reglab/housing_qa huggingface dataset:
SC Code § 34-26-730 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-730. Withdrawal of deposited funds; withdrawal notice.

 (1) Funds in share and deposit accounts may be withdrawn for payment to the account holder or to third parties, in such manner and in accordance with such procedures as are established by the board of directors.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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-740 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-740. Payments on share accounts.

 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-750 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-750. Ownership interests in share accounts; joint accounts.

 (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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2007 Act No. 51, Section 6, eff upon approval (became law without the Governor's signature on June 7, 2007).  Effect of Amendment  The 2007 amendment, in subsection (1), added the second sentence relating to credit union bylaws.
SC Code § 34-26-760 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-760. Share accounts held in trust; beneficiaries.

 (1) Share and deposit accounts may be owned by one or more members in trust for one or more beneficiaries, or owned by one or more nonmembers in trust for one or more beneficiaries who are members.  (2) Beneficiaries may be minors, but no beneficiary unless a member in that person's own right, shall be permitted to vote in accordance with the bylaws, obtain loans, hold office, or be required to pay a membership fee.  (3) Payment of part or all of such a trust account to the party in whose name the account is held shall, to the extent of such payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of such payment.  (4) In the event of the death of the party who owns a trust account, if the credit union has been given no other written notice of the existence or terms of any trust and has not received a court order as to disposition of the account, account funds and any dividends or interest thereon may be paid to the beneficiary on request.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-770 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-770. Payable-on-death share accounts; effect of transfer of account.

 Notwithstanding any other provision of law, a credit union may establish share and deposit accounts payable to one or more persons during their lifetimes and on the death of all of them to one or more payable-on-death payees. Any transfer to a payable-on-death payee is effective by reason of the account contract and shall not be considered to be a testamentary transfer.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-780 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-780. Account lien; right of set-off.

 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-790 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-790. Requirement of incorporators to apply for insurance prior to application for charter.

 (1) Before the incorporators of a credit union forward the 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-800 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-800. Loans and lines of credit; establishment of written policies.

 A credit union may loan to members for such purposes and upon such conditions and by such means as the bylaws may provide. The board of directors shall establish written policies with respect to the granting of loans and the extending of lines of credit, including the terms, conditions, and acceptable forms of security.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-810 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-810. Interest rates.

 The interest rates on loans shall be determined by the board of directors, subject to the limitations, if any, established by the South Carolina Consumer Protection Code. The board may also authorize any refund of interest on such classes of loans and under such conditions as it prescribes.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-820 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-820. Incidental fees and expenses.

 (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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-830 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-830. Loan application.

 Applications for loans shall be made by the credit union policy.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-840 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-840. Limitation of size of loan; in general.

 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-850 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-850. Limitation on loan advances by approved line of credit; periodic review.

 (1) Upon application by a member, the credit committee, or 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-860 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-860. Limitation on size of loan secured by real estate; approved collateral.

 A credit union is authorized to make loans secured by 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 1999 Act No. 49, Section 4, eff June 1, 1999; 2007 Act No. 51, Section 7, eff upon approval (became law without the Governor's signature on June 7, 2007).  Effect of Amendment  The 1999 amendment, in the first undesignated paragraph, inserted "vacation homes,".  The 2007 amendment rewrote this section.
SC Code § 34-26-870 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-870. Credit union participation in joint loan with other credit union.

 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-880 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-880. Credit union participation in federal or state loan programs; other powers.

 (1) A credit union may participate in any guaranteed loan 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-890 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-890. Limitation on loans to directors and members of supervisory and credit committees.

 (1) A credit union may make loans to its directors and members of its supervisory and credit committees, provided that:  (a) the loan complies with all requirements of this chapter and is not on terms more favorable than those extended to other borrowers; and  (b) the aggregate of loans to such officials, excepting those secured by shares or deposits, may not exceed fifteen percent of the credit union's reserves and undivided earnings.  (2) A credit union may permit officers, directors, and members of its supervisory and credit committees to act as comakers, guarantors, or endorsers of loans to family members, subject to the requirements of subsection (1) above. Officials may secure loans for other members with shares on deposit.  (3) A credit union may make loans to its employees.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-900 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-900. Provision of member services; in general.

 A credit union may purchase or make available insurance for its members.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-910 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-910. Insurance for officers, agents, and employees.

 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-920 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-920. Marketing arrangements.

