reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1260. Repayment plan; written agreement required.

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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1270. Stringency of rules or regulations.

The board may adopt rules or regulations no less stringent than the requirements of the appropriate federal regulatory authority to govern the making of loans to officers and directors, and their associates, and companies or other business entities controlled by them.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1280. Limitations on rules or regulations.

A rule or regulation that the board adopts in respect to loans permitted to be made by state savings banks as necessary to assure that the loans are in keeping with sound lending practices and to promote the purposes of this chapter must not prohibit a state savings bank from making a loan that is a permitted loan for federal savings or federal association under federal regulatory authority or to a state or national bank.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1290. Loans or investments violating this chapter.

Unless otherwise provided, every loan or other investment made in violation of this chapter is due and payable according to its terms and its obligation is not impaired if the violation consists only of the lending of an excessive sum of authorized security or of investing in an unauthorized investment.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1300. Limitation on total loans and extensions of credit; "person" defined; rules or regulations.

(A) The total loans and extensions of credit, both direct and indirect, by a state savings bank to a person, other than a state, county, or municipality carrying the full faith and taxing power for money borrowed, outstanding at one time, shall not exceed fifteen percent of the net worth of the state savings bank.
(B) For purposes of this section, the term "person" includes an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or other form of entity not specifically listed in this subsection. A loan or extension of credit to one person includes loans made to other persons when the proceeds of the loans or extensions of credit are to be used for the direct benefit of the first person or when the persons are engaged in a common enterprise.
(C) The limitations of this section do not apply to loans secured by certificates of deposits or loans or obligations to the extent that they are secured or covered by guarantees or by commitments or agreements to take over or purchase them, made by any federal reserve bank or by the United States or any instrumentality of the United States, including a corporation wholly owned directly or indirectly by the United States. Those loans must not exceed fifty percent of the net worth of the savings bank.
(D) The board may adopt rules or regulations as necessary or appropriate, including rules or regulations to modify restrictions contained in this section, in order to render this section consistent with rules or regulations applicable to either federal savings banks or associations or national banks.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1310. Investments in real property; limitations.

With the prior approval of the board, a state savings bank may invest in real property for the conduct of its business. The total investment in fixed assets must not exceed fifty percent of the state savings bank's net worth.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1320. Investments in obligations issued and guaranteed by federal government.

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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1330. Investments in obligations issued and guaranteed by State.

A state savings bank may invest in an obligation issued and fully guaranteed in principal and interest by the State or an instrumentality of the State.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1340. Investments in stock or bonds of Federal Home Loan Banks.

A state savings bank may invest in the stock of the Federal Home Loan Bank of which the savings bank is a member, and in bonds or other evidences of indebtedness or obligation of a Federal Home Loan Bank.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1350. Investments in certificates of deposit, time-insured deposits, savings accounts, demand deposits, or withdrawable accounts.

A state savings bank may invest in certificates of deposit, 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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1360. Investments in stock of federal government sponsored enterprises.

A state savings bank may invest in stock or other evidences of indebtedness or obligations of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or other federal government sponsored enterprise, or its successor.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1370. Investments in direct general obligations of state government, bonds payable from pledged revenues or earnings.

A state savings bank may invest in bonds or other 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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1380. Investments in stock of corporations or state agencies which provide educational loans.

A state savings bank may invest in stock or obligations 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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1390. Investments in stock of business or industrial development corporations.

A state savings bank may invest in stock or other evidence of indebtedness or obligations of business or industrial development corporations chartered by this State or by the United States.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1400. Investments in stock of urban renewal investment corporations.

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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1410. Limitations on loans and investments in commercial loans.

Subject to rules or regulations that the board considers appropriate, a state savings bank may lend and invest no more than fifty percent of its total assets in commercial loans. A commercial loan is for business, commercial, corporate, and agricultural purposes.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1420. Establishment of service corporations; investments in securities of existing service corporations; limitations; audit and examination; report of proposed activities, objections; office locations.

