34-39-220
SECTION 34-39-220. Orders to cease and desist violations of chapter; hearing.
Status: in_force

If the board determines that a person subject to the provisions of this chapter has violated this chapter or regulations adopted pursuant to it, the board, upon notice and opportunity for hearing in accordance with the Administrative Procedures Act, may order the person to cease and desist from the violations and to comply with this chapter. The board may designate a hearing officer or hearing panel to conduct hearings or take other action as necessary pursuant to this section and may seek the assistance of the Attorney General or the Department of Consumer Affairs in enforcing compliance with this chapter. The board may enforce compliance with an order issued pursuant to this section by the imposition and collection of civil penalties authorized in this chapter.
S.C. Code Ann. § 34-9-90 — SC Code / Title 34 / Chapter 9 / Section 34-9-90
SECTION 34-9-90. Preferred stock shall be included in capital.
Status: in_force

Any preferred stock lawfully issued by a banking institution organized under the laws of this State shall be included in determining whether such banking institution has complied with the minimum capital stock requirements provided by law for banking institutions in this State.
S.C. Code Ann. § 34-29-250 — SC Code / Title 34 / Chapter 29 / Section 34-29-250
SECTION 34-29-250. Violations.
Status: in_force

Any person who wilfully violates any provision of this chapter, for which a penalty has not been provided, is guilty of a misdemeanor and, upon conviction, must be fined not more than one thousand dollars nor less than one hundred dollars in the discretion of the court. The board, in addition to the criminal penalties provided by this section, may also assess a civil penalty against the violator in the form of a fine not exceeding two thousand dollars for each violation. This civil penalty may be assessed in addition to or in lieu of the criminal penalties authorized by this section. Effect of Amendment The 1991 amendment added the second paragraph of this section.
S.C. Code Ann. § 34-26-1330 — SC Code / Title 34 / Chapter 26 / Article 13 / Section 34-26-1330
SECTION 34-26-1330. Application to form corporate credit union.
Status: in_force

(1) Application to form a corporate credit union shall be made in writing to the Board of Financial Institutions. The application shall contain the names of at least ten percent of the credit unions in the proposed field of membership that have agreed to subscribe to shares in the corporate credit union at the time the application is made. (2) The application shall be accompanied by articles of incorporation, bylaws, and a copy of the application for share insurance. (3) The bylaws shall provide for the selection of a board of directors of at least five persons, all of whom shall be authorized representatives of members. The bylaws shall require those applying for membership to subscribe to membership shares or other shares, or both, in a minimum amount as specified in the bylaws.
S.C. Code Ann. § 34-21-280 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-280
SECTION 34-21-280. Collective investment fund may be considered as a whole in determining propriety of investment.
Status: in_force

In order to determine whether the investment of funds received or held by the trust institution as fiduciary in a participation in a collective investment fund is proper, the trust institution may consider the collective investment fund as a whole and shall not, for example, be prohibited from making such investment because any particular asset is nonincome producing.
S.C. Code Ann. § 34-30-130 — SC Code / Title 34 / Chapter 30 / Article 2 / Section 34-30-130
SECTION 34-30-130. Insurance on deposit accounts; certification; time for obtaining insurance; excess insurance.
Status: in_force

A state savings bank must obtain and maintain insurance on the deposit accounts of all members and customers from an insurance corporation created by an act of Congress. Before licensing of a state savings bank, articles of incorporation duly recorded under Section 34-30-120(C), are sufficient certification to the insuring corporation that the state savings bank is a legal corporate entity. The insurance must be obtained within the time limit prescribed in Section 34-30-140. Subject to the rules or regulations of the board, a state savings bank may obtain or participate in efforts to obtain insurance of deposits that is in excess of the amount eligible for federal insurance of accounts. This insurance is known as "excess insurance".
S.C. Code Ann. § 34-30-70 — SC Code / Title 34 / Chapter 30 / Article 2 / Section 34-30-70
SECTION 34-30-70. Organization and establishment; application, fee; contents of application.
Status: in_force

(A) The original incorporators, a majority of whom must be domiciled in this State, may organize and establish a state savings bank to promote the purposes of this chapter, subject to approval as provided in this chapter. The original incorporators shall file with the board a preliminary application to organize a state savings bank in the form prescribed by the board, together with the proper nonrefundable application fee. (B) An application to organize a state savings bank must contain: (1) a copy of the proposed articles of incorporation, which must be signed by the original incorporators; (2) the names and addresses of the incorporators; and the names and addresses of the initial members of the board of directors, and the number of shares they plan to subscribe to; (3) statements of the anticipated receipts, expenditures, earnings, and financial condition of the state savings bank for its first three years of operation, or a longer period as the board may require; (4) a showing satisfactory to the board that: (a) the public convenience and advantage are served by the establishment of the proposed state savings bank; (b) there are reasonable demand and necessity in the community which is served by the establishment of the proposed state savings bank; (c) the proposed state savings bank has a reasonable probability of sustaining profitable and beneficial operations within a reasonable time in the community in which the proposed state savings bank intends to locate; and (5) the proposed bylaws; and (6) statements, exhibits, maps, and other data that may be prescribed or requested by the board, and which are sufficiently detailed and comprehensive so as to enable the board to pass upon the criteria in this article. (C) The application must be signed by the original incorporators, and properly acknowledged by a person duly authorized by this State to take proof and acknowledgment of deeds. The application must contain additional information required by the board.
S.C. Code Ann. § 34-19-20 — SC Code / Title 34 / Chapter 19 / Section 34-19-20
SECTION 34-19-20. Safe deposit business authorized.
Status: in_force

Subject to the provisions of this chapter any bank, building and loan association, savings and loan association, savings association, savings bank, or trust company may maintain and lease safe deposit boxes and may accept property or documents for safekeeping.
S.C. Code Ann. § 34-7-40 — SC Code / Title 34 / Chapter 7 / Section 34-7-40
SECTION 34-7-40. Petition and order for reorganization meeting.
Status: in_force

In the event as many as five per cent in number and amount of depositors and stockholders file a petition, duly verified, with the resident or presiding judge of the circuit in which such bank is situate, setting forth that, in their opinion: (1) It would be to the advantage of the depositors and unsecured creditors to reorganize and reopen such bank for business; (2) Under such reorganization plan the depositors and unsecured creditors would receive a larger percentage of their claims than would be paid under a liquidation in court; and (3) It is feasible to reopen the bank on such plan; And should such representations appear to the satisfaction of the judge to be true, the court shall fix by order a time and place for the holding of a meeting of depositors, creditors and stockholders of such institution for the purpose of considering and determining upon a plan for the reorganization and reopening of such institution.
S.C. Code Ann. § 34-39-175 — SC Code / Title 34 / Chapter 39 / Section 34-39-175
SECTION 34-39-175. Deferred presentment transaction database.
Status: in_force

