reglab/statecodes huggingface dataset:
South Carolina Code of Regulations › Chapter 13 - ATTORNEY GENERAL › Article 4 - MONEY SERVICES › Subarticle 5 - MONEY TRANSMISSION LICENSES › Section 13-2501 - Public Records

Current through Register Vol. 48, No. 6, June 28, 2024
A. Unless
				otherwise specified in Section
				35-11-530, information subject to
				public inspection shall be made available in accordance with Section
				30-4-10 et
				seq.
B. For the purposes of
				Section35-ll-530(B)(6)(b), the Commissioner considers information to be bound
				separately and marked as 'confidential' if:
(1) the information is filed through the NMLS
				and the applicant, licensee, or agent submits to the Commissioner a copy of the
				New Application Checklist with the requested information designated as
				confidential; or
(2) the
				information is filed and marked as 'confidential' by any other method that the
				Commissioner deems acceptable.
South Carolina Code of Regulations › Chapter 13 - ATTORNEY GENERAL › Article 4 - MONEY SERVICES › Subarticle 7 - ENFORCEMENT › Section 13-2701 - Hearings on Orders of Suspension or Revocation of Authorized Delegates

Current through Register Vol. 48, No. 6, June 28, 2024
A. A person seeking
				to apply for relief from a suspension or revocation of designation as an
				authorized delegate pursuant to Section
				35-11-705 may request a hearing on
				the suspension or revocation by filing a written request for a hearing with the
				Commissioner not later than the fifteenth day after the date the order of
				suspension or revocation is served on the person.
B. Unless the Commissioner receives a written
				request for a hearing not later than the fifteenth day after the order of
				suspension or revocation is served on the person subject to the order, the
				order of suspension or revocation of designation as an authorized delegate
				shall be final as to that person on the sixteenth day after the date the order
				is served on that person.
South Carolina Code of Regulations › Chapter 13 - ATTORNEY GENERAL › Article 4 - MONEY SERVICES › Subarticle 8 - ADMINISTRATIVE PROCEDURES › Section 13-2801 - Interpretive Orders

Current through Register Vol. 48, No. 6, June 28, 2024
A. The
				Commissioner may issue interpretive orders regarding the Act, the regulations
				issued thereunder, or any other order issued thereunder. Requests for written
				interpretations shall be in writing. The request must state or contain:
(1) the specific section or subsection of the
				particular statute, regulation, or order to which the request
				pertains;
(2) the names of each
				person and entity involved in the underlying facts;
(3) a description of the particular situation
				at hand. Requests must not attempt to include every possible type of situation
				that may arise in the future. The facts and representations must be specific,
				not general, and contain all relevant facts;
(4) an indication as to why the requesting
				party thinks a problem exists, the requesting party's opinion on the matter,
				and the basis of the opinion, to include any relevant legal analysis;
				and
(5) if the requesting party
				seeks confidential treatment, a specific request for confidential treatment and
				the basis for confidential treatment must be submitted with the
				request.
South Carolina Code of Regulations › Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION › Section 14-1 - Examinations

Current through Register Vol. 48, No. 6, June 28, 2024
A. Examinations for licensure as required by statute for apprentice auctioneers, auctioneers and auction firms shall be administered as approved by the Commission.
B. A completed initial application for licensure must be received with a non-refundable application fee and approved for examination prior to the scheduling of the examination.
C. Applicants are responsible for the non-refundable examination fee as set by the examination provider.
D. The examination shall test the applicant's knowledge of:
1. Fundamentals of auctioneering, auctioneer contracts, bid calling, advertisement, ethical practices and mathematics relating to the auction business;
2. The South Carolina Auctioneers' Commission's statutes and regulations; and
3. The South Carolina Uniform Commercial Code as it relates to auction and bulk sales.
South Carolina Code of Regulations › Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION › Section 14-2 - Reporting of Continuing Education

Current through Register Vol. 48, No. 6, June 28, 2024
A. Eight hours of continuing education credit must be reported on each biennial renewal application on a form provided by the Commission. All credits must be earned during the previous licensing period and at Commission-approved classes. Individuals who have completed auctioneer's school within two years of the renewal application will be deemed to have four hours of continuing education hours.
B. Licensees may apply to the Commission for continuing education credit for activities of service to the industry including, but not limited to, writing articles for professional publications, teaching courses on professional subjects and serving as a hearing officer for professional matters. The burden of demonstrating that the activity is the equivalent of classroom education is placed upon the licensee.
South Carolina Code of Regulations › Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION › Section 14-4 - Display of License and Advertising

