reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 1 - State Board Of Financial Institutions › Section 34-1-150. Requirements for applicant seeking permission to organize a bank.

(A) An applicant for permission to organize a bank, building and loan association, savings and loan association, or savings bank and for a charter shall file an application with the Board of Financial Institutions. The application must be in the form required by the board and must contain information as the board requires, set forth in sufficient detail to enable the board to evaluate the applicant's satisfaction of the criteria set forth in Section 34-1-180. The applicant shall pay a nonrefundable application fee as prescribed by the board at the time of filing the application.
(B) An applicant for permission to establish a branch bank, branch building and loan association, branch savings and loan association, or branch savings bank shall file an application with the board. The application must be in the form required by the board and must contain information, set forth in sufficient detail, to enable the board to evaluate whether the establishment of a branch would serve the public interest, taking into consideration local circumstances and conditions at the place where the applicant proposes to do business.
(C) Upon receipt of an application to organize or to establish a branch of a bank, building and loan association, savings and loan association, or savings bank, the board shall conduct an examination of the applicant and any other matters considered relevant by the board. The board may require additional information and may require the amendment of the application in the course of the examination. An applicant's failure to furnish all required information or to pay any required fee within thirty days after filing the application may be considered an abandonment of the application.
HISTORY: 2021 Act No. 30 (S.467), Section 1, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 1 - State Board Of Financial Institutions › Section 34-1-160. Authorization of organization of proposed bank; articles of incorporation.

(A) With the approval of the board, the organizers may file articles of incorporation for the proposed bank, building and loan association, savings and loan association, or savings bank with the Secretary of State. The board shall authorize the organization of the proposed bank, building and loan association, savings and loan association, or savings bank if the commissioner is satisfied that each of the following conditions are met:
(1) the application is complete;
(2) the examination as provided for in Section 34-1-150(C) indicates that the requirements for the issuance of a charter to the applicant as described in Section 34-1-180 are reasonably likely to be satisfied; and
(3) the proposed name of the proposed bank, building and loan association, savings and loan association, or savings bank is not likely to mislead the public as to its character or purpose and is not the same as a name already adopted by an existing depository institution or trust institution operating in this State.
(B) If the board approves the organization of the proposed bank, building and loan association, savings and loan association, or savings bank, the board shall issue a certificate to the Secretary of State. The Secretary of State shall transmit to the board a certified copy of the filed articles of incorporation of the proposed bank, building and loan association, savings and loan association, or savings bank.
(C)(1) Unless and until the board approves and issues a charter to the proposed bank, building and loan association, savings and loan association, or savings bank, it may not transact any business except as is incidental and necessary to its organization or the application for a charter or preparation for commencing the business of banking.
(2) All funds, other than its operational expense fund from which to pay organizational expenses, and paid-for shares of the proposed bank, building and loan association, savings and loan association, or savings bank must be placed in escrow under a written escrow agreement with a third-party escrow agent satisfactory to the commissioner.
(3) All funds for shares placed into escrow and all dividends or interest on the funds may be removed from escrow only with the commissioner's approval except to the extent that the funds are refunded to subscribers or as otherwise required by law.
(D) A proposed bank, building and loan association, savings and loan association, or savings bank is subject to the jurisdiction of the commissioner and the board.
HISTORY: 2021 Act No. 30 (S.467), Section 1, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 1 - State Board Of Financial Institutions › Section 34-1-170. Requirements for articles of incorporation of proposed bank.

(A) The articles of incorporation of a proposed bank, building and loan association, savings and loan association, or savings bank must be signed and acknowledged by or on behalf of an organizer and must contain the following:
(1) the information required to be set forth in articles of incorporation under Title 33;
(2) any provision consistent with Title 33 and other applicable law that the organizers elect to set forth for the regulation of the internal affairs of the proposed bank, building and loan association, savings and loan association, or savings bank and that the board authorizes or requires; and
(3) any provision the board requires or authorizes as a substitute for a provision that otherwise would be required by Title 33.
(B) Before the chartering of a proposed bank, building and loan association, savings and loan association, or savings bank, the articles of incorporation filed under the provisions of Section 34-1-160 must be sufficiently certified to the FDIC or any other applicable regulatory agencies that the proposed bank, building and loan association, savings and loan association, or savings bank is a legal entity.
HISTORY: 2021 Act No. 30 (S.467), Section 1, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 1 - State Board Of Financial Institutions › Section 34-1-190. Decisions to uphold or overturn denial of applications; time limits; evidence; hearings; appeals.