(A) In order to prevent a person from having a deferred presentment transaction that exceeds the limit in Section 34-39-180(B) and Section 34-39-270(A), the Consumer Finance Division of the Board of Financial Institutions shall implement a common database with real-time access through an internet connection for deferred presentment providers, as provided in this subsection. The board shall enter into a contract with a single source private vendor to develop and operate the database. By no later than February 1, 2010, the database must be accessible to the board and the deferred presentment providers to meet the requirements of this chapter and verify if a deferred presentment transaction is outstanding for a particular person. Deferred presentment providers shall submit the person's data to the database provider before entering into a deferred presentment transaction and once a deferred presentment transaction has been paid in full, in a format the board requires by regulation, including the drawer's name, social security number, or employment authorization alien number, address, driver's license number, amount of the transaction, date of transaction, the date that the transaction is closed, and additional information required by the board. The database provider may impose the database verification fee authorized by Section 34-39-270(H) for data required to be submitted by a licensee. The board may adopt procedures to administer and enforce the provisions of this section and to ensure that the database is used by licensees in accordance with this section. (B) The information provided in the database is limited for the use in determining if a customer is eligible or ineligible to enter into a new deferred presentment transaction and to describe the reason for the determination of eligibility or ineligibility.
S.C. Code Ann. § 34-26-730 — SC Code / Title 34 / Chapter 26 / Article 7 / Section 34-26-730
SECTION 34-26-730. Withdrawal of deposited funds; withdrawal notice.
Status: in_force

(1) Funds in share and deposit accounts may be withdrawn for payment to the account holder or to third parties, in such manner and in accordance with such procedures as are established by the board of directors. (2) Share and deposit accounts shall be subject to any withdrawal notice requirement which is imposed pursuant to the bylaws.
S.C. Code Ann. § 34-25-280 — SC Code / Title 34 / Chapter 25 / Article 3 / Section 34-25-280
SECTION 34-25-280. Reporting; board authority.
Status: in_force

(a) To the extent consistent with subsection (c) of this section, the board may make such examinations of any branch established and maintained in this State pursuant to this article by an out-of-state state bank as the board may deem necessary to determine whether the branch is being operated in compliance with the laws of this State and in accordance with safe and sound banking practices. (b) The board may prescribe requirements for periodic reports regarding any out-of-state bank that operates a branch in South Carolina pursuant to this article. The required reports shall be provided by such bank or by the bank supervisory agency having primary responsibility for such bank. Any reporting requirements prescribed by the board under this subsection (b) shall be (i) consistent with the reporting requirements applicable to South Carolina state banks and (ii) appropriate for the purpose of enabling the board to carry out its responsibilities under this article. (c) The board may enter into cooperative, coordinating, and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies with respect to the periodic examination or other supervision of any branch in South Carolina of an out-of-state state bank, or any branch of a South Carolina state bank in any host state, and the board may accept such parties' reports of examination and reports of investigation in lieu of conducting its own examinations or investigations. (d) The board may enter into contracts with any bank supervisory agency that has concurrent jurisdiction over a South Carolina state bank or an out-of-state state bank operating a branch in this State pursuant to this article 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. Any such contract shall be deemed a sole source contract. (e) The board may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch in South Carolina of an out-of-state state bank or any branch of a South Carolina state bank in any host state; provided that the board at any time may take such actions independently if the board deems such actions to be necessary or appropriate to carry out its responsibilities under this article or to ensure compliance with the laws of this State; and provided, further, that, in the case of an out-of-state state bank, 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. (f) Each out-of-state state bank that maintains one or more branches in this State may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of this State and regulations of the board. Such fees may be shared with other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies in accordance with agreements between such parties and the board.
S.C. Code Ann. § 34-21-50 — SC Code / Title 34 / Chapter 21 / Article 1 / Section 34-21-50
SECTION 34-21-50. Investment of funds.
Status: in_force

Funds held by the trust department shall be invested as soon as practicable in strict accordance with the will or agreement governing the trust and in the absence of such direction shall be invested under the terms of the laws for such investments in this State. The investments shall be made by an investment committee, appointed by the board of directors, and all such investments shall be approved by the board of directors.
S.C. Code Ann. § 34-28-150 — SC Code / Title 34 / Chapter 28 / Article 2 / Section 34-28-150
SECTION 34-28-150. Opening for business.
Status: in_force

(1) An association shall open and conduct a general savings and loan business no later than twelve months after the commencement of its corporate existence (Section 34-28-100(5)). The Board may extend the opening date for an additional period on its own motion or at the request of the association, for good cause shown. (2) At the time as subscriptions for stock in a proposed stock association have been fully paid (and in the case of a mutual association, at the time as the capital required by the Board has been paid in cash to the association in the form of pledged savings accounts meeting the standards specified by regulation issued by the Board), but no later than thirty days prior to intended opening date, the association shall file with the Board a statement containing the name and address of each subscriber and the amount of capital subscribed by each and, showing that the entire capital required by the Board has been unconditionally and fully paid in lawful money and that the funds or assets representing the required capital are held by the association, that a commitment for the insurance of all deposit accounts has been obtained from 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 and that all other conditions imposed by the Board pursuant to Section 34-28-100(5) have been satisfied. (3) If the Board finds that the association has in good faith complied with all the requirements of law, and that the association's deposit accounts are properly insured, it shall promptly issue, in duplicate, under its official seal, a certificate of authorization to transact a general savings and loan business. (4) Upon opening for business, an association shall have power to engage in a general savings and loan business and to exercise, subject to law and the regulations of the Board, all those incidental powers as may reasonably promote its general savings and loan business.
S.C. Code Ann. § 34-29-110 — SC Code / Title 34 / Chapter 29 / Section 34-29-110
SECTION 34-29-110. Rules and regulations; copies of licenses, regulations and orders.
Status: in_force

(a) The Board shall have the power and authority to make rules and regulations which interpret or explain any section or sections of this chapter, as it may deem necessary. Such regulations shall be referenced to the section or sections of this chapter which set forth the legislative standards which they interpret or explain. When promulgated and made, the rules and regulations shall be filed with the Secretary of State and the Board shall otherwise comply fully with the provisions of Sections 1-1-210 through 1-1-240. (b) On application of any person and payment of the cost thereof, the Board shall furnish under its seal and duly signed, a certified copy of any license, regulation or order. Such copy shall be prima facie evidence of the fact of the issuance of such license, regulation or order in any court or proceeding.
S.C. Code Ann. § 34-26-910 — SC Code / Title 34 / Chapter 26 / Article 9 / Section 34-26-910
SECTION 34-26-910. Insurance for officers, agents, and employees.
Status: in_force

A credit union may purchase and maintain insurance on behalf of any person who is or was an elected official, officer, employee, or agent of the credit union, or who is or was serving at the request of the credit union as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise against any liability asserted against such person in any such capacity or arising out of such person's status as such, whether or not the credit union would have the power to indemnify such person against such liability.
S.C. Code Ann. § 34-26-360 — SC Code / Title 34 / Chapter 26 / Article 3 / Section 34-26-360
SECTION 34-26-360. Fiscal year.
Status: in_force

The fiscal year of each credit union incorporated under this chapter shall end on the last day of December.
S.C. Code Ann. § 34-41-120 — SC Code / Title 34 / Chapter 41 / Section 34-41-120
SECTION 34-41-120. Wilful violations; referral for criminal prosecution.
Status: in_force

The board, upon a determination that a violation of Section 34-41-20 is wilful, may refer a violation to the Attorney General or to the appropriate circuit solicitor for criminal prosecution. A violation of Section 34-41-20 by a person required to obtain a license pursuant to this chapter is a Class B misdemeanor and each transaction involving the unlawful cashing of a check, draft, or money order constitutes a separate offense.
S.C. Code Ann. § 34-25-270 — SC Code / Title 34 / Chapter 25 / Article 3 / Section 34-25-270
SECTION 34-25-270. Applicable law.
Status: in_force

