reglab/housing_qa huggingface dataset:
SC Code § 34-25-270 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996|Section 34-25-270. Applicable law.

 (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.  HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
SC Code § 34-25-290 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996|Section 34-25-290. Enforcement.

 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.  HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
SC Code § 34-25-300 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996|Section 34-25-300. Promulgation of regulations.

 The board may promulgate such regulations as it determines to be necessary or appropriate in order to implement the provisions of this article.  HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
SC Code § 34-25-310 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 25 - South Carolina Banking And Branching Efficiency Act Of 1996|Section 34-25-310. Notice of transaction.

 Each out-of-state state bank that has established and maintains a branch in this State pursuant to this article, shall give at least thirty days' prior written notice (or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law) to the board of any merger, consolidation, or other transaction that would cause a change of control with respect to such bank or any bank holding company that controls such bank, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, or the federal Bank Holding Company Act of 1956, as amended, or any successor statutes thereto.  HISTORY: 1996 Act No. 310, Section 2, eff July 1, 1996.
SC Code § 34-26-100 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-100. Short title.

 This chapter is known and may be cited as the "South Carolina Credit Union Act of 1996".  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-200 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-200. Responsibility of Board of Financial Institutions.

 The Board of Financial Institutions shall be responsible for the supervision and regulation of credit unions incorporated under this chapter.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-210 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-210. Discretionary powers of board.

 (1) The board may establish procedures to implement any provision of this chapter and to define any term not defined in the chapter. Such procedures shall serve to foster and maintain an effective level of credit union services and the security of member accounts. The provisions of the State Administrative Procedures Act shall apply to all regulations of the board under this chapter.  (2) The board may restrict the withdrawal of shares or deposit accounts or both from any credit union having determined circumstances exist which make such restriction necessary for the proper protection of shareholders or depositors.  (3) The board may issue cease and desist orders having determined from competent and substantial evidence that a credit union is engaged or has engaged, or when the board has reasonable cause to believe the credit union is about to engage, in an unsafe or unsound practice, or is violating or has violated or the board has reasonable cause to believe is about to violate a material provision of any law, regulation, or any condition imposed in writing by the board or any written agreement made with the board.  (4) The board may suspend from office and prohibit from further participation in any manner in the conduct of the affairs of a credit union any director, officer, or committee member who has committed any violation of a law, regulation, or of a cease and desist order or who has engaged or participated in any unsafe or unsound practice in connection with the credit union or who has committed or engaged in any act, omission, or practice which constitutes a breach of that person's fiduciary duty as such director, officer, or committee member, when the board has determined that such action or actions have resulted or will result in substantial financial loss or other damage that seriously prejudices the interests of the members.  (5) By issuing operational instructions, the board may authorize state credit unions to engage in activities approved for federally-chartered credit unions.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-230 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-230. Appointment of conservator of credit union assets by board or board designee; remedy of credit union to regain possession and control of assets.

 (1) The board may, at the board's sole discretion and without advance notice, self appoint or appoint an insuring organization or any other person as conservator to immediately take possession and control of the business and assets of any credit union in any case in which the board determines that such action is necessary to conserve the assets of the credit union or to protect the interests of the members of such credit union.  (2) Not later than fifteen days after the date on which the board or a designee takes possession and control of the business and assets of a credit union pursuant to subsection (1), such credit union may apply to the appropriate court for the judicial circuit in which the principal office of credit union is located for an order requiring the board to show cause why the board or the designee should not be enjoined from continuing such possession and control.  (3) Except as provided in subsection (2), the board or a designee may maintain possession and control of the business and assets of such credit union and may operate such credit union until such time:  (a) as the board shall permit such credit union to continue business subject to such terms and conditions as the board imposes; or  (b) as such credit union is merged or liquidated.  (4) The board may appoint such agents as considered necessary in order to assist in carrying out the duties of the conservator under this section.  (5) All expenses incurred by the board in exercising the authority of that office under this section with respect to any credit union shall be paid out of the assets of such credit union, except that the board may waive the charging of all or a part of such expenses.  (6) The authority granted by this section is in addition to all other authority granted to the board under this chapter.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-240 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-240. Duty of board to examine credit union; disclosure requirements of credit union officers and agents.

 (1) The board at periodic intervals not to exceed twenty-four months shall examine or cause to be examined each credit union. A credit union and any of its officers and agents shall be required to give the board or the board's representatives full access to all books, papers, securities, records, and other sources of information under their control.  (2) A report of such examination shall be forwarded to the chairman of the board after completion. The report shall contain comments relative to the management of the affairs of the credit union and the general condition of its assets. Within sixty days after the receipt of such report, the directors and committeemen shall meet to consider matters contained in the report.  (3) In lieu of making an examination of a credit union, the commissioner may accept an examination or audit report of the condition of the credit union made by the National Credit Union Administration.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-250 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-250. Duty of credit union to maintain books, records, accounting systems, and procedures.

 (1) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with such regulations as the board from time to time prescribes.  (2) A credit union is not liable for destroying records after the expiration of the record retention time prescribed by regulation, except for any records involved in an official investigation or examination about which the credit union has received notice.  (3) Reproduction of any credit union records shall be admissible as evidence of transactions with the credit union as provided in Section 34-3-540.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-260 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-260. Form of credit union annual report to board.

 (1) Credit unions shall report to the board annually on forms approved by the board for that purpose. Additional reports may be required.  (2) A charge shall be levied, as prescribed by regulation, for each day a credit union fails to provide a required report, unless it is excused for cause.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-270 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-270. Fees to defray administration, supervision, examination, and other expenses of annual examination of credit union.

 (1) The board shall establish annual supervisory fees to be 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-280 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-280. Conflict of interest; prohibitions respecting board or commissioner's office employees and credit unions.

