reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-40. Issuance or denial of license.

(a) Upon the filing of the application and payment of the fees, the Board shall investigate the facts concerning the application and the requirements provided for in subsection (b) of this section. The Board shall notify the applicant and each licensee having a place of business in the community where the applicant proposes to do business of such application of a day it proposes to consider the application, which shall be not more than twenty days after the date of filing. If any licensee having a place of business in the community or other person files an objection within twenty days after the date of mailing such notice, or if as a result of a preliminary investigation the Board has any doubt of the applicant meeting the standards of subsection (b), the Board shall set a date and a time for a hearing of such application not less than thirty days nor more than forty-five days from the date of such mailing.
(b) The Board shall grant or deny each application for a license which is accompanied by the required fees, within sixty days from the date of mailing said notice, unless extended by written agreement of the applicant and Board, if it shall find (1) that the financial responsibility, character, experience, and general fitness of the applicant are such as to command the confidence of the public and to warrant belief that the business will be operated lawfully, honestly, fairly and efficiently within the purposes of this chapter, which requirements shall be maintained during the period of the license, (2) that the applicant has available liquid assets of not less than twenty-five thousand dollars for operation of such business at the specified location; provided, that any licensed person engaged in the business of lending as of August 7, 1966 shall have five years from August 7, 1966 to meet this requirement, for the operation of such business at the specified location, and (3) allowing such applicant to engage in business will promote the convenience and advantage of the community in which the licensed office is to be located; thereupon, it shall enter an order granting the application, place on file its findings of fact and forthwith issue a license to the applicant. However, where the number of licensees in a community is less than two, upon properly qualified applications under clauses (1) and (2) hereof, the Board shall issue additional licenses as to bring the number of licenses to two in such community.
(c) If the findings of the Board are not favorable, it shall place on file its findings of fact and enter an order denying the application and notifying the applicant of the denial, returning the license fee but retaining the investigation fee.
HISTORY: 1962 Code Section 8-800; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-50. Contents of license; posting; nonassignability; duration; annual fee.

(a) Each license shall state the address at which the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a copartnership or association, the names of the members thereof, and if a corporation, the date and place of its incorporation. Each license shall be kept posted in the licensed place of business and shall not be transferable or assignable.
(b) Each license shall remain in full force and effect until surrendered, revoked or suspended as hereinafter provided. Each licensee shall, on or before the first day of each February, pay to the Board the sum, as prescribed by the Board, for each license held by the licensee as a license renewal fee for the current year, computed as of December thirty-first of the preceding calendar year.
HISTORY: 1962 Code Section 8-800.1; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391; 1976 Act No. 686 Section 59; 1976 Act No. 709 Part II Section 7; 1977 Act No. 219 Pt II Section 10.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-60. Licenses for more than one place of business; removal.

(a) Not more than one place of business shall be maintained under the same license, but the Board may issue more than one license to the same licensee upon compliance with all the provisions of this chapter governing issuance of a single license; provided, however, that no license need be obtained for an accounting record-keeping place of business or other internal place of business control.
(b) No change in the place of business for the making and collecting of loans, made pursuant to this chapter, of a licensee to a location outside of the original city or town shall be permitted under the same license. When a licensee wishes to change his place of business within a city or town he shall give written notice thereof to the Board, accompanied by the license certificate and the Board shall engross the address change upon the certificate and return it to the licensee.
HISTORY: 1962 Code Section 8-800.2; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-70. Licensing purchaser of business.

Should a licensee sell his outstanding loan contracts and surrender his license, the Board shall issue a license to make loans under this chapter at the specific location from which the business sold was conducted to the purchaser of such loan contracts without reference to whether the convenience and advantage of the community will be promoted thereby and without the notice to other licensees as provided by Section 34-29-40 (a), if the purchaser shall qualify in all other respects for the issuance of such license.
HISTORY: 1962 Code Section 8-800.3; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-80. Revocation, suspension, surrender, and reinstatement of licenses.