(a) An out-of-state state bank which establishes and maintains one or more branches in South Carolina under this article may conduct any activities at such branch or branches that are authorized under the laws of this State for South Carolina state banks. (b) A South Carolina state bank may conduct any activities at any branch outside South Carolina that are permissible for a bank chartered by the host state where the branch is located. (c) An out-of-state bank that has established or acquired a branch in South Carolina under this article may establish or acquire additional branches in South Carolina to the same extent that any South Carolina bank may establish or acquire a branch in South Carolina under state law.
S.C. Code Ann. § 34-28-370 — SC Code / Title 34 / Chapter 28 / Article 4 / Section 34-28-370
SECTION 34-28-370. Person acquiring a South Carolina association or savings and loan holding company is subject to South Carolina laws.
Status: in_force

Any Southern Region association or Southern Region savings and loan holding company that directly or indirectly acquires a South Carolina association or a South Carolina savings and loan holding company is subject to all the laws of this State relating to the acquisition, ownership, expansion, and operation of South Carolina associations and South Carolina savings and loan holding companies.
S.C. Code Ann. § 34-26-930 — SC Code / Title 34 / Chapter 26 / Article 9 / Section 34-26-930
SECTION 34-26-930. Collection, receipt, and disbursement in connection with negotiable instruments; automated services; fees.
Status: in_force

A credit union may collect, receive, and disburse monies in connection with the providing of negotiable checks, money orders, travelers checks, wire transfers, and sight drafts, and the providing of services through automated teller machines and for such other purposes as may provide benefit or convenience to its members. A credit union may charge fees for such services.
S.C. Code Ann. § 34-28-560 — SC Code / Title 34 / Chapter 28 / Article 6 / Section 34-28-560
SECTION 34-28-560. Right to avoid loss.
Status: in_force

Nothing in this chapter or in any other provision of law may be construed as denying to an association the right to invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of time may reasonably be necessary to avoid loss on any loan or investment theretofore made or any obligation created in good faith.
S.C. Code Ann. § 34-26-740 — SC Code / Title 34 / Chapter 26 / Article 7 / Section 34-26-740
SECTION 34-26-740. Payments on share accounts.
Status: in_force

Payments on share accounts may be received from a minor who may withdraw funds from such accounts including the dividends and interest thereon. Payments on share accounts by a minor and withdrawals thereof by the minor shall be valid in all respects. For such purposes a minor is deemed of the age of majority.
S.C. Code Ann. § 34-5-40 — SC Code / Title 34 / Chapter 5 / Section 34-5-40
SECTION 34-5-40. Persons who may not be conservators.
Status: in_force

No person shall be appointed conservator of any institution under the provisions of this chapter who was an officer, director or attorney of such institution at the time the Board determined to create such conservatorship or who within two years prior to that time had been such officer, director or attorney.
S.C. Code Ann. § 34-26-1350 — SC Code / Title 34 / Chapter 26 / Article 13 / Section 34-26-1350
SECTION 34-26-1350. Participation in National Credit Union Administration Central Liquidity Facility; other state and federal financial systems; agreements with third parties.
Status: in_force

The corporate credit union may enter into agreements and subscribe to any required shares for the purpose of participation in the National Credit Union Administration Central Liquidity Facility created by Public Law 95-630 or any other state or federal central financial system available to credit unions. It may also enter into agreements with any third parties to aid credit unions to obtain additional sources of liquidity.
S.C. Code Ann. § 34-26-860 — SC Code / Title 34 / Chapter 26 / Article 8 / Section 34-26-860
SECTION 34-26-860. Limitation on size of loan secured by real estate; approved collateral.
Status: in_force

A credit union is authorized to make loans secured by real estate. The real estate collateral may consist of improved or unimproved property including, but not limited to, a mobile home, modular home, vacation home, property under construction, condominium, or single family dwelling which must be the borrower's primary residence. Loan terms for unimproved real estate may not exceed fifteen years. Loan terms for a residential dwelling may not exceed the maximum allowed by FNMA or GNMA. Real estate loan requirements for loan to value and certified appraisals shall not exceed maximums allowed for federally chartered credit unions. A loan that does not require a certified appraisal requires an inspection by a credit union-appointed individual and evidence of value in the file. A loan application, note, and security instrument may be executed on current versions of FHA, VA, FHLMC, FNMA, or FHLMC/FNMA approved forms. A loan may not be made on real estate located beyond the continental United States of America. Effect of Amendment The 1999 amendment, in the first undesignated paragraph, inserted "vacation homes,". The 2007 amendment rewrote this section.
S.C. Code Ann. § 34-21-430 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-430
SECTION 34-21-430. Obligations in which funds may be collectively invested.
Status: in_force

In addition to the investments permitted under Section 34-21-220, funds or other property received or held by a trust institution as fiduciary may be invested collectively as follows: (1) In a single real estate loan or a direct obligation of the United States, or an obligation fully guaranteed by the United States, if the trust institution owns no participation in the loan or obligation and has no interest therein except in its capacity as fiduciary. (2) In any investments specifically authorized by court order or authorized by the instrument creating the fiduciary relationship. (3) In such other manner as shall be approved in writing by the Comptroller of the Currency in the case of national banks and by the State Board of Bank Control in the case of State banks.
S.C. Code Ann. § 34-30-1210 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1210
SECTION 34-30-1210. Permitted loans.
Status: in_force

(A) A state savings bank may lend funds: (1) on the security of deposit accounts, but no loan shall exceed the withdrawal value of the pledged deposit account; (2) on the security of real property: (a) of a value, determined in accordance with this chapter and appraisal rules or regulations as the board may adopt sufficient to provide good and ample security for the loan; (b) with a fee simple title or a leasehold title of no less duration than ten years beyond the maturity of the loan; (c) with the security interest in the real estate evidenced by an appropriate written instrument and the loan evidenced by a note, bond, or similar written instrument. A loan on the security of the whole of the beneficial interest in a land trust satisfies the requirements of this subitem if the title to the land is held by a corporate trustee and if the real estate held in the land trust meets the other requirements of this item; (3) for the purpose of repair, improvement, rehabilitation, furnishing, or equipment of real estate; (4) the purpose of financing or refinancing an existing ownership interest, in certificates of stock, certificates of beneficial interest, or other evidence of an ownership interest in, and a proprietary lease from, a corporation, trust, or partnership formed for the purpose of the cooperative ownership of real estate, secured by the assignment or transfer of the certificates or other evidence of ownership of the borrower; (5) for the purchase of loans that, at the time of purchase, the state savings bank is authorized to make in accordance with this chapter; (6) for the purchase of installment contracts for the sale of real estate, and title to it that is subject to the contract, but in each instance only if the state savings bank, at the time of purchase, is authorized to make a mortgage loan of the same amount and for the same length of time on the security of the real estate; (7) for the purchase of loans guaranteed or insured, wholly or in part, by the United States or any of its instrumentalities; (8) for secured or unsecured financing for business, corporate, personal, family, or household purposes, or for secured or unsecured loans for agricultural or commercial purposes, subject to rules or regulations as the board adopts; (9) for the purpose of mobile home financing; (10) for a loan secured by not more than ninety percent of the cash surrender value of a life insurance policy; (11) for a loan on collateral that is a legal investment if made by the state savings bank under this chapter. (B) Notwithstanding any provision of this chapter to the contrary, a state savings bank may make any loans within the lending limits prescribed that the state savings bank could make if it were incorporated and operating as a federal association or federal savings bank or as a state or national bank.
S.C. Code Ann. § 34-25-40 — SC Code / Title 34 / Chapter 25 / Article 1 / Section 34-25-40
SECTION 34-25-40. Application.
Status: in_force