(A) A state savings bank or group of savings institutions may establish service corporations. A state savings bank also may invest in the capital stock, obligations, or other securities of existing service corporations.
(B) A state savings bank may not make an investment in a service corporation in excess of ten percent of its net worth.
(C) A service corporation is subject to audit and examination by the board, and the service corporation must pay a supervisory fee established by the board.
(D) The proposed activities of a service corporation must be reported to the board, which has sixty days to object to the activities.
(E) The location of the principal and branch offices of a service corporation must be approved by the board.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1430. Loans or investments for federal associations or national banking associations located in State.

With the prior approval of the board, a state savings bank may make a loan or investment, or engage in an activity, which may be permitted under state law for banks or pursuant to the laws of the United States for federal associations or national banking associations whose principal offices are located within this State.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1440. Authorized actions of state savings banks; issuance of capital notes, bonds, debentures, or other obligations or securities.

(A) In addition to the powers granted in this chapter, but subject to rules or regulations that the board prescribes, a state savings bank incorporated or operated under this chapter may:
(1) with prior board notification, establish off the premises of a principal office or branch, a customer communications terminal, point of sale terminal, automated teller machine, automated or other direct or remote information processing device or machine, whether manned or unmanned, through or by means of which funds or information relating to a financial service or transaction rendered to the public is stored and transmitted, instantaneously or otherwise to or from a state savings bank terminal or terminals controlled or used by or with other parties. The establishment and use of a device or machine does not constitute a branch office, and the capital requirements and standards for approval of a branch office as provided in the statutes and regulations are not applicable to the establishment of an off-premises terminal, device, or machine. A state savings bank, through mutual consent, may share on-premises, unmanned, automated teller machines, and cash dispensers;
(2) issue credit cards, extend credit in connection with them, and otherwise engage in or participate in credit card operations;
(3) with prior board approval, act as a trustee, executor, board, guardian, or in another fiduciary capacity;
(4) become a member of a clearing house association and pledge assets required for its qualification;
(5) with the approval of the Commissioner of Banking, capital certificates may be issued by state-chartered savings banks and sold directly to subscribers or through underwriters, and the certificates constitute part of the general reserve and net worth of the issuing state savings bank, provided such certificates:
(a) are subordinate to all savings accounts, savings certificates, and debt obligations;
(b) constitute a claim in liquidation on the general reserves, surplus, and undivided profits of the state savings bank remaining after the payment of all savings accounts, savings certificates, and debt obligations;
(c) are entitled to the payment of dividends; and
(d) may have a fixed or variable dividend rate.
(6) service loans and investments for others.
(B) With the approval of the Commissioner of Banking, a state savings bank may issue capital notes, bonds, debentures, or other obligations or securities.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1450. Vesting of security ownership in parties other than original executors; dealings with successors in interest.

With respect to an investment made by a state savings bank in a loan, if the ownership of the security for the loan or any part of it 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, without notice to the original parties, may deal with the successors in interest with reference to the security and debt 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 by it, without discharging or in any way affecting the liability of the original parties or under the debt secured by it.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1610. Deposits; accounts, transfer; deposit account contract; evidence of account ownership; loss or destruction of evidence of ownership, issuance of new evidence of ownership, bond.

(A) A state savings bank may receive deposits of funds upon terms as the contract of deposit provides subject to withdrawals or to be paid upon checks of the depositor. Deposit accounts may be opened or deposits made and held by, in trust or other fiduciary capacity for, a person, political subdivision, public unit, or governmental unit. Savings accounts are transferrable only on the books of the state savings bank after proper written application by the transferee and acceptance by the state savings bank of the transferee as an account holder. The state savings bank may treat the holder of record of a savings account as its owner for all purposes without being affected by a notice to the contrary unless the state savings bank has acknowledged in writing notice of a pledge of the savings account.
(B) Each account holder shall execute a deposit account contract setting forth special terms and provisions. However, the ownership of the account and the conditions upon which withdrawals may be made may not be inconsistent with the provisions of this chapter.
(C) 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 state savings bank.
(D) Upon the filing with a state savings bank by the holder of record as shown by the books of the state savings bank, or by his legal representative, of an affidavit to the effect that the evidence of ownership of a savings account with the state savings bank has been lost or destroyed and that the evidence of ownership has not been pledged or assigned in whole or in part, the state savings bank must issue new evidence of ownership in the name of the holder of record. The new evidence must state that it is issued instead of the one lost or destroyed, but the board of directors may require a bond in an amount it considers sufficient to indemnify the state savings bank against loss which might result from the issuance of new evidence of ownership.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1620. Accounts from married or minor persons as sole owner; payment or delivery of rights; actions of minor binding; no parental power to attach or transfer savings account of minor; death of minor.