(a) The Board may, if it has reason to believe that grounds for revocation of a license may exist, notify the licensee not less than thirty days before revoking the license and it shall specify in the notice the particulars of the alleged grounds for revocation, and shall offer the licensee proper opportunity to be heard in answer thereto. The reason or reasons for revocation of a license shall be one or more of the following:
(1) The licensee has failed to pay the annual license fee.
(2) The licensee has failed to operate the business of lending for a continuous period of sixty days or more, unless the licensee shall have, prior to a finding by the Board that such licensee is inoperative, secured the written approval of the Board to suspend business operations for a reasonable additional period.
(3) The licensee, either knowingly or without the exercise of due care to prevent the same, has violated any provisions of this chapter or any regulation or order lawfully made pursuant to and within the authority of this chapter.
(b) If the Board finds that probable cause for revocation of any license exists and that enforcement of the chapter requires immediate suspension of such license pending investigation, it may, upon ten days' written notice and a hearing, enter an order prohibiting such licensee from making any loans for a period not exceeding thirty days.
(c) Whenever the Board shall revoke or suspend a license issued pursuant to this chapter, it shall enter an order to that effect and forthwith notify the licensee of the revocation or suspension. Within five days after the entry of such an order it shall place on file its findings of fact and a summary of the evidence supporting them and forthwith deliver a copy to the licensee.
(d) Any licensee may surrender any license by delivering it to the Board with written notice of its surrender, but such surrender shall not affect his civil or criminal liability for acts committed prior thereto.
(e) No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any obligor.
(f) The Board may reinstate suspended licenses or issue new licenses to a person whose license or licenses have been revoked, if no fact or condition then exists which clearly would have justified the Board in refusing originally to issue such license under this chapter.
HISTORY: 1962 Code Section 8-800.4; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-110. Rules and regulations; copies of licenses, regulations and orders.

(a) The Board shall have the power and authority to make rules and regulations which interpret or explain any section or sections of this chapter, as it may deem necessary. Such regulations shall be referenced to the section or sections of this chapter which set forth the legislative standards which they interpret or explain. When promulgated and made, the rules and regulations shall be filed with the Secretary of State and the Board shall otherwise comply fully with the provisions of Sections 1-1-210 through 1-1-240.
(b) On application of any person and payment of the cost thereof, the Board shall furnish under its seal and duly signed, a certified copy of any license, regulation or order. Such copy shall be prima facie evidence of the fact of the issuance of such license, regulation or order in any court or proceeding.
HISTORY: 1962 Code Section 8-800.7; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-120. Advertising.

No licensee or other person subject to this chapter shall advertise, display, distribute, broadcast, televise or cause or permit to be advertised, displayed, distributed, broadcast or televised in any manner whatsoever, any false, misleading or deceptive statement or representation with regard to the rates, terms or conditions for loans. The Board may require that charges or rates, if stated by a licensee, be stated fully and clearly in such manner as it may deem necessary to prevent misunderstanding thereof by prospective borrowers. The Board may permit licensees to refer in their advertising to the fact that their business is under State supervision, subject to conditions imposed by it to prevent an erroneous impression as to the scope or degree of protection provided by this chapter.
HISTORY: 1962 Code Section 8-800.8; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-130. Conducting business with other business; loans shall be made in name of licensee.

(a) No licensee shall conduct the business of making loans under this chapter within any office, room or place of business in which any other business is solicited or engaged in, or in association or conjunction therewith, if the Board shall find, after a hearing, that the conduct of such business by the licensee concealed evasions of this chapter or of the rules and regulations made hereunder, and shall order such licensee in writing to desist from such conduct.
(b) No licensee shall make any loan provided for by this chapter under any name other than that stated in the license.
HISTORY: 1962 Code Section 8-800.9; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-150. Written statement disclosing terms of contract; receipts for payments; return of note and security on payment in full; lien on household furniture.