(A) The board shall decide whether to uphold or overturn its denial of an application within sixty days after receipt of the applicant's request for a hearing. However, if the board requests additional information from the applicant following receipt, the time limit for decision by the board must be the later of:
(1) the date set forth in this subsection; or
(2) thirty days after the board's receipt of the requested additional information.
(B) The board shall consider oral testimony and any other information and evidence it considers appropriate, either written or oral. The board's review must be limited to a determination of whether the criteria pursuant to Section 34-1-180 has been met and whether the provisions of this chapter have been followed.
(C) The board in its discretion may hold a public hearing in connection with its review if a significant issue of law or fact has been raised with respect to the proposed applicant.
(D) If the board holds a public hearing within ninety days after receipt of the applicant's request for a hearing, the time limit specified in subsection (A) must be extended to thirty days after the conclusion of the public hearing.
(E) If the board denies an application for a charter, the applicant may appeal the denial or approval containing the conditions to the Administrative Law Court pursuant to the rules of that court.
HISTORY: 2021 Act No. 30 (S.467), Section 1, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 1 - State Board Of Financial Institutions › Section 34-1-200. Requirements for issuing a bank charter; revocation of charter; appeals; dissolution and liquidation.

(A) A proposed bank, building and loan association, savings and loan association, or savings bank may not engage in business except as allowed under Section 34-1-160 until the board approves the charter. In addition to the requirements set forth in Section 34-1-180, the board may not issue the charter until the board is satisfied that the proposed bank, building and loan association, savings and loan association, or savings bank has done each of the following:
(1) received payment in United States currency for the purchase of shares and will have required satisfactory capital upon commencing business, in each case in at least the amount required by the board's order approving the application;
(2) elected the proposed officers and directors named in the application or other officers and directors approved by the board;
(3) secured deposit insurance from the FDIC;
(4) complied with all requirements of the board's order approving the application for a charter; and
(5) made preparations that would indicate readiness to commence the business of banking in the reasonable discretion of the board upon a preopening examination.
(B) The charter approved by the board must set forth any trust powers of the bank, building and loan association, savings and loan association, or savings bank that may be full or partial trust powers.
(C) If a bank, building and loan association, savings and loan association, or savings bank does not open and engage in the business of banking within six months after the date its charter is issued or within such longer period as may be permitted by the board, the board shall revoke the charter.
(D) If the board determines that a charter should not be issued following board approval, the board shall issue an order revoking the charter, and the applicant may appeal that decision to the board. If the board upholds the revocation, the applicant may appeal the revocation to the Administrative Law Court pursuant to the rules of that court.
(E) Following the exhaustion of all appeals, the board may dissolve and liquidate the proposed bank, building and loan association, savings and loan association, or savings bank, or order the organizers to dissolve and liquidate the proposed bank, building and loan association, savings and loan association, or savings bank, if any one of the following occurs:
(1) the board does not issue a charter;
(2) the board denies approval of a charter; or
(3) the charter is revoked by the board pursuant to subsection (C) or other applicable law.
HISTORY: 2021 Act No. 30 (S.467), Section 1, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 1 - State Board Of Financial Institutions › Section 34-1-210. Remote service unit not considered a branch of a bank.

A remote service unit as defined in Section 34-28-30 is not considered a branch of a bank, building and loan association, savings and loan association, or a savings bank and is not subject to any of the provisions of this chapter applicable to branch applications.
HISTORY: 2021 Act No. 30 (S.467), Section 1, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 1 - State Board Of Financial Institutions › Section 34-1-220. Delegations to the Commissioner of Banking.

For purposes of the provisions of this chapter, the board may delegate to the Commissioner of Banking its authority to receive applications, develop necessary forms, issue certificates or correspondence on behalf of the board, conduct examinations, request additional information or documentation from applicants, approve articles of incorporation, and establish capital requirements and other standards for the safety and soundness of bank operations. Any such delegation may be revoked by the board at any time.
HISTORY: 2021 Act No. 30 (S.467), Section 1, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-10. Use of "bank" or "banking" by other than banking institutions.