(a) A company that proposes to make an acquisition under this article shall: (1) file with the board a copy of the notice or application that such company has filed with the responsible federal bank supervisory agency, together with such additional information as the board may prescribe; and (2) pay to the board the application fee, if any, prescribed by the board. (b) To the extent consistent with the effective discharge of the board's responsibilities, the forms established under this article for application and reporting shall conform to those established by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act. (c) In connection with an application received under this article, the board shall: (1) require that prior notice of the application be published once in a daily newspaper of general circulation in South Carolina and provide an opportunity for public comment; and (2) make the application available for public inspection to the extent required or permitted under applicable state or federal law. (d) If the applicant is an out-of-state bank holding company that is not incorporated under the laws of this State, it shall submit with the application proof that the applicant has complied with applicable requirements of Section 33-15-101(a), or if not subject to Section 33-15-101(a), has appointed an agent for service of process in the State of South Carolina.
S.C. Code Ann. § 34-11-75 — SC Code / Title 34 / Chapter 11 / Section 34-11-75
SECTION 34-11-75. Civil remedy for drawing and uttering of fraudulent checks, drafts, or other written order.
Status: in_force

As used in this section, "check" means a check, draft, or other written order drawn on a bank or depository. (1) In addition to criminal penalties, a person who knowingly or with fraudulent intent, as defined in and as may be established by prima facie evidence under the provisions of Section 34-11-70, draws, makes, utters, or issues and delivers to another a check drawn on a bank or depository that refuses to honor it because the maker or drawer does not have sufficient funds on deposit in or credit with the bank or depository with which to pay the check upon presentation and who fails to pay the same amount in cash to the payee, within thirty days following written demand, is liable to the payee for the amount owing on the check and for damages of the lesser of five hundred dollars or three times the amount owing on the check. In an action under this section, the court or jury may waive all or part of the treble damages upon a finding that the defendant's failure to satisfy the dishonored check was due to the defendant's recent discharge from his employment, personal or family illness, or personal or family catastrophic loss. The written demand must: (a) describe the check and the circumstances of its dishonor; (b) contain a demand for payment and a notice of intent to file suit for treble damages under this section if payment is not received within thirty days; and (c) be mailed by certified mail to the defendant at his last known address. (2) In an action under item (1), the presiding judge may award the prevailing party, as part of the court costs payable, a reasonable attorney's fee to the attorney representing the prevailing party in the action. (3) It is an affirmative defense, in addition to other defenses, to an action under this section if it is found that: (a) full satisfaction of the amount of the check was made before the beginning of the action; (b) the bank or depository erred in dishonoring the check; or (c) the acceptor of the check knew at the time of acceptance that there were insufficient funds on deposit in the bank or depository with which to cause the check to be honored.
S.C. Code Ann. § 34-30-20 — SC Code / Title 34 / Chapter 30 / Article 1 / Section 34-30-20
SECTION 34-30-20. Application of chapter.
Status: in_force

This chapter, unless the context otherwise specifies, applies to all state savings banks.
S.C. Code Ann. § 34-19-40 — SC Code / Title 34 / Chapter 19 / Section 34-19-40
SECTION 34-19-40. Access to box of fiduciary.
Status: in_force

Where a safe deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto as follows: (1) By any one or more of the persons acting as executors or administrators; (2) By any one or more of the persons otherwise acting as fiduciaries when authorized in writing signed by all other persons so acting; or (3) By any agent authorized in writing signed by all of the persons acting as fiduciaries.
S.C. Code Ann. § 34-26-850 — SC Code / Title 34 / Chapter 26 / Article 8 / Section 34-26-850
SECTION 34-26-850. Limitation on loan advances by approved line of credit; periodic review.
Status: in_force

(1) Upon application by a member, the credit committee, or loan officer may approve a line of credit, and loan advances may be granted to the member within the limit of such line of credit. Where a line has been approved, no additional credit application is required as long as the aggregate indebtedness does not exceed the approved limit. (2) Lines of credit shall be subject to periodic review by the credit union, in accordance with the written policies of the board of directors.
S.C. Code Ann. § 34-26-620 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-620
SECTION 34-26-620. Prohibition against compensation for services; accident insurance; expenses.
Status: in_force

No officer, director, or committee member, other than an employee, may be compensated for services. However, providing reasonable accident insurance protection while on credit union business shall not be considered compensation. Directors, officers, and committee members may be reimbursed for expenses incidental to the performance of official business of the credit union.
S.C. Code Ann. § 34-26-350 — SC Code / Title 34 / Chapter 26 / Article 3 / Section 34-26-350
SECTION 34-26-350. Principal place of business of credit union; other locations.
Status: in_force

(1) A credit union may change its principal place of business within this State upon approval of the commissioner. (2) A credit union may maintain and dispose of other service facilities, including automated terminals, at locations other than its principal office upon approval of the commissioner. The maintenance of such facilities must be reasonably necessary to furnish service to its members or potential members. (3) A credit union may join with one or more other credit unions or other financial organizations in the operation of automated terminals or other service facilities. (4) A credit union may establish and close branches and purchase property for future expansion with approval of the Board of Financial Institutions. Effect of Amendment The 2007 amendment, in subsection (4), substituted "Board of Financial Institutions" for "board". 2021 Act No. 30, SECTION 14, in (2), in the second sentence, added "or potential members" at the end.
S.C. Code Ann. § 34-26-270 — SC Code / Title 34 / Chapter 26 / Article 2 / Section 34-26-270
SECTION 34-26-270. Fees to defray administration, supervision, examination, and other expenses of annual examination of credit union.
Status: in_force

(1) The board shall establish annual supervisory fees to be paid by credit unions. Such fees shall defray, as far as practicable, the administrative, supervisory, examining, and other expenses of the annual examination. (2) Any such fees established shall be in accordance with a graduated scale on the basis of assets and shall be payable annually.
S.C. Code Ann. § 34-30-1100 — SC Code / Title 34 / Chapter 30 / Article 6 / Section 34-30-1100
SECTION 34-30-1100. Exemption of directors or officers from personal liability; limitations; breach of duty of loyalty defined.
Status: in_force

(A) Notwithstanding another provision of this chapter, a state savings bank, in its articles of incorporation or bylaws, may provide that a director or officer is not liable personally, or is liable only to the extent provided, to the state savings bank or its depositors or members or stockholders for damages for breach of a duty owed to the savings bank or its depositors or members, except that the provision does not relieve an officer or director from liability for an act or omission: (1) in breach of the person's duty of loyalty to the state savings bank or its depositors, members, or stockholders; (2) not in good faith or involving a knowing violation of law; or (3) resulting in receipt by the person of an improper personal benefit. (B) As used in this section, an act or omission in breach of a person's duty of loyalty means one which that person knows or believes to be contrary to the best interests of the state savings bank or its depositors in connection with a matter in which he has a material conflict of interest.
S.C. Code Ann. § 34-28-730 — SC Code / Title 34 / Chapter 28 / Article 8 / Section 34-28-730
SECTION 34-28-730. Receivership.
Status: in_force