(a) The licensee shall disclose, at the time a loan is made, the following to the obligor on a loan transacted pursuant to this chapter, (if there are two or more obligors on the loan contract, delivery to one of them shall be sufficient) in a written statement in conspicuous type:
(1) The amount and date of the note or loan contract and of its maturity;
(2) The original principal amount of the loan excluding any charge made under Section 34-29-140;
(3) The original dollar charge for the loan;
(4) A description of the payment schedule;
(5) The right of the obligor to prepay the loan in full prior to maturity, and the fact that such prepayment in full will reduce the charge for the loan;
(6) The nature of the security, if any;
(7) Every deduction from the loan or payment made by the obligor through the licensee for insurance, and a description of the insurance coverage for which each deduction or payment was made;
(8) The name and address of the obligor and of the licensee;
(9) Signature of principal borrower directly beneath amount of cash borrower actually receives.
(b) For each payment in cash made on any loan the licensee shall furnish a full and complete receipt.
(c) Upon payment of any loan in full the licensee shall return to the customer, marked "paid," the note or other evidence of indebtedness of the loan and the security signed by any obligor and release any mortgage, restore any pledge and cancel and return any note and any assignment given to the licensee.
(d) No licensee shall take any obligation evidencing a loan which does not disclose the amount of the loan, a schedule of the payments, the amount of the finance charges, and amounts disbursed for the account of the borrower, nor shall the licensee take any instrument in which blanks are left to be filled in after execution.
(e) No licensee shall take any chattel mortgage or other lien on household furniture then in possession and use of the obligor unless it is in writing and signed by the obligor, and in case of a married obligor unless given with the consent of the spouse and such consent shall be evidenced by the spouse in the mortgage or other lien by the signing of his or her name thereto. The written consent shall not be required when husband and wife have been living separate and apart for a period of at least five months prior to the making of such mortgage or when such spouse is legally incompetent.
HISTORY: 1962 Code Section 8-800.11; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-161. Payment on insurance claim; damages; fees; costs.

No person may act or attempt in a loan transaction to prevent the filing or receiving of payment on a legitimate insurance claim. In an action in which it is found that a person has violated this section, the court shall award to the borrower the actual damages and consequential damages, if any, and to his attorneys their reasonable fees and costs. In determining attorney's fees and costs, the amount of recovery on behalf of the consumer is not controlling.
HISTORY: 1999 Act No. 66, Section 2, eff January 1, 2000.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-162. Refinancing loan; nonlapsed insurance coverage.

If a consumer defers, refinances, or consolidates a loan and the insurance coverage upon the original loan has not lapsed:
(1) incontestability and waiting periods for insurance coverage, up to the amount of the coverage remaining at the time of the deferral, refinancing, or consolidation and for an additional period not to exceed the length of the term of the original insurance, must be based upon the date on which the insurer originally insured the debtor with respect to the insurance coverage on the indebtedness that is deferred, refinanced, or consolidated; and
(2) the insurance coverage, up to the amount of the coverage remaining at the time of the deferral, refinancing, or consolidation and for an additional period not to exceed the length of the term of the original insurance, on the indebtedness that is deferred, refinanced, or consolidated may not be subject to evidence of insurability.
The provisions of this section do not apply to insurance for which no identifiable charge is made to the debtor.
HISTORY: 1999 Act No. 66, Section 3, eff January 1, 2000.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-163. Effect of misrepresentation by insured.

A policy or certificate may not be declared void and the insurer may not avoid liability based upon a misrepresentation made by the insured, with respect to information provided regarding medical conditions or health history required in furnishing evidence of insurability, that is not causally related to the contingency or event by which the policy claim arises.
HISTORY: 1999 Act No. 66, Section 4, eff January 1, 2000.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-164. Amount charged for nonfiling insurance coverage.

The amount charged for nonfiling insurance coverage may not exceed seventy-five percent of the official fee as defined in Section 37-1-301(17).
HISTORY: 1999 Act No. 66, Section 5, eff January 1, 2000.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-165. Evidence of insurability.

(1) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence when the debtor becomes obligated to the creditor or when the debtor applies for the insurance, whichever is later, except as follows:
(a) if any required evidence of insurability is not furnished until more than thirty days after the term would otherwise commence, the term may commence on the date when the insurer determines the evidence to be satisfactory; or
(b) if the creditor provides insurance not previously provided covering debts previously created, the term may commence on the effective date of the policy.
(2) If evidence of insurability is required and the insured's eligibility is to be determined by inquiries about existing or past medical conditions, the medical conditions inquired about shall be clearly and conspicuously disclosed in plain language on forms promulgated or approved by the Department of Insurance which achieve a grade level score of no higher than seventh grade on the Flesch-Kincaid readability test. The disclosure shall be made in a clear and conspicuous manner in bold type, with space for the insured to personally acknowledge the disclosure by a dated signature or initial immediately adjacent to the disclosure. Insurance coverage shall not be denied on the basis of any medical condition not so disclosed. Coverage shall not be denied if the insured's dated acknowledgment does not appear on the form.
HISTORY: 1999 Act No. 66, Section 6, eff January 1, 2000.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-166. Insurance provided by creditor; delivery of policy; information on policy.