(A) A person in this State, other than a legalized incorporated banking institution, may not use the word "bank" or "banking" in connection with a business, calling, or pursuit; except that a state-chartered savings and loan association may change its designation and name to a "savings bank" pursuant to the same authority and subject to the same rules and regulations that federally-chartered savings and loan associations are permitted to make that change according to the provisions of Public Law 97-320 (the Garn-St. Germain Depository Institutions Act of 1982). A person violating the provisions of this subsection must be fined not less than one thousand dollars and not more than ten thousand dollars or imprisoned not more than ten years or less than one year, or both fined and imprisoned, all in the discretion of the court.
(B)(1) A person in this State may not use the name or logo of a banking entity in connection with the sale, offering for sale, or advertising of a financial product or service without the written consent of that banking entity. A person violating this subsection must be fined not less than five hundred dollars and not more than one thousand dollars for each separate use of the name or logo of a banking entity in connection with the sale, offering for sale, or advertising of a financial product or service without the written consent of the banking entity.
(2) A banking entity may file an action to enjoin the use of its name or logo in connection with the sale, offering for sale, distribution, or advertising of a financial product or service without its written consent. A court of competent jurisdiction may grant an injunction to restrain the wrongful use and may require the defendants to pay to the banking entity all profits derived from, and all damages suffered by reason of, the wrongful use of the name or logo, including costs and reasonable attorney's fees.
(3) The remedies of this subsection are not exclusive and do not preclude the use of another remedy at law.
HISTORY: 1962 Code Section 8-101; 1952 Code Section 8-101; 1942 Code Section 7830-1; 1932 Code Section 1345; Cr. C. '22 Section 235; 1913 (28) 107; 1983 Act No. 7 Section 1; 2008 Act No. 181, Section 1, eff February 19, 2008.
Effect of Amendment
The 2008 amendment designated and rewrote subsection (A) and added subsection (B) relating to use of banking entity's logo or name in connection with the sale of a financial product or service.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-20. Provisions not applicable to national banks.

Nothing contained in Sections 34-3-30, 34-3-50, 34-3-60, 34-3-210 to 34-3-250, 34-3-380 to 34-3-420, 34-9-30, 34-9-130, 34-11-30, 34-13-10 to 34-13-80, 34-13-100, 34-13-110, 34-13-130, and 34-15-10 to 34-15-40 shall apply to any national bank.
HISTORY: 1962 Code Section 8-102; 1952 Code Section 8-102; 1942 Code Section 7865; 1932 Code Section 7861; Civ. C. '22 Section 3991; Civ. C. '12 Section 2653; 1906 (25) 103; 1911 (27) 4.
Editor's Note
Section 34-3-60, referenced in the text, was repealed by 2021 Act No. 30, Section 19, effective May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-30. Certain parts of bank charters repealed.

All parts of acts of incorporation granted to banking corporations repugnant to the provisions of Sections 34-13-10 to 34-13-40 are repealed.
HISTORY: 1962 Code Section 8-103; 1952 Code Section 8-103; 1942 Code Section 7855; 1932 Code Section 7842; Civ. C. '22 Section 3976; Civ. C. '12 Section 2641; Civ. C. '02 Section 1765; G. S. 1351; R. S. 1463; 1817 (8) 36.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-40. Shares of stock requisite for eligibility as bank director.

No stockholder in a corporation organized under the laws of this State for banking purposes is eligible for election as a director who is not the owner of unencumbered and unpledged shares of stock in the corporation having an aggregate par value of at least five hundred dollars or having an aggregate book value as of December thirty-first of the most recent year of at least five hundred dollars. Where the banking corporation is a wholly-owned subsidiary, the required qualifying shares must be shares in the parent corporation.
HISTORY: 1962 Code Section 8-103.1; 1952 Code Section 8-103.1; 1942 Code Section 7748; 1932 Code Section 7748; Civ. C. '22 Section 4322; Civ. C. '12 Section 2853; Civ. C. '02 Section 1896; 1896 (22) 99; 1926 (34) 1729; 1969 (56) 299; 1988 Act No. 533, eff May 18, 1988.
Effect of Amendment
The 1988 amendment made grammatical changes and added language relating to aggregate book value.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-50. Officers and employees must be bonded.

All active officials and employees of any State bank shall be bonded. The bonds shall be reviewed and approved or disapproved in writing annually by the board of directors.
HISTORY: 1962 Code Section 8-104; 1952 Code Section 8-104; 1942 Code Section 7850; 1932 Code Sections 1351, 7831; Civ. C. '22 Section 3973; Civ. C. '12 Section 2638; Civ. C. '02 Section 1762; G. S. 1348; R. S. 223, 1460; Cr. C. '22 Section 241; Cr. C. '12 Section 346; Cr. C. '02 Section 259; 1877 (16) 232; 1923 (33) 156; 1960 (51) 1675.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-60. Repealed.