(1) If the Board finds 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 provided in Section 34-24-710, which has become final in that the 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 receiver for the association, which may be the chairman of the Board, his deputy, or any other person and, upon this 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 section exist, and a certified copy of the order of the court confirming the appointment is evidence of confirmation thereof. In the case of an insured association, the appointment by the Board of a receiver under this section constitutes an official determination of a public authority in this State pursuant to which a receiver is appointed for the purpose of liquidation as contemplated by and within the meaning of Section 401(d) of the National Housing Act of 1934, as amended, if, within ten days after the date the application of the Board is filed, confirmation of the appointment or denial of confirmation has not been issued by the court. The receiver has all the powers and authority of a conservator plus the power to liquidate and shall have those other powers and authority as may be expressed in the order of the court. If the chairman of the Board, or his deputy, or an employee of the Board is appointed receiver, he shall receive no additional compensation, but if another person is appointed, then the compensation of the receiver, as determined by the court, must be paid from the assets of the association. (2) If the association is an institution insured by the Federal Savings and Loan Insurance Corporation, the Federal Savings and Loan Insurance Corporation must be tendered appointment as receiver or coreceiver. If it accepts the appointment, it may still make loans on the security of or purchase at public or private sale any part or all of the assets of the association of which it is receiver or coreceiver, provided the loan or purchase is approved by the court. (3) The procedure in the receivership action must be in all other respects in accordance with the practice in the court where the action was filed, including all rights of appeal and review. The directors, officers, and attorneys of an association in office at the time of the initiation of any proceeding under this or the preceding section are expressly authorized to contest the proceeding and must be reimbursed for reasonable expenses and attorney fees by the association or from its assets. Any court having a proceeding before it shall allow and order paid reasonable expenses and attorney fees for the directors, officers, and attorneys.
S.C. Code Ann. § 34-30-50 — SC Code / Title 34 / Chapter 30 / Article 2 / Section 34-30-50
SECTION 34-30-50. Application of Business Corporation Act.
Status: in_force

When not in direct conflict with or superseded by specific provisions of this chapter, the provisions of the South Carolina Business Corporation Act, Chapters 1 to 25 of Title 33, apply to a state savings bank organized or operated under this chapter.
S.C. Code Ann. § 34-5-10 — SC Code / Title 34 / Chapter 5 / Section 34-5-10
SECTION 34-5-10. "Bank" defined.
Status: in_force

As used in this chapter the term "bank" includes building and loan associations.
S.C. Code Ann. § 34-45-40 — SC Code / Title 34 / Chapter 45 / Section 34-45-40
SECTION 34-45-40. Conditions for conducting savings promotion contest.
Status: in_force

A participating financial institution may conduct a savings promotion contest for the benefit of its depositors only if all of the following conditions are met: (1) The terms and conditions of the savings promotion contest must allow a depositor to obtain one or more entries to win a specified prize or prizes. Subject to any limits that the participating financial institution may place on the number of entries that a depositor is allowed to obtain for any savings promotion contest, as set forth in the terms and conditions of a specific savings promotion contest, the participating financial institution must allow a depositor to obtain an entry for a savings promotion contest only by doing either or both of the following: (a) depositing a minimum specified amount of money or making a specified number of deposits into a qualifying account in accordance with the terms and conditions of a specific savings promotion contest; (b) participating in one or more savings products or programs in accordance with the terms and conditions of a specific savings promotion contest. (2) A savings promotion contest must comply with all applicable consumer protection laws. (3) A participating financial institution conducting a savings promotion contest shall not require any depositor or other individual to pay a consideration for a chance of winning a prize or prizes designated in a savings promotion contest. (4) A depositor does not make a payment for consideration if the depositing of a specified amount of money, the making of a specified number of deposits, or the participating in one or more savings programs or products are all made or involve the depositor's accounts. (5) Each entry in a savings promotion contest must have an equal chance of being drawn. (6) Participating depositors in a savings promotion contest are not required to be present at a drawing to win a prize. (7) A participating financial institution must maintain books and records necessary to facilitate an audit of a savings promotion contest and, upon written request, must provide those records to the appropriate state or federal regulatory agency of that financial institution. (8) A participating financial institution must not conduct a savings promotion contest in a manner that jeopardizes the safety or soundness of the financial institution or misleads its depositors. (9) A participating financial institution must post, online and in any location where entries may be submitted, the terms and conditions of the savings promotion contest.
S.C. Code Ann. § 34-29-180 — SC Code / Title 34 / Chapter 29 / Section 34-29-180
SECTION 34-29-180. Judicial review of orders or decisions of board.
Status: in_force

(a) Any order or decision made, issued or executed by the Board or its deputies, shall be subject to review by the circuit court on petition by any person aggrieved if the petition is filed within thirty days from the date of the delivery of a copy of the order or decision made by the Board upon such person. A copy of such petition for review as filed with and certified by the clerk of court shall be served upon the Board within five days after its filing. If the petition for review is not filed within thirty days, the parties aggrieved shall be deemed to have waived the right to have the merits of the order or decision reviewed and there shall be no trial of the merits thereof by any court to which application may be made by petition or otherwise, to enforce or restrain the enforcement of same. (b) The Board shall within thirty days, unless the time is extended by an order of the court, after the service of the copy of the petition for review upon it or its deputy, prepare and file with the clerk of the court a complete transcript of the record of the hearing, if any, and a true copy of the order or decision duly certified. The case shall be heard by the court as a civil case upon such transcript of the record and it shall be the duty of the court to hear and determine the petition with all convenient speed. If, on the hearing before the court, it shall appear that the record filed by the Board is incomplete, the court may by appropriate order direct the Board to certify any and all parts of the record so omitted. (c) The court shall have jurisdiction to review the facts and the law and to affirm, modify or to set aside the order or decision of the board and to restrain the enforcement thereof. Appeals from all final orders and judgments entered by the circuit court in reviewing the orders and decisions of the board may be taken in the manner provided by the South Carolina Appellate Court Rules. Effect of Amendment The 1999 amendment changed the appeal provision at the end of the section to refer to the Appellate Court Rules.
S.C. Code Ann. § 34-26-880 — SC Code / Title 34 / Chapter 26 / Article 8 / Section 34-26-880
SECTION 34-26-880. Credit union participation in federal or state loan programs; other powers.
Status: in_force

(1) A credit union may participate in any guaranteed loan program of the federal or state government under the terms and conditions specified in the law under which such a program is provided. (2) A credit union may purchase conditional sales contracts, notes, and similar instruments of its members. (3) A credit union may finance for any person by way of installment sales contract the sale of the credit union's property, including property obtained as a result of defaults in obligations owed to it. (4) A credit union may engage in the leasing of personal property to its members.
S.C. Code Ann. § 34-28-680 — SC Code / Title 34 / Chapter 28 / Article 7 / Section 34-28-680
SECTION 34-28-680. Savings accounts as legal investments and security.
Status: in_force

(1) Administrators, executors, custodians, personal representatives, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust companies, credit unions, and other types of similar financial organizations, charitable, educational, eleemosynary, and public corporations, funds, and organizations, and municipalities and other public corporations, and governmental bodies and public officials are specifically authorized and empowered to invest funds held by them, without any order of any court, in deposit accounts of associations which are under state supervision and in deposit accounts of federal associations organized under the laws of the United States and under federal supervision, and these investments are legal investments for these funds. However, the investment of public funds is subject to the same requirements relating to the deposit and pledge of securities to secure these investments as may be provided by law or regulation with respect to the deposit of these funds in banks, except to the extent that these savings accounts may be insured. (2) Whenever as provided by law, a deposit of securities is required for any purpose, the savings accounts and accounts made legal investments by this section are acceptable for these deposits to the extent the savings accounts and accounts made legal by this section are insured. Whenever as provided by law, a bond is required with security, the bond may be furnished, and the savings accounts and accounts made legal investments by this section in the amount of the bond when deposited therewith are acceptable as security without other security. (3) The provisions of this section are supplemental to any other laws relating to and declaring what are legal investments for the individuals, fiduciaries, corporations, organizations, funds, municipalities, governmental bodies, and officials referred to in this section and are supplemental to the laws relating to the deposit of securities and the making and filing of bonds for any purpose.
S.C. Code Ann. § 34-21-390 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-390
SECTION 34-21-390. Valuation of securities in fund.
Status: in_force