If a creditor provides insurance, the insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor at the time of the transaction where the debtor is present at the creditor's place of business.
If the debtor is not present at the creditor's place of business at the time of the transaction, the individual policy or certificate of insurance must be sent to him at his address as stated by him, within thirty days after the term of the insurance commences under the agreement between the creditor and debtor or the creditor shall promptly notify the debtor of any failure or delay in providing the insurance.
Each policy or certificate of credit life insurance or credit accident and sickness insurance shall set forth the following on the first page of the policy or attached thereto in a manner that is clear and conspicuous and achieves a grade level score of no higher than seventh grade on the Flesch-Kincaid readability test:
(a) the name, address, and telephone number of the insurer and the process to be followed in submitting a claim;
(b) the name or names of the debtor, or in the case of a certificate, the identity by name or otherwise of the debtor;
(c) the age or date of birth of the debtor;
(d) the premium or amount payable by the debtor separately for credit life insurance and credit accident and sickness insurance;
(e) a description of the coverage including the amount and term of the coverage, and any exceptions, limitations, or restrictions;
(f) a statement that the benefits shall be paid to the creditor to reduce or extinguish the unpaid indebtedness;
(g) a statement that, if the amount of insurance exceeds the amount necessary to discharge the indebtedness, any excess shall be payable to a beneficiary, other than the creditor, named by the debtor or to the debtor's estate;
(h) a conspicuous statement that the insured debtor shall have the right to cancel the insurance policy or group certificate and have all the premiums paid by or charged to the insured debtor refunded or credited, upon giving written notice to the insurer within thirty days from the date the insured debtor received the policy or certificate;
(i) a conspicuous statement which reads as follows: "For specific information about credit insurance issued in conjunction with your loan, contact your creditor or your insurance company. For general information about credit insurance or complaints regarding your credit insurance, please contact the South Carolina Department of Insurance at [current toll-free number]."; and
(j) the provisions of this section do not apply to insurance for which no identifiable charge is made to the debtor.
HISTORY: 1999 Act No. 66, Section 7, eff January 1, 2000.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-170. Confession of judgment or power of attorney to confess judgment shall be void.

No licensee shall take any confession of judgment or permit any borrower to execute a power of attorney in favor of any licensee or in favor of any third person to confess judgment or to appear for the borrower in any judicial proceeding and any such confession of judgment or power of attorney to confess judgment shall be absolutely void.
HISTORY: 1962 Code Section 8-800.13; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-180. Judicial review of orders or decisions of board.

(a) Any order or decision made, issued or executed by the Board or its deputies, shall be subject to review by the circuit court on petition by any person aggrieved if the petition is filed within thirty days from the date of the delivery of a copy of the order or decision made by the Board upon such person. A copy of such petition for review as filed with and certified by the clerk of court shall be served upon the Board within five days after its filing. If the petition for review is not filed within thirty days, the parties aggrieved shall be deemed to have waived the right to have the merits of the order or decision reviewed and there shall be no trial of the merits thereof by any court to which application may be made by petition or otherwise, to enforce or restrain the enforcement of same.
(b) The Board shall within thirty days, unless the time is extended by an order of the court, after the service of the copy of the petition for review upon it or its deputy, prepare and file with the clerk of the court a complete transcript of the record of the hearing, if any, and a true copy of the order or decision duly certified. The case shall be heard by the court as a civil case upon such transcript of the record and it shall be the duty of the court to hear and determine the petition with all convenient speed. If, on the hearing before the court, it shall appear that the record filed by the Board is incomplete, the court may by appropriate order direct the Board to certify any and all parts of the record so omitted.
(c) The court shall have jurisdiction to review the facts and the law and to affirm, modify or to set aside the order or decision of the board and to restrain the enforcement thereof. Appeals from all final orders and judgments entered by the circuit court in reviewing the orders and decisions of the board may be taken in the manner provided by the South Carolina Appellate Court Rules.
HISTORY: 1962 Code Section 8-800.14; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391; 1999 Act No. 55, Section 35, eff June 1, 1999.
Effect of Amendment
The 1999 amendment changed the appeal provision at the end of the section to refer to the Appellate Court Rules.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-190. Disposition of fees and other funds.

All license fees, investigation fees, and other funds collected by the Board under the terms of this chapter, shall be paid over to the State Treasurer and shall be used to defray costs of administering this chapter, including salaries of assistant examiners and other clerical help found necessary and necessary travel expenses and subsistence.
HISTORY: 1962 Code Section 8-800.15; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-200. Chief administrative officer and other personnel.