HISTORY: Former Section, titled Branch bank identification, had the following history: 1962 Code Section 8-106; 1952 Code Section 8-106; 1942 Code Section 7868; 1932 Code Section 7851; Civ. C. '22 Section 3984; Civ. C. '12 Section 2647; 1911 (27) 4; 1920 (31) 739; 1923 (33) 191; 1933 (38) 296; 1936 (39) 1484; 1958 (50) 1713. Repealed by 2021 Act No. 30, Section 19, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-65. Opening of deposit accounts at special events; conditions.

Financial institutions may provide for account service representatives to visit public events and commercial locations including governmental, educational, and health facilities for the purpose of opening deposit accounts and providing services incidental to opening these accounts. However, access is only available if the financial institution and the sponsor of the public event or the person responsible for the commercial location agree to have the financial institution at the event or location. Account paying and receiving services may not be provided during these visits other than an initial deposit to a new account.
HISTORY: 1996 Act No. 329, Section 1, eff upon approval (became law without the Governor's signature on May 21, 1996).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-70. False statements concerning solvency of bank.

Any person who shall falsely and wilfully and with intent to injure circulate any report or make any false oral statement as to the assets or liabilities of any bank in this State, its solvency or ability to meet its obligations or its soundness or who shall make any other false oral statement calculated to affect the credit or standing of such a bank or to cast suspicion upon its solvency, soundness or ability to meet its deposits or other obligations in due course shall be guilty of a misdemeanor and upon conviction thereof shall be fined not less than one hundred dollars nor more than five hundred dollars or be imprisoned for not more than one year, or both, in the discretion of the court.
HISTORY: 1962 Code Section 8-108; 1952 Code Section 8-108; 1942 Code Section 7874-3; 1932 Code Section 1230; 1922 (32) 773.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-80. Criminal liability of bank official furnishing false certificate to Comptroller General.

Whenever an officer of any bank engaged in business in this State shall be called upon by the Comptroller General or any of his clerks or agents for a certificate of the amount of cash on deposit to the credit of any public officer for use in settlements with such public officer and shall wilfully and knowingly give a false certificate or statement he shall be guilty of a misdemeanor and, upon conviction, shall be punished by a fine of not less than one hundred dollars nor more than five hundred dollars or by imprisonment for not more than six months nor less than three months, in the discretion of the court.
HISTORY: 1962 Code Section 8-109; 1952 Code Section 8-109; 1942 Code Section 7852; 1932 Code Section 1252; Cr. C. '22 Section 147; Cr. C. '12 Section 297; 1910 (26) 566.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-90. Penalties.

Any violation of the provisions of Sections 34-1-60, 34-1-70, 34-3-310 and 34-3-320, 34-5-10 to 34-5-80 and 34-5-100 to 34-5-150 or of any of the duly promulgated rules and regulations issued by the Board under the authority of any of such sections shall constitute a misdemeanor and shall be punishable by a fine of not exceeding five thousand dollars or by imprisonment not exceeding one year, or both.
HISTORY: 1962 Code Section 8-110; 1952 Code Section 8-110; 1942 Code Section 7829-10; 1936 (39) 1484.
Editor's Note
Section 34-1-70, referenced in the text, was repealed by 2021 Act No. 30, Section 19, effective May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-100. Transaction of business in State by foreign bank.

Banks organized under the laws of a foreign government may transact a banking business in the State, if approved by the Board of Financial Institutions after full investigation and hearing.
HISTORY: 1978 Act No. 644 Part II Section 25.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-110. Crimes against a federally chartered or insured financial institution.

(A) A person knowingly may not execute, or attempt to execute, a scheme or artifice to:
(1) defraud a federally chartered or insured financial institution; or
(2) obtain monies, funds, credits, assets, securities, or other property owned by or under the custody or control of a federally chartered or insured financial institution by means of false or fraudulent pretenses, representations, or promises.
(B) A person who violates the provisions of subsection (A) is guilty of a felony and, upon conviction, must be fined not more than ten thousand dollars or imprisoned for not more than five years, or both.
(C) As used in this section, "federally chartered or insured financial institution" means:
(1) a bank with deposits insured by the Federal Deposit Insurance Corporation;
(2) an institution with accounts insured by the Federal Savings and Loan Insurance Corporation;
(3) a credit union with accounts insured by the National Credit Union Administration Board;
(4) a federal home loan bank or a member, as defined in Section 2 of the Federal Home Loan Bank Act, 12 U.S.C. Section 1422, of the federal home loan bank system; or
(5) a bank, banking association, land bank, intermediate credit bank, bank for cooperatives, production credit association, land bank association, mortgage association, trust company, savings bank, or other banking or financial institution organized or operating under the laws of the United States.
(D) The provisions of this section do not affect the provisions of Section 34-11-70.
HISTORY: 1989 Act No. 88, Section 1, eff May 17, 1989.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-210. General powers of banking corporation.