At least once every three months the trust institution administering a common trust fund shall determine the value of the securities in the common trust fund. No participation shall be admitted to or withdrawn from the common trust fund, except on the basis of such valuation and on the date of the determination of such valuation or, if permitted by the plan, within ten business days subsequent to the date of such determination.
S.C. Code Ann. § 34-25-290 — SC Code / Title 34 / Chapter 25 / Article 3 / Section 34-25-290
SECTION 34-25-290. Enforcement.
Status: in_force

If the board determines that a branch maintained by an out-of-state state bank in this State is being operated in violation of any provision of the laws of this State, or that such branch is being operated in an unsafe and unsound manner, the board shall have the authority to take all such enforcement actions as it would be empowered to take if the branch were a South Carolina state bank; provided that the board promptly shall give notice to the home state regulator of each enforcement action taken against an out-of-state state bank and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
S.C. Code Ann. § 34-26-1340 — SC Code / Title 34 / Chapter 26 / Article 13 / Section 34-26-1340
SECTION 34-26-1340. Powers and privileges of corporate credit union.
Status: in_force

(1) The corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this chapter in addition to those powers enumerated in this article, notwithstanding any limitations or restrictions found elsewhere in this chapter. (2) The corporate credit union may: (a) accept funds, either as shares or deposits, from a member credit union or credit union organizations; (b) make loans to or invest in a member credit union; (c) make loans to or place deposits in a bank, savings bank, trust company, or savings and loan association incorporated by this State, by another state, or by the United States; (d) provide payment systems and correspondent services to its members; (e) participate with any credit union incorporated by this State, another state, or the United States in making loans to its members or to members of any other participating credit union, under the terms and conditions to which the participating credit unions agree; (f) purchase, sell, and hold investment securities as stated in Section 34-26-1020 which are marketable obligations in the form of bonds, notes, or debentures which are salable under ordinary circumstances with reasonable promptness at a fair value. All investments and related contracts and agreements shall be made in accordance with written investment policies established by the board of directors; (g) borrow from any source, at the discretion of its board of directors; (h) authorize its board of directors to delegate the authority to set interest rates on loans and deposits and to determine dividends on shares; (i) contract for penalties for payment of loans prior to the scheduled maturity; (j) sell all or a part of its real estate to another depository financial institution, purchase all or part of the real estate of another depository financial institution, and assume the liabilities of the selling depository financial institution and those of its members or depositors; (k) act as intermediary for the funds of members, credit unions, and other corporate credit unions; (l) act as agent for members, other credit unions and credit union organizations in paying, receiving, transferring the assets and liabilities received and invested as permitted in this article; (m) receive and hold in safekeeping the securities and other assets of its members and, in connection therewith, make such disposition of such assets as may be agreed to or directed by the member; and (n) exercise all incidental powers that are convenient, suitable, or necessary to enable it to carry out its purposes. (3) The corporate credit union may exercise the powers or privileges granted a federal corporate credit union, subject to the approval of the Board of Financial Institutions.
S.C. Code Ann. § 34-21-410 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-410
SECTION 34-21-410. Mistakes in administration.
Status: in_force

No mistake made in good faith and in the exercise of due care in connection with the administration of a common trust fund shall be deemed to be a violation of this article or of any rules or regulations issued pursuant thereto if promptly after discovery of the mistake the trust institution takes whatever action may be practical in the circumstances to remedy the mistake.
S.C. Code Ann. § 34-28-570 — SC Code / Title 34 / Chapter 28 / Article 6 / Section 34-28-570
SECTION 34-28-570. Maximum loans to one borrower.
Status: in_force

An association may make a loan to one borrower up to the amount authorized by federal law or regulation for institutions insured by the Federal Savings and Loan Insurance Corporation, any successor thereto, or assignee federal agency established for the purpose of insuring savings accounts in associations.
S.C. Code Ann. § 34-26-650 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-650
SECTION 34-26-650. Credit committee supervision of member loans.
Status: in_force

(1) The credit committee shall have the general supervision of all loans to members. It may approve or disapprove loans, subject to written policies established by the board of directors. (2) The credit committee shall meet as often as the business of the credit union requires to consider applications for loans or review the work of the loan officers. No loan shall be made unless it is approved by a majority of the committee who are present at the meeting at which the application is considered.
S.C. Code Ann. § 34-30-1740 — SC Code / Title 34 / Chapter 30 / Article 8 / Section 34-30-1740
SECTION 34-30-1740. State savings bank subscription in capital stock, membership in federal reserve bank; supervision and examination; disclosure of information.
Status: in_force

A state savings bank may subscribe to the capital stock and become a member of a federal reserve bank. A state savings bank shall continue to be subject to the supervision and examination required by the laws of this State, except that the Federal Reserve Board shall have the right, if necessary, to make examinations. The board may disclose to the Federal Reserve Board, or to the examiners duly appointed by it, all information in reference to the affairs of a state savings bank that has become, or desires to become, a member of a federal reserve bank.
S.C. Code Ann. § 34-30-550 — SC Code / Title 34 / Chapter 30 / Article 4 / Section 34-30-550
SECTION 34-30-550. Supervision and examination fees.
Status: in_force

Every state savings bank, including state savings banks in the process of voluntary liquidation, or its holding company, shall pay into the office of the board fees for supervision and examination, and at the times, as prescribed by the board.
S.C. Code Ann. § 34-25-50 — SC Code / Title 34 / Chapter 25 / Article 1 / Section 34-25-50
SECTION 34-25-50. Disapproval of application.
Status: in_force

(a) Except as otherwise expressly provided in this section, the board shall not approve an acquisition under this article if upon consummation of the transaction the applicant, including any depository institution affiliated with the applicant, would control thirty percent or more of the total amount of deposits held by depository institutions in this State. (b) The board by regulation may promulgate a procedure whereby the limitation on control of deposits set forth in subsection (a) of this section may be waived for good cause shown. (c) The board shall not approve an application for an acquisition under this article unless the South Carolina bank to be acquired, or all South Carolina bank subsidiaries of the bank holding company to be acquired, has as of the proposed date of acquisition been in existence and in continuous operation for more than five years; provided, however, that this prohibition shall not apply to an acquisition in which a newly organized bank sells stock to an existing bank holding company that has at least one subsidiary that is a South Carolina bank.
S.C. Code Ann. § 34-41-20 — SC Code / Title 34 / Chapter 41 / Section 34-41-20
SECTION 34-41-20. Licensure requirements.
Status: in_force