The Board is authorized to designate or appoint a chief administrative officer and such other personnel as it deems necessary to perform the duties and exercise the powers herein conferred. The chief administrative officer and all other personnel shall serve at the pleasure of the Board.
HISTORY: 1962 Code Section 8-800.16; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-210. Appointment of Director as agent for service of process.

Every person prior to being licensed under this chapter shall appoint, in writing, the Director and his successors in office to be its true and lawful attorney upon whom all legal process in any action or proceeding against it may be served and in such writing shall agree that any lawful process against it which is served upon such attorney shall be of the same legal force and validity as if served upon the company and that the authority shall continue in force so long as any liability remains outstanding in the State. Copies of such appointment certified by the Director, shall be deemed sufficient evidence thereof and shall be admitted in evidence with the same force and effect as the original thereof might be admitted.
HISTORY: 1962 Code Section 8-800.17; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-220. Foreign loans.

No loan made outside this State in the amount of or of the value of seventy-five hundred dollars or less for which a greater rate of interest, consideration, or charge than is permitted by Section 34-29-140 has been charged, contracted for or received, shall be enforced in this State and every person in any way participating therein in this State shall be subject to the provisions of this chapter, but this section shall not apply to loans legally made in any state under and in accordance with a regulatory consumer finance law similar in principles to this chapter.
HISTORY: 1962 Code Section 8-800.18; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-240. Licenses for persons engaged in lending on December 1, 1965.

Any person engaged in the business of lending on December 1, 1965, may be licensed under the provisions of this chapter; provided, he applies for and obtains a license from the Board of Bank Control within ninety days after August 7, 1966; and, provided, further, that such person meets the requirements of Section 34-29-40 (b) (1) (2).
HISTORY: 1962 Code Section 8-800.22; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-250. Violations.

Any person who wilfully violates any provision of this chapter, for which a penalty has not been provided, is guilty of a misdemeanor and, upon conviction, must be fined not more than one thousand dollars nor less than one hundred dollars in the discretion of the court.
The board, in addition to the criminal penalties provided by this section, may also assess a civil penalty against the violator in the form of a fine not exceeding two thousand dollars for each violation. This civil penalty may be assessed in addition to or in lieu of the criminal penalties authorized by this section.
HISTORY: 1962 Code Section 8-800.21; 1966 (54) 2391; 1991 Act No. 98, Section 3, eff May 30, 1991.
Effect of Amendment
The 1991 amendment added the second paragraph of this section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 29 - Consumer Finance Law › Section 34-29-260. Modification, amendment, or repeal of chapter.

(a) This chapter or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder; provided, that such cancellation or alteration shall not impair or affect the obligations of any preexisting lawful contract between any licensee and any obligor.
(b) Nothing contained herein shall be so construed as to impair or affect the obligation of any contract of loan between any lender and any borrower which was entered into prior to August 7 1966.
HISTORY: 1962 Code Section 8-800.20; 1956 (49) 2052, 2967; 1957 (50) 339; 1966 (54) 2391.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 30 - A State Savings Bank Charter In South Carolina › Section 34-30-50. Application of Business Corporation Act.

When not in direct conflict with or superseded by specific provisions of this chapter, the provisions of the South Carolina Business Corporation Act, Chapters 1 to 25 of Title 33, apply to a state savings bank organized or operated under this chapter.
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 34-30-60. Prior charters; legal name, requirements; prohibited acts; injunctions.

(A) Nothing in this chapter invalidates a charter that was valid before the enactment of this chapter. A savings institution chartered on the effective date of this chapter may continue operation in accordance with the chapter under which it was chartered. However, after the date this chapter becomes effective, a depository institution may not be qualified as a state savings bank except in accordance with this chapter. A state savings bank chartered under this chapter must use the letters "SSB" in its legal name.
(B) Except as provided in subsection (A) of this section, or in Chapter 28 of Title 34, a person, corporation, company, or state savings bank, except one incorporated and licensed in accordance with this chapter or federal law to operate a savings bank, shall not operate as a state savings bank. Unless authorized as a state or federal savings bank and engaged in transacting a depository institution business, a person, corporation, company, or savings bank domiciled and doing business in this State shall not:
(1) use in its name the term 'savings bank' or words of similar import or connotation that lead the public reasonably to believe that the business so conducted is that of a savings bank; or
(2) use a sign or circulate or use any letterhead, billhead, circular, or paper, or advertise or communicate in a manner that would lead the public reasonably to believe that it is conducting the business of a savings bank.
(C) Upon application by the board or by a state savings bank, a court of competent jurisdiction may issue an injunction to restrain any person or entity from violating or from continuing to violate subsection (B) of 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 34-30-70. Organization and establishment; application, fee; contents of application.