Every banking corporation may:
(1) Receive and pay out the lawful currency of the country;
(2) Deal in exchange, gold and silver coin, bullion, uncurrent paper, public and other securities and stocks of other corporations;
(3) Purchase and hold such real estate and personal property as (a) may be conveyed to it to secure debts to the corporation, (b) may be sold under execution to satisfy debts due in whole or in part to the corporation or (c) may be deemed necessary or convenient for the transaction of its business, and sell and dispose of such real estate and personal property at pleasure;
(4) Discount notes, bills of exchange, bonds and other evidences of debt and lend money on such terms as may be agreed on, subject to the usury laws of the State;
(5) Receive on deposit moneys on such terms as may be agreed on with the depositor and issue certificates therefor, negotiable or assignable in such way as may be stipulated in the certificates;
(6) Sue and be sued and plead and be impleaded in any court of this State;
(7) Adopt and use a corporate seal and alter it at its pleasure; and
(8) Adopt all such bylaws for the general management and direction of the business and affairs of the corporation, not inconsistent with the laws of the United States and of this State, as may be deemed proper, and add to, alter or amend them from time to time as may be desired;
And shall have generally all the rights, powers and privileges in law incident or appertaining to such corporations.
HISTORY: 1962 Code Section 8-131; 1952 Code Section 8-131; 1942 Code Section 7843; 1932 Code Section 7862; Civ. C. '22 Section 3992; Civ. C. '12 Section 2654; Civ. C. '02 Section 1774; R. S. 1538; 1887 (19) 860; 1913 (28) 37; 1919 (31) 41; 1953 (48) 357.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-220. Acceptance of drafts and bills of exchange.

Every such banking corporation may accept drafts or bills of exchange drawn upon it having not more than six months' sight to run, exclusive of grace, which (a) grow out of transactions involving the importation or exportation of goods or the domestic shipment of goods, provided shipping documents conveying or securing title are attached at the time of acceptance, or (b) are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples. No such banking corporation shall accept, whether in a foreign or domestic transaction, for any one person an amount equal at any one time in the aggregate to more than ten per cent of its paid-up and unimpaired capital stock and surplus, unless the banking corporation is secured either by attached documents or by some other actual security arising out of the same transaction as the acceptance. And no banking corporation shall accept such bills to an amount equal at any time in the aggregate to more than one half of its paid-up and unimpaired capital stock and surplus. But the Commissioner of Banking, under such general regulations as he may prescribe which shall apply to all banking corporations alike regardless of the amount of capital stock and surplus, may authorize any banking corporation to accept such bills to an amount not exceeding at any time in the aggregate one hundred per cent of its paid-up and unimpaired capital stock and surplus.
HISTORY: 1962 Code Section 8-132; 1952 Code Section 8-132; 1942 Code Section 7843; 1932 Code Section 7862; Civ. C. '22 Section 3992; Civ. C. '12 Section 2654; Civ. C. '02 Section 1774; R. S. 1538; 1887 (19) 860; 1913 (28) 37; 1919 (31) 41.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-230. Directors may make and change bylaws.

The directors of any bank may make and change bylaws, not inconsistent with law, regulating the manner in which the stock of the bank shall be transferred, its directors elected or appointed, its property transferred, its general business conducted and the privileges granted to it by law exercised and enjoyed.
HISTORY: 1962 Code Section 8-133; 1952 Code Section 8-133; 1942 Code Section 7845; 1932 Code Section 7874; Civ. C. '22 Section 4001; Civ. C. '12 Section 2663; Civ. C. '02 Section 1778; R. S. 1541; 1885 (19) 214.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-240. Other powers of directors.

The directors may:
(1) Appoint all necessary officers and employees of the corporation, fix their compensation and take security for the faithful discharge of their respective duties;
(2) Prescribe the manner of paying for the stock of the corporation and the transfer thereof; and
(3) Prescribe from time to time such penalties for the nonpayment of subscriptions to the capital stock of the corporation as they may deem proper.
HISTORY: 1962 Code Section 8-134; 1952 Code Section 8-134; 1942 Code Section 7845; 1932 Code Section 7874; Civ. C. '22 Section 4001; Civ. C. '12 Section 2663; Civ. C. '02 Section 1778; R. S. 1541; 1885 (19) 214.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-250. Association with national reserve association.