A state savings bank operating under this chapter and a federal savings institution conducting business in this State may accept a savings or other deposit account from a married person or minor as the sole and absolute owner of the account, receive payments by or for the owner, pay withdrawals, accept pledges to the state savings bank, and act in other matters with respect to the account of the married person or minor. A payment or delivery of rights by a state savings bank to a married person or by a minor who holds a deposit account is a valid and sufficient release and discharge of the state savings bank for payment so made or delivery of rights to the married person or minor. In the case of the minor, the receipt, acquittance, pledge, or other action required by the state savings bank to be taken by the minor is binding upon the minor with like effect as if he were of full age and legal capacity. The parent or guardian of the minor shall not in his capacity as parent or guardian have the power to attach or otherwise transfer a savings account issued to or in the name of the minor. However, if the minor dies, the receipt or acquittance of either parent or guardian of the minor is a valid and sufficient discharge of the state savings bank for a sum not exceeding, in the aggregate, two thousand five hundred dollars unless the minor had given written notice to the state savings bank to accept the signature of the parent or guardian for a larger sum.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1640. Authority of attorneys-in-fact; notice of revocation of authority; liability.

A state savings bank or federal savings institution may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or to make withdrawals either in whole or in part from a deposit account for an account holder, whether minor or adult, until it receives written notice or is on actual notice of the revocation of his authority. For the purposes of this section, written notice of the death or adjudication of incompetency of the account holder constitutes written notice of revocation of the authority of his attorney. A state savings bank is not liable for damages, penalty, or tax by reason of payment made pursuant to this section.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1650. Pledge or hypothecation of savings account in joint tenancy.

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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1660. Adverse claims to accounts.

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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1670. Advance notice of intention to withdraw; inability to pay withdrawal requests, procedure; computation of earnings.

(A) A state savings bank reserves the right to require a fourteen-day advance notice of intention to withdraw from savings accounts not having a fixed or minimum term of at least fourteen days or a prior notice-of-withdrawal requirement of at least fourteen days.
(B) Unless otherwise specified in its articles of incorporation, when a state savings bank cannot pay withdrawal requests within fourteen days of the date of receipt of written requests in the order received, it must proceed in the following manner:
(1) requests must be paid in numerical order as filed with the state savings bank and, as each number is reached, the account holder must be paid the lesser of one thousand dollars or the amount of the withdrawal request. If the amount of the request is not paid in full, the request must be renumbered, placed at the end of the list of requests, and acted upon in the same way when its new number is reached, until the request is paid in full. However, when a request is reached for payment, the state savings bank shall notify the account holder by registered mail at his last address as recorded on the state savings bank's books and, unless the holder within fourteen days from the mailing of the notice applies in person or in writing for payment, the request must be canceled and not paid. Regardless of other provisions in this section, the board of directors may pay on an equitable basis an amount not exceeding two hundred dollars to an account holder in a calendar month;
(2) The state savings bank shall allot to the payment of the withdrawal requests the remainder of the state savings bank's receipts from all sources after deducting amounts for expenses, required payments on indebtedness, earnings distributable in cash to holders of savings accounts, and a fund for general corporate purposes of not more than twenty percent of the state savings bank's receipts from its account holders and its borrowers.
(C) A state savings bank may compute earnings on amounts withdrawn from its insured accounts having an indefinite term during the last three business days of a period for which earnings are distributable as if the withdrawal had been made immediately after the close of that period.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1680. Redemption of savings accounts; notice; redemption price; cessation of earnings accrual; evidences of ownership, tender for payment or cancellation; closing of account.