(A) No person or other entity may engage in the business of either Level I or Level II check-cashing service without first obtaining a license pursuant to this chapter. No person or other entity providing a Level I or Level II check-cashing service may avoid the requirements of this chapter by providing a check or other currency equivalent instead of currency when cashing payment instruments. (B) A person providing Level I or Level II check-cashing service on the effective date of this chapter may continue to engage in the business without a license until the board has acted upon the application for a license, but the application must be filed within sixty days after the effective date of this chapter.
S.C. Code Ann. § 34-41-70 — SC Code / Title 34 / Chapter 41 / Section 34-41-70
SECTION 34-41-70. Maintenance of books, accounts, and records; examination.
Status: in_force

(A) Each person required to be licensed pursuant to this chapter shall maintain in its offices such books, accounts, and records as the board reasonably may require. The books, accounts, and records must be maintained separate from any other business in which the person is engaged and must be retained for a period prescribed by the board. (B) The licensee shall ensure that each customer cashing a check is provided a receipt showing the name or trade name of the licensee, the transaction date, amount of the check, and the fee charged. (C) The board may examine the books, accounts, and records in order to determine whether the person is complying with this chapter and rules adopted pursuant to it. The cost of the examination must be paid by the licensee and must be determined by the board.
S.C. Code Ann. § 34-21-290 — SC Code / Title 34 / Chapter 21 / Article 3 / Section 34-21-290
SECTION 34-21-290. Authority of estates restricted to legal investments.
Status: in_force

If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after this article takes effect, shall either expressly or by its silence limit or restrict the investment of moneys of the estate and securities to the class authorized by law as legal investments, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys of the estate in any such common trust fund maintained by the trust institution if the securities composing such fund consist solely of securities of the class authorized as legal investments for funds held by a fiduciary.
S.C. Code Ann. § 34-26-670 — SC Code / Title 34 / Chapter 26 / Article 6 / Section 34-26-670
SECTION 34-26-670. Suspension or removal of supervisory committee member.
Status: in_force

Any member of the supervisory committee may be suspended or removed for failure to perform duties in accordance with this chapter, the articles of incorporation, or the bylaws by the board of directors by a two-thirds vote of those present at a meeting. The committee member shall have the appeal rights outlined in Section 34-26-665(2).
S.C. Code Ann. § 34-30-1350 — SC Code / Title 34 / Chapter 30 / Article 7 / Section 34-30-1350
SECTION 34-30-1350. Investments in certificates of deposit, time-insured deposits, savings accounts, demand deposits, or withdrawable accounts.
Status: in_force

A state savings bank may invest in certificates of deposit, time-insured deposits, savings accounts, demand deposits, or withdrawable accounts of any banks, associations, credit unions, or state savings banks as are approved by the board of directors of the savings bank.
S.C. Code Ann. § 34-45-20 — SC Code / Title 34 / Chapter 45 / Section 34-45-20
SECTION 34-45-20. Definitions.
Status: in_force

As used in this chapter, the following terms shall mean: (1) "Appropriate state or federal regulatory agency of a financial institution" means the South Carolina State Board of Financial Institutions, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve System, the National Credit Union Administration, or other state or federal regulatory agency that is statutorily responsible for the supervision of all or part of the operations of a participating financial institution. Nothing in this chapter prohibits financial institutions that are under supervision of these state and federal regulatory agencies from participating in prize-linked savings programs with other state or federally regulated financial institutions. (2) "Depositor" means an individual member or customer of a financial institution who: (a) maintains a qualifying account at a financial institution participating in a savings promotion contest; (b) is in good standing at a financial institution authorized to do business in South Carolina; and (c) is eighteen years of age or older. (3) "Entry" means a chance or chances obtained by a depositor to win a designated prize or prizes in a savings promotion contest by complying with the terms and conditions of a savings promotion contest. (4) "Financial institution" means a bank, a savings institution, or a credit union authorized to do business in South Carolina under federal or state law. (5) "Participating financial institution" means a financial institution authorized to do business in South Carolina that is sponsoring a savings promotion contest. (6) "Qualifying account" means: (a) a savings account or other savings product or program offered by a participating financial institution into which deposits may be made by a depositor; (b) the account is evidenced by periodic statements that are delivered to the depositor or are available to the depositor through electronic access; and (c) the interest rate for the qualifying account is similar to, and not less than, the interest rates of other comparable nonqualifying accounts. (7) "Savings promotion contest" means a contest or promotion sponsored by a financial institution or a group of financial institutions in which a chance of winning designated prizes is obtained by a depositor when the depositor: (a) deposits a specified amount of money or makes a specified number of deposits into the depositor's qualifying account; or (b) participates in one or more savings products or programs.
S.C. Code Ann. § 34-39-140 — SC Code / Title 34 / Chapter 39 / Section 34-39-140
SECTION 34-39-140. Applicability of chapter; exceptions.
Status: in_force

This chapter does 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) a person 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 deferred presentment service, from time to time cashes checks, drafts, or money orders without a fee or other consideration.
S.C. Code Ann. § 34-30-380 — SC Code / Title 34 / Chapter 30 / Article 3 / Section 34-30-380
SECTION 34-30-380. Resolution to dissolve and liquidate state savings banks and adopt plan of voluntary dissolution; election of liquidators; execution of plan, procedure.
Status: in_force

At any annual or special meeting called for the purpose of dissolution, a state savings bank, by an affirmative vote, in person or by proxy, of at least two-thirds of the total number of shares or votes that all members or stockholders of the association are entitled to cast, may resolve to dissolve and liquidate the state savings bank and adopt a plan of voluntary dissolution. Upon adoption of the resolution and plan of voluntary dissolution, the members or stockholders shall elect not more than three liquidators who shall post bond as required by the board. The liquidators shall have full power to execute the plan by the following procedure: (1) A copy of the resolution, certified by an appropriate officer of the state savings bank, and the minutes of the meeting of members or stockholders, the plan of liquidation, and an itemized statement of the state savings bank's assets and liabilities, sworn to by a majority of its board of directors, must be filed with the board. The minutes of the meeting of members or stockholders must be certified by an appropriate officer of the association, and describe the notice given and the time of mailing, the vote on the resolution, the total number of shares or votes that all members of the state savings bank were entitled to cast, and the names of the elected liquidators. (2) If the board finds that the proceedings comply with this chapter and that the plan of liquidation is not unfair to a person affected, the board shall attach a certificate of approval to the plan and forward one copy to the liquidators and one copy to the state savings bank's federal deposit account insurance corporation. Once the board has approved the resolution and the plan of liquidation, it is unlawful for the state savings bank to accept any additional deposit accounts or additions to deposit accounts or make any additional loans, but all its income and receipts in excess of actual expenses of liquidation of the state savings bank must be applied to the discharge of its liabilities. (3) The liquidating state savings bank must pay a reasonable compensation, subject to the approval of the board, to the appointed liquidator. (4) The plan is effective upon the recording of the board's certificate of approval in the manner required by this chapter for the recording of the articles of incorporation. (5) The liquidation of the state savings bank is subject to the supervision and examination of the board.
S.C. Code Ann. § 34-29-90 — SC Code / Title 34 / Chapter 29 / Section 34-29-90
SECTION 34-29-90. Examinations; investigations; orders to desist; injunctions.
Status: in_force