Any bank, banking association or trust company chartered and engaged in the banking business under the laws of this State may associate itself with any national reserve association of the United States or any branch thereof under any law enacted by the Congress of the United States and may invest such part of its capital or surplus therein as may be necessary to acquire and preserve its membership in such association.
HISTORY: 1962 Code Section 8-135; 1952 Code Section 8-135; 1942 Code Section 7842; 1932 Code Section 7875; Civ. C. '22 Section 4002; 1914 (28) 588.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-260. Transaction of business by wholly-owned subsidiary of state bank or trust company.

Notwithstanding any other provision of the law, a wholly-owned subsidiary of a state bank or trust company, provided both subsidiary and the parent are corporations organized and existing pursuant to the laws of the State of South Carolina, shall hereafter be permitted to establish offices, operate and conduct such bank related business as authorized by its Articles of Incorporation (Charter) just as if it were not a wholly-owned subsidiary of a bank or trust company; provided, however, that the State Board of Financial Institutions shall impose upon such subsidiary, instructions, regulations and limitations with a view to effectuating maximum uniformity with those instructions, regulations and limitations imposed now and from time to time by law and regulation upon the organization and operation of any wholly-owned subsidiary of a bank holding company; provided, further, that nothing contained herein shall prevent the State Board of Financial Institutions, at any time in the future, from imposing upon such subsidiary such additional instructions, regulations and limitations as it deems appropriate to protect the assets of its parent.
HISTORY: 1979 Act No. 154 Section 1.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-310. Examination of banks.

The State Board of Bank Control may cause to be made at any time such examination of the affairs of any bank as it may deem necessary to inform it as to the financial condition of such bank and the Commissioner shall make a report thereon to the Board at the earliest practicable date.
HISTORY: 1962 Code Section 8-251; 1952 Code Section 8-251; 1942 Code Section 7829-7; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-320. Examination fees; number of examinations annually.

The State Board of Financial Institutions shall fix the examination fees of banks and savings and loan associations on a scale which will yield sufficient revenue to defray the entire expense of examinations for each bank and savings and loan association. Provided, that the board shall make at least one examination every twenty-four months of all banks and savings and loan associations.
HISTORY: 1962 Code Section 8-252; 1952 Code Section 8-252; 1942 Code Section 7829-5; 1936 (39) 1484, 1713; 1964 (53) 2069; 1980 Act No. 457; 1996 Act No. 329, Section 2, eff upon approval (became law without the Governor's signature on May 21, 1996).
Effect of Amendment
The 1996 amendment, in the last sentence, replaced "eighteen" with "twenty-four" preceding "months".
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-330. Federal examinations.

Any examination made under the authority of any agency of the Federal Government may be accepted by the Board, in its discretion, as equivalent to an examination made under the terms of Section 34-3-320.
HISTORY: 1962 Code Section 8-254; 1952 Code Section 8-254; 1942 Code Section 7829-5; 1936 (39) 1484, 1713.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-340. Reports and examinations by Federal Deposit Insurance Corporation.

The Commissioner of Banking may also, in his discretion, accept any report which may have been obtained by the Federal Deposit Insurance Corporation relative to the condition of a banking institution within a reasonable period in lieu of a report authorized by the laws of this State to be required of such institution by his department, provided copies of such report are furnished to the Commissioner of Banking.
The Commissioner may furnish to the Corporation, or to any official or examiner thereof, a copy or copies of any or all examinations made of any such banking institutions and of any or all reports made by any of them and may give access to and disclose to the Corporation or any official or examiner thereof any and all information possessed by the office of the Commissioner with reference to the condition of affairs of any such insured institution.
Nothing in this section shall be construed to limit the duty of any banking institution in this State, deposits in which are to any extent insured under the provisions of Section 8 of the "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended) or of any amendment of such act, its amendments or substitutions, or the requirements of the Corporation relative to examinations and reports nor to limit the powers of the Commissioner of Banking with reference to examinations and reports under existing law.
HISTORY: 1962 Code Section 8-255; 1952 Code Section 8-255; 1942 Code Section 7837; 1935 (39) 482; 1936 (39) 1484.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-350. Directors shall review reports of examinations.