 A credit union may enter into marketing arrangements with other credit unions, organizations, or financial institutions to facilitate its members' voluntary purchase of goods, insurance, and other services from third parties. A credit union may be compensated for services so provided.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-930 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-930. Collection, receipt, and disbursement in connection with negotiable instruments; automated services; fees.

 A credit union may collect, receive, and disburse monies in 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-940 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-940. Retirement, pension, profit-sharing, and deferred income accounts.

 A credit union may act as trustee or custodian of any form of retirement, pension, profit-sharing, or deferred income accounts authorized under federal law or the laws of this State including, but not limited to, individual retirement accounts, pension funds of self-employed individuals, and pension funds of a company or organization whose employees or members are eligible for membership in the credit union.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1000 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1000. Investment of credit union funds; investment committee.

 The board of directors shall have charge of the investments of funds, except that the board may designate an investment committee or investment officer to make investments in its behalf, under written investment policies established by the board.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1010 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1010. Designation of depositories.

 The board of directors shall designate a depository or depositories for the funds of the credit union.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1020 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1020. Permissible investments of credit union funds.

 Funds not used in loans to members may be invested:  (1) in any investment which is legal for state-chartered banks;  (2) in deposits, obligations, or other accounts of financial institutions organized under state or federal law;  (3) in loans to or in shares or deposits of other credit unions or corporate credit unions;  (4) in deposits, in loans to, or shares of any Federal Reserve Bank, U.S. Central Credit Union, or of any central liquidity facility established under state or federal law;  (5) in shares, stocks, deposits in, loans to, or other obligations of any credit union service organization, or association exclusively providing services associated with the credit union or engaging in activities incidental to the operations of a credit union. Investments in the aggregate may not exceed fifteen percent of the credit union's reserves and undivided profits;  (6) in participation loans with other credit unions;  (7) in fixed assets; and  (8) in charitable donation accounts if those accounts meet the requirements of 12 C.F.R. 721.3. A credit union shall notify the commissioner before it establishes a charitable donation account.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996; 2018 Act No. 186 (S.337), Section 4, eff May 15, 2018.  Effect of Amendment  2018 Act No. 186, Section 4, amended the section, allowing for an investment in certain charitable donation accounts.
SC Code § 34-26-1100 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1100. Determination of gross earnings; reservation of reserve; waiver of reserve requirement.

 Immediately before the payment of each dividend, the gross earnings of the credit union shall be determined. From this amount, there shall be set aside as a regular reserve for contingencies in accordance with the following schedule:  (1) A credit union in operation for more than four years and having assets of five hundred thousand dollars or more shall set aside:  (a) ten percent of gross income until the regular reserve shall equal four percent of the total outstanding nonshare secured loans and risk assets;  (b) five percent of gross income until the regular reserve shall equal six percent of the total outstanding nonshare secured loans and risk assets.  (2) A credit union in operation less than four years or having assets of less than five hundred thousand dollars shall set aside:  (a) ten percent of gross income until the regular reserve shall equal seven and one-half percent of the total outstanding nonshare secured loans and risk assets; and  (b) five percent of gross income until the regular reserve shall equal ten percent of the total outstanding nonshare secured loans and risk assets.  (3) Whenever the regular reserve falls below the level required by regulation, it shall be replenished by regular contributions in such amounts as may be needed to maintain the required level.  (4) The Board of Financial Institutions may decrease or waive entirely the reserve requirement for an individual credit union in one or more accounting periods having determined such action is necessary or desirable.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1110 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1110. Permissible use of reserve; effect of liquidation of credit union.

 The regular reserve shall belong to the credit union and shall be used to meet contingencies or losses in its business. The regular reserve shall not be distributed except on liquidation of the credit union, or in accordance with a plan approved by the Board of Financial Institutions.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1120 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1120. Special reserves.

 In addition to the regular reserve, special reserves to protect the interest of members shall be established when required by regulation or when found by the board of directors of the credit union or by the commissioner, in any special case, to be necessary for that purpose. These may include allowances for loan losses, investment losses, or any other reserves the board of directors may establish.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.
SC Code § 34-26-1210 (2021)
2021 South Carolina Code of Laws|Title 34 - Banking, Financial Institutions and Money|Chapter 26 - South Carolina Credit Union Act|Section 34-26-1210. Merger.

 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.  HISTORY: 1996 Act No. 371, Section 1, eff May 29, 1996.