When funds are on hand and adequate for that purpose, a state savings bank may redeem by lot or otherwise, as the board of directors may determine, all or a part of its savings accounts by giving fourteen days' notice addressed to each affected account holder at his last address as recorded on the books of the state savings bank. A state savings bank may not redeem its savings accounts when the state savings bank is in an impaired condition or when it has applications for withdrawal which have been on file for more than thirty days and have not been reached for payment. The redemption price of savings accounts redeemed must be the full value of the account redeemed, as determined by the board of directors, but not less than the withdrawal value. If this notice of redemption has been given, and if on or before the redemption date the funds necessary for the redemption have been set aside so as to be available, earnings upon the accounts called for redemption cease to accrue from and after the earnings date specified as the redemption date, and all rights with respect to these accounts terminate after the redemption date, except the right of an account holder of the record to receive the redemption price without interest. All savings account evidences of ownership for former savings accounts which have been validly called for redemption must be tendered for payment within ten years from the date of redemption designated in the redemption notice; otherwise they must be canceled and the funds set aside for this account become the property of the State and all claims of the former account holders against the state savings bank are barred forever. In the alternative, the state savings bank may remit to the holder of record, at the address provided for on the books of the savings bank, payment in respect to a redeemed account, and the account then may be closed.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1690. Entities authorized to invest funds in deposit accounts; deposit of securities; bond; provisions supplemental.

(A) Administrators, executors, custodians, personal representatives, conservators, guardians, trustees, and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, trust companies, credit unions, and other similar types of financial organizations, charitable, educational, eleemosynary, and public corporations, funds and organizations, municipalities and other public corporations and governmental bodies and public officials specifically are authorized and empowered to invest funds held by them, without order of a court, in deposit accounts of state savings banks which are under state supervision and in deposit accounts of federal savings institutions 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 is 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.
(B) When a deposit of securities is required, the savings account 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. When 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.
(C) The provisions of this section are supplemental to 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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1700. Checks refused for payment, insufficient funds; processing fees.

Notwithstanding other law, a state savings bank may charge and collect a processing fee for checks on which payment has been refused by the payor depository institution. A state savings bank also may collect a processing fee for checks drawn on that state savings bank with respect to an account with insufficient funds.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1720. Absolute or conditional transfer of rights; evidence of transfer; application for transfer; terms of acceptance.

The owner of a deposit account may transfer the owner's rights absolutely or conditionally to another person eligible to hold it, but the transfer may be made on the books of the state savings bank only upon presentation of evidence of transfer satisfactory to the state savings bank, and accompanied by the proper application for transfer by the transferor and transferee. The transferee shall accept the account subject to the terms and conditions of the account contract, the bylaws of the state savings bank, the articles of incorporation of the state savings bank, and all rules or regulations of the board. Notwithstanding the effectiveness of a transfer between the parties, the state savings bank may treat the holder of record of a deposit account as the owner of the deposit account for all purposes, including payment and voting, in the case of a mutual state savings bank, until the state savings bank records the transfer and assignment.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1730. Authorization of board and officers to borrow money.

A state savings bank, in its articles of incorporation or in its bylaws, may authorize the board of directors to borrow money, and the board of directors, by resolution adopted by a vote of at least two-thirds of the entire board duly recorded in the minutes, may authorize the officers of the savings bank to borrow money for the savings bank on terms and conditions as the board considers proper.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1740. State savings bank subscription in capital stock, membership in federal reserve bank; supervision and examination; disclosure of information.

A state savings bank may subscribe to the capital stock 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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1750. Powers to acquire and be acquired.

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.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-1960. Acquisition of control of state savings bank or holding company; supervision of holding company; rules or regulations.

A company or person may not acquire control of a state savings bank or its holding company without the prior approval of the board. Holding companies for state savings banks are under the supervision of the board. The board shall exercise all powers and responsibilities with respect to holding companies which the board exercises with respect to state savings banks. The board may adopt rules or regulations, definitions, and forms as necessary for the supervision and regulation of holding companies for and persons seeking to acquire control of a state savings bank and for the protection of the public investing in state savings bank holding companies including, without limitation, with respect to presumptions of control.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 31 - Money And Interest › Section 34-31-10. Dollars, dimes, cents, and mills.