(A) The original incorporators, a majority of whom must be domiciled in this State, may organize and establish a state savings bank to promote the purposes of this chapter, subject to approval as provided in this chapter. The original incorporators shall file with the board a preliminary application to organize a state savings bank in the form prescribed by the board, together with the proper nonrefundable application fee.
(B) An application to organize a state savings bank must contain:
(1) a copy of the proposed articles of incorporation, which must be signed by the original incorporators;
(2) the names and addresses of the incorporators; and the names and addresses of the initial members of the board of directors, and the number of shares they plan to subscribe to;
(3) statements of the anticipated receipts, expenditures, earnings, and financial condition of the state savings bank for its first three years of operation, or a longer period as the board may require;
(4) a showing satisfactory to the board that:
(a) the public convenience and advantage are served by the establishment of the proposed state savings bank;
(b) there are reasonable demand and necessity in the community which is served by the establishment of the proposed state savings bank;
(c) the proposed state savings bank has a reasonable probability of sustaining profitable and beneficial operations within a reasonable time in the community in which the proposed state savings bank intends to locate; and
(5) the proposed bylaws; and
(6) statements, exhibits, maps, and other data that may be prescribed or requested by the board, and which are sufficiently detailed and comprehensive so as to enable the board to pass upon the criteria in this article.
(C) The application must be signed by the original incorporators, and properly acknowledged by a person duly authorized by this State to take proof and acknowledgment of deeds. The application must contain additional information required by the board.
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 34-30-90. Board examination of application.

Upon receipt of an application to organize and establish a state savings bank, the board shall examine or cause to be examined all the relevant facts connected with the formation of the proposed 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 34-30-110. Incomplete applications; time for approval or rejection of completed applications.

(A) If the board does not receive a completed application within one hundred twenty days of the filing of the preliminary application, the application must be returned to the applicants.
(B) When the board has completed the examination and investigation of the facts relevant to the establishment of the proposed state savings bank, the board shall approve or reject an application within one hundred twenty days of the submission of the completed application.
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 34-30-120. Approval or disapproval of application; order; filing of articles; corporate existence; certificate of authorization, commencement of business; limitation on ownership or control.

(A) After consideration of its findings, and the consideration of other information and evidence, the board shall approve or disapprove the application. The board shall approve the application if it finds that the articles of incorporation are in compliance with Section 34-30-90 and that there is compliance with the criteria in Section 34-30-110, the remainder of this chapter, regulations, and the 1976 Code. The order approving the application may impose reasonable conditions which must be met before a certificate of authorization to transact business is issued.
(B) If the board approves the application, the applicant shall file its articles of incorporation with the Secretary of State.
(C) The corporate existence of a state savings bank begins on the date the approved articles of incorporation are filed with the Secretary of State, unless otherwise provided in the articles of incorporation, but the state savings bank may not commence business before it is in possession of a certificate of authorization to transact business as provided in Section 34-30-150.
(D) A subscriber to the stock of a proposed stock state savings bank, other than its holding company, shall not own or control as principal more than ten percent of a class of voting shares of the state savings bank or its holding company.
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 34-30-130. Insurance on deposit accounts; certification; time for obtaining insurance; excess insurance.

A state savings bank must obtain and maintain insurance on the deposit accounts of all members and customers from an insurance corporation created by an act of Congress. Before licensing of a state savings bank, articles of incorporation duly recorded under Section 34-30-120(C), are sufficient certification to the insuring corporation that the state savings bank is a legal corporate entity. The insurance must be obtained within the time limit prescribed in Section 34-30-140. Subject to the rules or regulations of the board, a state savings bank may obtain or participate in efforts to obtain insurance of deposits that is in excess of the amount eligible for federal insurance of accounts. This insurance is known as "excess insurance".
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 34-30-140. Commencement of business; failure to commence within time limit, extension of time; forfeiture of corporate existence; certificate of authorization.