Current through Register Vol. 48, No. 6, June 28, 2024
A. All licensees shall prominently display their licenses at their business address and the pocket card shall be carried by the licensee when conducting auction business.
B. All advertisements for an auction shall contain the name and license number of the auctioneer or firm conducting the auction and shall indicate that it is the advertisement of an auctioneer or auction firm.
C. An auctioneer employed by a licensed real estate broker-in-charge must include the name and auctioneer license number in all advertisements.
D. An apprentice auctioneer shall not advertise without the approval for the auctioneer-supervisor. Such advertisements must include not only the name and license number of the apprentice auctioneer but also the name and license number of the auctioneer-supervisor.
South Carolina Code of Regulations › Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION › Section 14-6 - Licensees Prohibited from Using Unlicensed Bid Callers

Current through Register Vol. 48, No. 6, June 28, 2024
Licensees are prohibited from allowing an unlicensed bid caller to cry bids at an auction.
South Carolina Code of Regulations › Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION › Section 14-10 - Appeal

Current through Register Vol. 48, No. 6, June 28, 2024
A person aggrieved by a final action of the Commission may appeal
			 the decision to the Administrative Law Court in accordance with the
			 Administrative Procedures Act and the rules of the Administrative Law
			 Court.
South Carolina Code of Regulations › Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION › Section 14-11 - Written Agreements and Escrow Accounts Relating to Auctions

Current through Register Vol. 48, No. 6, June 28, 2024
A. The Commission shall have the authority to demand a copy of any written agreement or records of an auction which the licensee is required to maintain by 40-6-290, Code of Laws of South Carolina, 1976, (as amended). If the documents relate to an auction being conducted or to be conducted within ten days of demand, the licensee must produce such documents before the auction can proceed. If the documents relate to any other auction, the licensee must produce such documents within ten days of the demand. Failure to produce such documents in accordance with this regulation shall be grounds for disciplinary action, suspension or revocation of the license.
B. The Commission shall have the authority to demand copies of escrow account records as required to be maintained by 40-6-300. The licensee must produce such records within 10 days of the demand. Failure to produce such escrow records in accordance with this regulation shall be grounds for disciplinary action, suspension or revocation of the license.
South Carolina Code of Regulations › Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION › Section 14-12 - Renewal Applications and Lapsed Licenses

Current through Register Vol. 48, No. 6, June 28, 2024
A. All applications for renewal of licenses shall be filed with the Commission on or before June 30 of the renewal period. A late fee shall be paid thereafter for a license renewal application received on or before July 31 of the renewal period.
B. A late fee shall be paid after July 31 of the renewal period and on or before September 30 of the renewal period.
C. After September 30 of the renewal period, any license of an auctioneer, apprentice auctioneer, or auction firm that has not been renewed shall be lapsed. Any licensee in lapse status must make application for a new auctioneer, apprentice auctioneer or auction firm license and must be in accordance with S.C. Code Sections 40-6-220, 40-6-230, or 40-6-235, as applicable.
South Carolina Code of Regulations › Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION › Section 14-15 - Apprentice Auctioneer's Supervision, Requirements, Exception and Termination

Current through Register Vol. 48, No. 6, June 28, 2024
A. An apprentice license is valid only while the licensee has a licensed auctioneer who serves as the licensee's duly appointed supervisor. No apprentice auctioneer may enter into an agreement to conduct an auction without the express approval of the supervisor.
B. No licensed auctioneer shall serve as the supervisor of an apprentice auctioneer pursuant to 40-6-220, Code of Laws of South Carolina, 1976 (as amended), unless that person shall have held a valid South Carolina auctioneering license for three consecutive years preceding the date on which that licensed auctioneer is appointed as supervisor of the apprentice.
C. The supervising auctioneer assumes responsibility for the compliance of the apprentice with all laws and regulations governing the practice of auctioneering. The auctioneer-supervisor shall review the records of the apprentice auctioneer before each monthly report to the Commission.
D. No applicant, pursuant to S.C. Code Section 40-6-230, shall be deemed to have satisfactorily completed an apprenticeship until the applicant has participated in eighty hours of supervised training including forty hours of auctioneering, ten hours of auction ringing, twenty hours of clerking, and ten hours of cashiering. Such training must be completed in not less than one year nor more than two years. This section does not apply to apprentice auctioneers under supervising tobacco auctioneers.
E. Upon termination of such association, the auctioneer-supervisor shall immediately endorse the back of the apprentice's license, showing the date of termination, and return the same to the Commission for cancellation or transfer.
South Carolina Code of Regulations › Chapter 14 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA AUCTIONEERS' COMMISSION › Section 14-16 - Auctioneer, Apprentice Prohibited From Working For Unlicensed Firm; Exception; Penalty