All accounts in the public offices of this State, the verdicts of juries on all contracts and all accounts of public officers shall be expressed in dollars or units thereof, i.e. dimes or tenths, cents or hundredths and mills or thousandths, a dime being the tenth part of a dollar, a cent the hundredth part of a dollar and a mill the thousandth part of a dollar.
HISTORY: 1962 Code Section 8-1; 1952 Code Section 8-1; 1942 Code Section 6735; 1932 Code Section 6735; Civ. C. '22 Section 3635; Civ. C. '12 Section 2515; Civ. C. '02 Section 1659; G. S. 1287; R. S. 1389; 1795 (5) 262.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 31 - Money And Interest › Section 34-31-20. Legal rate of interest.

(A) In all cases of accounts stated and in all cases wherein any sum or sums of money shall be ascertained and, being due, shall draw interest according to law, the legal interest shall be at the rate of eight and three-fourths percent per annum.
(B) A money decree or judgment of a court enrolled or entered must draw interest according to law. The legal rate of interest is equal to the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year for which the damages are awarded, plus four percentage points, compounded annually. The South Carolina Supreme Court shall issue an order by January 15 of each year confirming the annual prime rate. This section applies to all judgments entered on or after July 1, 2005. For judgments entered between July 1, 2005, and January 14, 2006, the legal rate of interest shall be the first prime rate as published in the first edition of the Wall Street Journal after January 1, 2005, plus four percentage points.
HISTORY: 1962 Code Section 8-2; 1952 Code Section 8-2; 1942 Code Section 6736; 1932 Code Section 6736; Civ. C. '22 Section 3636; Civ. C. '12 Section 2516; Civ. C. '02 Section 1660; G. S. 1289; R. S. 1289; R. S. 1392; 1866 (13) 463; 1938 (40) 1534; 1979 Act No. 159 Section 1; 1982 Act No. 445; 2000 Act No. 344, Section 1, eff January 1, 2001; 2005 Act No. 27, Section 7, eff March 21, 2005.
Code Commissioner's Note
Based on the effective dates of the applicable acts, judgments to which this section apply entered before January 1, 2001, draw interest at the rate of fourteen percent a year (see Act 445 of 1982). Judgments entered January l, 2001, through June 30, 2005, draw interest at the rate of twelve percent a year (see Act 344 of 2000).
Effect of Amendment
The 2000 amendment, in subsection (B), substituted "is" for "shall be" and "twelve percent a year" for "fourteen percent per annum".
The 2005 amendment rewrote subsection (B).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 33 - Banker's Banks › Section 34-33-10. "Banker's bank" defined.

As used in this chapter, "banker's bank" means a bank insured by the Federal Deposit Insurance Corporation or the holding company which owns or controls such an insured bank where the stock of the bank or holding company is owned exclusively by other banks and the bank or holding company and all its subsidiaries are engaged exclusively in providing services for other depository institutions, their officers, directors, and employees.
HISTORY: 1985 Act No. 46 Section 1.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 33 - Banker's Banks › Section 34-33-30. Applicability of banking laws and regulations.

A banker's bank chartered pursuant to this chapter is subject to the appropriate banking provisions in Title 34 of the 1976 Code and the regulations thereunder and except as specifically provided in this chapter or by order of the State Board of Financial Institutions, a banker's bank is vested with and subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a state bank.
HISTORY: 1985 Act No. 46 Section 3.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 33 - Banker's Banks › Section 34-33-40. Repurchase of capital stock.

Notwithstanding any provision of Title 34 of the 1976 Code, a banker's bank may repurchase, for its own account, shares of its own capital stock, but the outstanding capital stock may not be reduced below the minimum required by law without the prior approval of the State Board of Financial Institutions.
HISTORY: 1985 Act No. 46 Section 4.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 33 - Banker's Banks › Section 34-33-50. Exemption from banking laws.