 (1) No employee of the South Carolina Board of Financial Institutions or the commissioner's office shall be an officer, director, or attorney for any credit union incorporated under this chapter, or, except as provided in subsection (2), receive, directly or indirectly, any payment or gratuity from any such credit union.  (2) Subsection (1) does not prohibit any such person from being a shareholder or depositor in a credit union incorporated under this chapter on the same terms as are available to other members.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-300 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-300. Application for credit union charter of incorporation; articles of incorporation and bylaws.

 (1) Any ten or more residents of this State, of legal age, who share one or more common bonds referred to in Section 34-26-500(2) with one thousand or more residents of this State may apply for a credit union charter by complying with this section.  (2) The incorporators shall prepare, adopt, and execute in duplicate articles of incorporation and agree to the terms thereof. The articles shall state:  (a) The credit union's name, and the location of the proposed credit union's principal place of business;  (b) that the existence of the credit union shall be perpetual; and  (c) the names and addresses of the incorporators to the articles of incorporation.  (3) The incorporators shall prepare, adopt, and execute in duplicate bylaws consistent with this chapter for the general government of the credit union.  (4) The incorporators shall select at least five persons who are eligible for membership and who agree to become members and serve on the board of directors, and at least three other persons who are eligible for membership and who agree to become members and serve on the supervisory committee. The persons selected to serve on the board of directors and supervisory committee shall execute an agreement to serve in these capacities until the first annual meeting or until the election of their respective successors, whichever is later.  (5) The incorporators shall forward to the commissioner the incorporation fee, if any, the duplicate articles of incorporation and bylaws and the agreements to serve.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 1999 Act No. 49, Section 1, eff June 1, 1999.  Effect of Amendment  The 1999 amendment, in (1), changed "a common bond" to "one or more common bonds".
SC Code § 34-26-310 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-310. Consideration of application; time period for approval or denial; factors considered.

 (1) The board shall act upon the application within ninety 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 1999 Act No. 49, Section 2, eff June 1, 1999.  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.
SC Code § 34-26-320 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-320. Model articles of incorporation to facilitate organization of credit unions.

 In order to simplify the organization of credit unions, the commissioner shall cause to be prepared model articles of incorporation and bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance. Such articles of incorporation and bylaws shall be available to persons desiring to organize a credit union.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-330 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-330. Amendment of articles of incorporation and bylaws.

 (1) The articles of incorporation and the bylaws may be amended as provided in the articles and bylaws, respectively. Amendments to the bylaws shall be submitted to the commissioner for approval.  (2) Amendments shall become effective upon approval in writing by the commissioner.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-340 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-340. Name requirements of credit unions.

 (1) The name of every credit union organized under this chapter shall include the phrase "credit union". No credit union may adopt a name either identical to the name of any other credit union doing business in this State or so similar to the name of any other credit union doing business in this State as to be misleading or to cause confusion.  (2) No person, other than a credit union incorporated under this chapter, the Federal Credit Union Act, or a credit union authorized to do business in this State under Section 34-26-370, an association of credit unions, or an organization, corporation, or association, whose membership or ownership is primarily limited to credit unions or credit union organizations, may use a name or title containing the phrase "credit union" or any derivation thereof, or represent itself as a credit union or conduct business as a credit union.  (3) The board may petition a court of competent jurisdiction to enjoin a violation of this section.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-350 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-350. Principal place of business of credit union; other locations.

 (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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2007 Act No. 51, Section 2, eff upon approval (became law without the Governor's signature on June 7, 2007); 2021 Act No. 30 (S.467), Section 14, eff May 6, 2021.  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.
SC Code § 34-26-360 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-360. Fiscal year.

 The fiscal year of each credit union incorporated under this chapter shall end on the last day of December.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-370 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-370. Conduct of business in state by lawful out-of-state credit union; requirements of board approval.

 (1) A credit union organized under the laws of another state or territory of the United States may conduct business as a credit union in this State with the approval of the board, provided credit unions incorporated under this chapter are allowed to do business in the other state under conditions similar to these provisions. Before granting the approval, the board must find that the out-of-state credit union:  (a) is a credit union organized under laws similar to this chapter;  (b) is financially solvent;  (c) has account insurance comparable to that required for credit unions incorporated under this chapter;  (d) is examined and supervised by a regulatory agency of the state in which it is organized or the federal government; and  (e) needs to conduct business in this State to adequately serve its members in this State.  (2) No out-of-state credit union may conduct business in this State unless it:  (a) charges interest in compliance with the provisions of Section 34-26-810 when making loans in this State;  (b) complies with the consumer protection provided by law and provisions and regulations applicable to credit unions incorporated under this chapter;  (c) agrees to furnish the commissioner a copy of the report of examination of its regulatory agency and if necessary to submit to an examination by the commissioner; and  (d) designates and maintains an agent for the service of process in this State.  (3) The board may revoke the approval of a credit union to conduct business in this State if the board finds that:  (a) the credit union no longer meets the requirements of subsection (1);  (b) the credit union has violated the laws of this State or regulations or orders issued by the board;  (c) the credit union has engaged in a pattern of unsafe or unsound credit union practices; or  (d) continued operation by the credit union is likely to have a substantially adverse impact on the financial, economic, or other interests of residents of this State.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-380 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-380. Conduct of business out-of-state by credit union; necessity of board approval.

 A credit union incorporated under this chapter may conduct business outside of this State, in other states, or territories where it is permitted to conduct business as a credit union. However, a credit union may not operate an out-of-state branch without first obtaining approval of the board.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-390 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-390. Exemption of credit union from business license tax.

 Credit unions organized under this chapter are exempt from business license taxes.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.