Upon the examination of any state banking institution, the Commissioner of Banking shall, as soon as he can conveniently do so, forward a copy of the report of the examination to the chief executive of the bank who shall, within thirty days of receipt of the report, call a meeting of the directors of the bank for the purpose of reviewing the report and taking such action as is necessary. In forwarding such report to the chief executive, the commissioner shall use the form of notice contained in Section 34-3-360 and in certifying that such reports have been reviewed by the directors, the banking institution shall use the form contained in Section 34-3-370, and all directors who were present at the meeting shall sign the form contained in Section 34-3-370, certifying that they have received the report of the commissioner.
HISTORY: 1962 Code Section 8-256; 1952 Code Section 8-256; 1942 Code Section 7869; 1932 Code Section 7877; 1929 (36) 127; 1933 (38) 296; 1936 (39) 1484; 2021 Act No. 30 (S.467), Section 2, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 2, rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-360. Form of notice to chief executive.

The form of notice from the Commissioner of Banking to the chief executive of the bank referred to in Section 34-3-350 must be as follows:
To the Chief Executive: In accordance with the law I enclose a copy of the report of examination of your bank made __________, 20___, by the Commissioner of Banking, __________, with the request that it be considered at a meeting of your directors to be held within thirty days from this date and a record of the action taken thereon entered upon the minutes. Please also fill out and return the form attached.
Commissioner of Banking.
HISTORY: 1962 Code Section 8-257; 1952 Code Section 8-257; 1942 Code Section 7869; 1932 Code Section 7877; 1929 (36) 127; 1933 (38) 296; 1936 (39) 1484; 2021 Act No. 30 (S.467), Section 3, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 3, rewrote the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-370. Form of report to Commissioner of Banking.

The form of report to the Commissioner of Banking referred to in Section 34-3-350 shall be as follows:
To the Commissioner of Banking:
The report of the recent examination of this bank has been received, was submitted to the directors at a board meeting held __________ and was duly considered and a record of the action taken made upon the minutes.
( Chief Executive)
Name and location of bank.
We, the undersigned directors of __________ bank, have reviewed the report of the Commissioner of Banking under date of __________.
HISTORY: 1962 Code Section 8-258; 1952 Code Section 8-258; 1942 Code Section 7869; 1932 Code Section 7877; 1929 (36) 127; 1933 (38) 296; 1936 (39) 1484; 2021 Act No. 30 (S.467), Section 4, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 4, substituted "Commissioner of Banking" for "State Board of Bank Control" in three places, and substituted "Chief Executive" for "President or Cashier".
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-380. Report of condition.

All institutions doing business in this State in lending money and receiving deposits, under acts of incorporation granted by the State, under penalty of a forfeiture of their charters, shall provide when and as called for by the State Board of Financial Institutions, without previous notice, a correct report of the condition and business of the institution. The report must contain a statement under oath by the chief executive or chief financial officer of the institution of the amount of the capital stock paid in, the institution's total capital as compared to the minimum capital set forth in Section 34-9-40, deposits, discounts, property, and liabilities of the institution verified by two of the directors. This section applies to all private banking institutions whether chartered or not. The board shall accept in lieu of the report required by this section a report of condition filed with the federal banking agencies.
HISTORY: 1962 Code Section 8-259; 1952 Code Section 8-259; 1942 Code Section 7861; 1932 Code Sections 1354, 7858; Cr. C. '22 Sections 245, 3988; Cr. C. '12 Sections 255, 2642; Civ. C. '02 Section 1766; G. S. 1352; R. S. 1468; 1874 (15) 526; 1904 (24) 398; 1909 (26) 90; 1933 (36) 296; 1936 (39) 1484; 1985 Act No. 128, Section 3; 1995 Act No. 116, Section 1, eff (became law without the Governor's signature on June 13, 1995); 2021 Act No. 30 (S.467), Section 5, eff May 6, 2021.
Effect of Amendment
The 1995 amendment provided for submitting a report of condition filed with federal banking agencies in lieu of the report required by this section.
2021 Act No. 30, Section 5, in the second sentence, substituted "The report must" for "The report shall" and "chief executive or chief financial officer" for "president or cashier", inserted "the institution's total capital as compared to the minimum capital set forth in Section 34-9-40,", and substituted "two of the directors" for "three of the directors".
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-420. Statement shall be sent to Board; failure to report.

The statements referred to in Section 34-3-380 shall be sent to the State Board of Financial Institutions within thirty days of the statement date requested and shall be in such form as may be required by the board. Any bank which fails to report within the time given, without excuse given to the board, shall be subject to a fine of ten dollars a day for each day's delay, collectible by the board in any court of competent jurisdiction.
HISTORY: 1962 Code Section 8-263; 1952 Code Section 8-263; 1942 Code Section 7862; 1932 Code Section 7860; Civ. C. '22 Section 3990; Civ. C. '12 Sections 2651, 2652; 1909 (26) 91; 1913 (28) 65; 1919 (31) 48; 1933 (38) 296; 1936 (39) 1484; 1943 (43) 167; 1995 Act No. 116, Section 2, eff (became law without the Governor's signature on June 13, 1995).
Effect of Amendment
The 1995 amendment revised the date the reports must be submitted, deleted the reference to Section 34-3-400, and substituted "State Board of Financial Institutions" for "State Board of Bank Control".
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-510. Records must be retained.