If the State Board of Financial Institutions determines that any provision of Title 34 of the 1976 Code is inconsistent with the purpose for which a banker's bank is organized and that the public welfare or any financial institution would not be jeopardized thereby, it may by regulation exempt a banker's bank from the provision or limit its application.
HISTORY: 1985 Act No. 46 Section 5.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 33 - Banker's Banks › Section 34-33-60. Limitation on investments in banker's banks.

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.
HISTORY: 1985 Act No. 46 Section 6.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 36 - Loan Brokers › Section 34-36-10. Definitions.

As used in this chapter, unless the context otherwise requires:
(1) "Advance fee" means any consideration which is assessed or collected, prior to the closing of a loan, by a loan broker.
(2) "Borrower" means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit.
(3) "Department" means the Department of Consumer Affairs.
(4) "Loan broker" means any person who:
(a) for or in expectation of consideration arranges or attempts to arrange or offers to fund a loan of money, a credit card, or a line of credit;
(b) for or in expectation of consideration assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature;
(c) acts for or on behalf of a loan broker for the purpose of soliciting borrowers; or
(d) holds himself out as a loan broker.
A "loan broker" does not include any bank or savings and loan association, trust company, building and loan association, credit union, consumer finance company, retail installment sales company, securities broker-dealer, real estate broker or salesperson, attorney, Federal Housing Administration or Veterans Administration approved lender, credit card company, installment loan licensee, mortgage loan broker registered under Chapter 58, Title 40 and acting within the scope of its certificate of registration, or insurance company, who is licensed by and subject to regulation or supervision of any agency of the United States, the South Carolina Board of Financial Institutions, or other agency of this State and is acting within the scope of the license; and also does not include subsidiaries of licensed or chartered consumer finance companies, banks, or savings and loan associations.
(5) "Principal" means any officer, director, partner, joint venturer, branch manager, or other person with similar managerial or supervisory responsibilities for a loan broker.
HISTORY: 1992 Act No. 452, Section 1, eff June 15, 1992.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 36 - Loan Brokers › Section 34-36-20. Prohibited behavior; advance fees; false, misleading, fraudulent, or deceptive acts.

No loan broker shall:
(1) assess or collect an advance fee from a borrower to provide services as a loan broker.
(2) make or use any false or misleading representations or omit any material fact in the offer or sale of the services of a loan broker or engage, directly or indirectly, in any act that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a loan broker, notwithstanding the absence of reliance by the buyer.
(3) make or use any false or deceptive representation or conceal a material fact in its business dealings with the borrower or with the department.
HISTORY: 1992 Act No. 452, Section 1, eff June 15, 1992.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 36 - Loan Brokers › Section 34-36-30. Principal responsible for acts of brokers and brokers' agents or employees.

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.
HISTORY: 1992 Act No. 452, Section 1, eff June 15, 1992.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 36 - Loan Brokers › Section 34-36-40. Department oversight; orders and acts to effect compliance.

(A) The department may investigate the actions of any person for compliance with this chapter.
(B) The department may request a hearing before the Administrative Law Court for an order requiring a loan broker to cease and desist if it is determined that the loan broker has violated, is violating, or will violate a provision of this chapter, a regulation promulgated by the department, or a written agreement entered into with the department.
(C) The department may request a hearing before the Administrative Law Court for an order requiring a loan broker to refund or reimburse any advance fee or any other fee taken in violation of Section 34-36-20 or taken as a result of a false, misleading, or deceptive representation as described in Section 34-36-20. Such an order may, but need not, be sought by the department in conjunction with a cease and desist order pursuant to subsection (B).
(D) The department may request a contested case hearing before the Administrative Law Court seeking the imposition of a civil administrative fine on behalf of the department against any person found to have violated any provision of this chapter, any regulation promulgated by the department, or any written agreement entered into with the department, in any amount not to exceed five thousand dollars for each violation.
HISTORY: 1992 Act No. 452, Section 1, eff June 15, 1992; 2005 Act No. 128, Section 2, eff July 1, 2005.
Effect of Amendment
The 2005 amendment, in subsections (B), (C) and (D), added the references to hearings before the Administrative Law Court and made conforming amendments.