A newly chartered state savings bank must commence business within one year after corporate existence begins. A state savings bank that does not commence business within this time, forfeits its corporate existence, unless the board, before the expiration of the one-year period, approves an extension of the time within which the state savings bank may commence business, upon a written request stating the reasons for the request. Upon forfeiture, the articles of incorporation expire and action taken in connection with the incorporation and chartering of the state savings bank, with the exception of fees paid to the board, becomes null and void. The board shall determine if a state savings bank has failed to commence business within one year, without extension as provided in this section, and shall notify the Secretary of State and the register of deeds in the county in which the state savings bank is located that the articles of incorporation have expired. If the board finds that the state savings bank has in good faith complied with all the requirements of law and all conditions imposed, and that the state savings bank's deposit accounts are properly insured, it shall promptly issue a certificate of authorization to transact a general state savings bank business.
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 34-30-150. Amendment of articles of incorporation; certification, submission, approval; quorum, voting requirement.

An amendment to the articles of incorporation of a state savings bank, which shall have been adopted and recommended by the board of directors of the state savings bank, must be made at an annual or special meeting of the state savings bank, held in accordance with Sections 34-30-1060 and 34-30-1070, by a majority of votes or shares cast by members or stockholders present in person or by proxy at the meeting. An amendment must be certified by the appropriate corporate official, submitted to the board for approval or rejection, and if approved, then certified by the board and recorded as provided in Section 34-30-130 for articles of incorporation. The articles of incorporation may provide for a greater quorum or voting requirement for members or stockholders or voting groups of stockholders than is otherwise provided in this chapter.
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 34-30-160. Confidentiality of records; inspection and examination; release; list of members or stockholders.

(A) The books and records of a state savings bank must be confidential and may be made available for inspection and examination only:
(1) to the board or its duly authorized representatives;
(2) to persons duly authorized to act for the state savings bank;
(3) to any federal or state instrumentality or agency authorized to inspect or examine the books and records of an insured depository institution;
(4) as compelled by a court of competent jurisdiction;
(5) as compelled by legislative subpoena as provided by law;
(6) as authorized by the board of directors of the state savings bank; or
(7) as provided in subsections (B), (C), and (D).
(B) A depositor, borrower, or stockholder has the right to inspect the books and records of a state savings bank as pertain to his loans, his accounts, or the determination of his voting rights.
(C) The books and records pertaining to the accounts, loans, and voting rights of depositors, borrowers, and stockholders must be kept confidential by the state savings bank and its directors, officers, and employees and may not be released except upon express written authorization of the account holder as to his own accounts, loans, or voting rights. However, information relating to a loan made by an association may be released without the borrower's authorization in a manner prescribed by the board of directors for the purpose of meeting the needs of commerce and for fair and accurate credit information.
(D) A member, stockholder, or other person must not have access to or be furnished or possessed of a partial or complete list of the members or stockholders except upon express action authorized by the board of directors.
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 34-30-170. Establishment of branch offices; application, fee; approval or denial; corporate office.

(A) A state savings bank may apply to the board for permission to establish a branch office. The application must be in the form prescribed by the board and accompanied by the proper branch application fee. The board shall approve or deny branch applications within one hundred twenty days of filing. Nothing in this chapter prohibits a state savings bank from establishing a corporate office or offices upon prior written notification to the board. A corporate office must be established primarily for the purpose of managing the administrative functions of the state savings bank and service corporations and must not accept deposits or issue payment for withdrawals of certificates or accounts.
(B) The board shall approve a branch application when:
(1) the applicant has evidenced financial responsibility;
(2) the applicant has sufficient net worth as determined by the board; and
(3) the applicant has an acceptable internal control system that includes certain basic internal control requirements essential to the protection of assets and the promotion of operational efficiency regardless of the size of the applicant.
(C) Upon receipt of a branch application, the board shall examine or cause to be examined all the relevant facts connected with the establishment of the proposed branch office. If it appears to the satisfaction of the board that the applicant has complied with all the requirements in this section and the regulations for the establishment of a branch office and that the state savings bank is otherwise lawfully entitled to establish the branch office, then the board shall approve the branch application.
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 34-30-180. Change of office location; information, evaluation.

The board of directors of a state savings bank may change the location of a branch office or the principal office of the state savings bank with the prior written approval of the board. The board may request, and the state savings bank must provide, information that the board determines is necessary to evaluate the request.
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 34-30-190. Discontinuance of branch office operation.

The board of a state savings bank may discontinue the operation of a branch office with the prior written approval of 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 34-30-200. Loan production office, opening or closing.

A state savings bank may open or close a loan production office upon thirty days' written notice to the board.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.