(a) At least once each year a duly authorized representative of the Board shall visit each place of business of each licensee and thoroughly inspect and examine its affairs, including the loans, transactions, books, papers, annual reports required by Section 34-29-100 (b) and records of such licensee so far as they pertain to the business licensed under this chapter. The actual cost of any examination shall be paid to the Board by each licensee so examined, with the exception of the first examination in each licensed year, and the Board may maintain an action for such costs in any court of competent jurisdiction. (b) For the purpose of discovering violations of this chapter or of securing information lawfully required hereunder, the Board or its duly authorized representatives may at any time investigate the business and examine the books, accounts, papers and records used therein of (1) any licensee, (2) any other person engaged in the business described in subsection (a) of Section 34-29-20 or participating in such business as principal, agent, broker or otherwise and (3) any person whom the Board has reasonable cause to believe is violating or is about to violate any provisions of this chapter, whether or not such person shall claim to be within the authority or beyond the scope of this chapter. For the purposes of this section, any person who shall advertise for, solicit or hold himself out as willing to make loan transactions in the amount of or the value of seventy-five hundred dollars or less shall be presumed to be engaged in the business described in subsection (a) of Section 34-29-20. (c) For the purposes of this section, the Board or its duly authorized representatives shall have and be given free access to the offices and places of business, files, safes and vaults of all such persons, and shall have authority to require the attendance of any person and to examine him under oath relative to such loans or such business or to the subject matter of any examination, investigation or hearing. (d) Whenever the Board has reasonable cause to believe that any person is violating or is threatening to, or intends to violate any provisions of this chapter, it may, in addition to all the actions provided for in this chapter and without prejudice thereto, enter an order requiring such person to desist or refrain from such violations; and if it deems necessary the Board shall apply to a judge of the circuit court to issue an injunction restraining the licensee, in whole or in part, from proceeding, engaging in, or continuing such violation or from doing any act or acts in furtherance thereof. The judge may issue an injunction forthwith, and upon notice and hearing thereon and after a full hearing of the matter, may dissolve or modify the injunction or make it permanent and may make all orders and judgments needful in the matter and may appoint agents or a receiver to take possession of the property and effects of the licensee and settle its affairs subject to such rules and orders as the court shall prescribe from time to time.
S.C. Code Ann. § 34-26-310 — SC Code / Title 34 / Chapter 26 / Article 3 / Section 34-26-310
SECTION 34-26-310. Consideration of application; time period for approval or denial; factors considered.
Status: in_force

(1) The board shall act upon the application within ninety days. The application shall be approved if the articles and bylaws are in conformity with this chapter and the board is satisfied that: (a) the characteristics of the membership set forth in the application for charter are favorable to the economic viability of the proposed credit union; and (b) the reputation and character of the initial board of directors and supervisory committee provide assurance that the credit union's affairs will be properly administered. (2) If a certificate of incorporation is issued, the commissioner shall return a copy of the bylaws and one of the duplicate originals of the articles of incorporation to the incorporators or their representatives. The original articles and bylaws shall be preserved in the permanent files of the credit union. (3) If an application is denied, the board shall notify the incorporators and set forth reasons for the denial. (4) The incorporators may not transact any credit union business until a certificate of incorporation has been received. Effect of Amendment The 1999 amendment, in (1)(a), substituted "membership set forth in the application for charter" for a reference to a common bond.
S.C. Code Ann. § 34-26-1380 — SC Code / Title 34 / Chapter 26 / Article 13 / Section 34-26-1380
SECTION 34-26-1380. Corporate credit union reserve requirements; exemptions.
Status: in_force

(1) The corporate credit union shall be exempt from the regular reserve requirements of Article 11, but at the end of each dividend period and prior to paying a dividend, or at the option of the credit union, on a monthly basis if dividends are paid more frequently than monthly, sums shall be set aside in a corporate reserve in accordance with the following schedule: (a) When the credit union's corporate reserve and undivided earnings are less than four percent of assets at the end of the transfer period, the credit union shall set aside an amount equal to .0015 times the credit union's average daily assets for the transfer period times the number of days in the transfer period, divided by three hundred and sixty-five. (b) This reserve requirement may be changed from time to time by the board as it deems appropriate. (2) Charges may be made to the corporate reserve for loan losses and for investment losses caused by factors other than trading losses or market fluctuations. Other charges to the corporate reserve may only be made with the prior approval of the commissioner.
S.C. Code Ann. § 34-26-410 — SC Code / Title 34 / Chapter 26 / Article 4 / Section 34-26-410
SECTION 34-26-410. Additional powers of credit union.
Status: in_force

In addition to the powers mentioned elsewhere in this chapter, a credit union may: (1) enter into contracts of any nature; (2) sue and be sued; (3) adopt, use, and display a corporate seal; (4) acquire, lease, hold, assign, pledge, hypothecate, sell, discount, or otherwise dispose of property or assets, either in whole or part, necessary or incidental to its operations; (5) borrow from any source, provided that a credit union must receive the commissioner's approval to borrow in excess of an aggregate of twenty-five percent of its capital and deposits; (6) purchase the assets of another credit union upon approval of the commissioner; (7) offer related financial services including, but not limited to, electronic fund transfers, safe deposit boxes, leasing, and correspondent arrangements with other financial institutions; (8) hold membership in other credit unions organized under this or other provisions of law, and in associations and organizations controlled by or fostering the interests of credit unions, including a central liquidity facility organized under state or federal law; (9) act as fiscal agent for and receive payments on share and deposit accounts from a governmental unit; (10) make contributions to any nonprofit civic, charitable, or service organizations; (11) purchase, sell, and hold investment securities which are marketable obligations in the form of bonds, notes, or debentures which are salable under ordinary circumstances with reasonable promptness at a fair value; and (12) sell, to persons in the field of membership, negotiable checks, including traveler's checks, money orders, and other similar money transfer instruments, including international and domestic electronic fund transfers and remittance transfers and cash checks and money orders for persons in the field of membership for a fee. All investments and related contracts and agreements shall be made in accordance with written investment policies established by the board of directors. Effect of Amendment 2018 Act No. 186, SECTION 1, added (12), providing that a credit union may sell certain financial instruments to persons in the field of membership.
S.C. Code Ann. § 34-41-10 — SC Code / Title 34 / Chapter 41 / Section 34-41-10
SECTION 34-41-10. Definitions.
Status: in_force

As used in this chapter, unless the context clearly requires otherwise, the term: (1) "Board" means the State Board of Financial Institutions. (2) "Cashing" means providing currency for payment instruments but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments. (3) "Level I check-cashing service" means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. (4) "Level II check-cashing service" means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. A Level II licensee may not be licensed to engaged in the business of deferred presentment. (5) "Licensee" means a person or entity licensed to engage in either a Level I or Level II check-cashing service pursuant to this chapter. (6) "Person" means an individual, partnership, association, or corporation.
S.C. Code Ann. § 34-36-30 — SC Code / Title 34 / Chapter 36 / Section 34-36-30
SECTION 34-36-30. Principal responsible for acts of brokers and brokers' agents or employees.
Status: in_force

Each principal of a loan broker may be sanctioned for the actions of the loan broker, including the loan broker's agents or employees acting in the course of business of the loan broker.
S.C. Code Ann. § 34-26-570 — SC Code / Title 34 / Chapter 26 / Article 5 / Section 34-26-570
SECTION 34-26-570. Annual and other meetings of credit union membership.
Status: in_force

(1) The annual meeting and any special meetings of the members of the credit union shall be held in accordance with the bylaws. (2) At all such meetings all natural members shall have one vote, irrespective of the member's share holdings. No member may vote by proxy, but a member may vote by absentee ballot, mail, or other method if the bylaws of the credit union so provide. Accounts held by organizations must be considered nonvoting members. (3) The board of directors may establish a minimum age, not greater than eighteen years of age, as a qualification of eligibility to vote at meetings of the members or to hold office, or both.