Every bank shall retain its business records for such periods as are or may be prescribed by or in accordance with the terms of this article. Each bank shall retain permanently the minute books of meetings of its shareholders and directors and all records which the State Board of Bank Control shall, in accordance with the terms of this article, require to be retained permanently. All other bank records shall be retained for such periods as the Board shall, in accordance with the terms of this article, prescribe.
HISTORY: 1962 Code Section 8-265; 1960 (51) 1673; 1961 (52) 160.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-520. Regulations classifying records.

The State Board of Bank Control shall from time to time issue regulations classifying all records kept by banks and prescribing the period for which records of each class shall be retained. The periods may be permanent or for a lesser term of years. The regulations may from time to time be amended or repealed. Prior to issuing any such regulation, the Board shall consider:
(1) Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable;
(2) State and Federal statutes of limitation applicable to such actions or proceedings;
(3) The availability of information contained in bank records from other sources; and
(4) Such other matters as the Board shall deem pertinent, in order that its regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and shareholders and of the people of this State in having bank records available.
HISTORY: 1962 Code Section 8-266; 1960 (51) 1673.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-530. Destruction of records.

Any bank may dispose of any records which have been retained for the period prescribed by or in accordance with the terms of this article for retention of records of its class, and shall thereafter be under no duty to procure such record in any action or proceeding. Whether or not in any given case destruction of such records prior to the minimum retention periods prescribed by or in accordance with the terms of this article constitutes negligence shall remain a question of fact to be determined by all circumstances in that case, and such earlier destruction shall not per se constitute negligence and no presumption of negligence shall arise therefrom.
HISTORY: 1962 Code Section 8-267; 1960 (51) 1673.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-540. Copies and reproductions of bank records; admissibility in evidence.

(A) Any corporation, institution, or association whose deposits are insured by the federal government or an agency or a nonprofit corporation that has been designated by the State to originate or hold educational loans made to or on behalf of students may cause promissory notes, checks, drafts, and records kept by the corporation, institution, association, or agency to be copied or reproduced by:
(1) photostatic, photographic, or microfilming process; or
(2) electronic graphic imaging through scanning, digitizing, or other means.
(B) These processes or means must correctly copy, reproduce, or form a medium for copying or reproducing the original record so that an accurate facsimile of the original can be printed or otherwise reproduced on paper, film, or similar medium. The reproduction is considered an original record for all purposes and must be treated as an original record in all courts or administrative agencies for the purpose of its admissibility into evidence, regardless of whether the institution retains or disposes of the original, provided that the original document otherwise qualified as a business record pursuant to the South Carolina Uniform Business Records as Evidence Act or the appropriate state or federal rules of evidence.
HISTORY: 1962 Code Section 8-268; 1956 (49) 1673; 1957 (50) 179; 1960 (51) 1673; 1985 Act No. 128, Section 4; 1995 Act No. 132, Section 1, eff June 28, 1995; 1998 Act No. 331, Section 1, eff June 9, 1998.
Effect of Amendment
The 1995 amendment revised the entities to which this section applies, and revised the manner in which records may be copied, reproduced and admitted into evidence.
The 1998 amendment designated the first paragraph and items (1) and (2) following it as subsection (A), and made a nonsubstantive change in that text; designated the remaining text as subsection (B); and in subsection (B), in the second sentence substituted "reproduction" for "printed reproduction", deleted the designator for item (1), and deleted item (2) requiring certification of the copy by the custodian.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-550. Application of article.

This article shall be applicable to banks and trust companies chartered under the laws of this State, and to the extent that they are not in contravention of any law or regulation of the United States, the provisions of such article shall apply and inure to the benefit of national banking associations doing business in this State.
HISTORY: 1962 Code Section 8-269; 1960 (51) 1673.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 3 - Banks And Banking Generally › Section 34-3-610. "Banking institution" defined.

The term "banking institution," as used in this article shall be construed to mean any bank, trust company, bank and trust company, stock savings bank, mutual savings bank or cash depository which is now or may hereafter be organized under the laws of this State.
HISTORY: 1962 Code Section 8-271; 1952 Code Section 8-271; 1942 Code Section 7837; 1935 (39) 482; 1936 (39) 1484.