Current through Register Vol. 48, No. 6, June 28, 2024
No licensed auctioneer or apprentice
			 auctioneer shall be employed as an auctioneer or apprentice auctioneer by an
			 auction firm unless that firm holds a valid auction firm license issued by the
			 Commission or unless the firm is otherwise not required to hold an auction firm
			 license pursuant to Section
			 40-6-235,
			 Code of Laws of South Carolina, 1976 (as amended). A violation of this
			 regulation shall be grounds for disciplinary action, suspension or revocation
			 of an auctioneer or apprentice auctioneer license pursuant to Section
			 40-6-110
			 and 120, Code of Laws of South Carolina, 1976 (as amended.)
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-1 - Limitations and Restrictions on Purchase and Sale of Securities

Current through Register Vol. 48, No. 6, June 28, 2024
(1) Except as hereinafter provided or otherwise permitted by law no bank or banking institution shall purchase for its own account any shares of stock in any corporation except as provided in subsection (7) hereof.
(2) The purchase of securities which are in default, either as to principal or interest, is prohibited.
(3) Purchase of an "investment security" at a price exceeding par is prohibited, unless the bank shall:
(a) Provide for the regular amortization of the premium paid, so that the premium shall be entirely extinguished at or before the maturity of the security and the security (including premium) shall at no intervening date be carried at an amount in excess of that at which the obligor may legally redeem such security; or
(b) Set up a reserve account in order to amortize the premium, said account to be credited periodically with an amount not less than the amount required for amortization under (a) above, or
(c) Charge such premium to undivided profits account or reserve account of said bank at the time of purchase.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-3 - Approval of Security Purchases

Current through Register Vol. 48, No. 6, June 28, 2024
Any bank, banking institution, or cash depository operating under the supervision of the State Board of Bank Control contemplating the purchase of securities shall either (a) first obtain the approval and authorization of its Board of Directors for such purchases or (b) the purchase of such securities shall be approved and confirmed by the Board of Directors of the institution within 90 days after purchase; such authorization or confirmation to be noted in the Board minutes.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-4 - State Bank Dividends

Current through Register Vol. 48, No. 6, June 28, 2024
Any State bank contemplating the payment of a cash dividend shall first file with the office of the Commissioner of Banking, Board of Bank Control, an income and expense report as required by Regulation Regulation 15-28, and second shall secure the approval in writing of the Board of Bank Control before paying the dividend.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-7 - Loans Secured by Real Estate Mortgages

Current through Register Vol. 48, No. 6, June 28, 2024
Except as hereinafter provided no State-chartered bank, savings
				bank, or savings and loan association shall make any loan or advance of credit of
				any nature secured by a mortgage of real estate (either direct or assigned as
				collateral) or by any other instrument giving or purporting to give a lien on real
				estate until it shall have first secured the following:
(a) A certificate of title or other satisfactory
			 certificate of insurance as to the title of the property and the status of all
			 assessed taxes. Such certificate shall be made and dated after the mortgage is
			 recorded.
(b) An appraisal of the
			 mortgaged premises in writing. Unless otherwise instructed by the State Board of
			 Financial Institutions or the Commissioner of Banking, when making loans secured by
			 real estate mortgages, State chartered banks, savings banks, and savings and loan
			 associations, shall follow the Interagency Appraisal and Evaluation Guidelines as
			 Federally chartered institutions are permitted to do.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-12 - Reserve Accounts, Savings and Loan

Current through Register Vol. 48, No. 6, June 28, 2024
Every State chartered building and loan or savings and loan association in the State shall set up a reserve account which shall be used solely for the purpose of absorbing losses. A copy of the resolution of the Board of Directors establishing this account shall be filed with the Chief Examiner of the Board of Bank Control.
At the close of each fiscal year on or after July 1, 1959, this account shall be credited with an amount equal to at least 10% of the net income of the association for the year, or by the amount which the total of all reserves and undivided profits shall be less than 15% of all outstanding shares on that closing date, if that amount be less than 10% of net income. Provided, however, that any account already established pursuant to the regulations of the Federal Savings and Loan Insurance Corporation and any additions (of at least 5% of net income to that reserve) to that reserve as required by the said corporation shall satisfy the requirements of this regulation. (Be it further provided that where additions required by the FSLIC to said account are less than 5% of net income every association shall credit the lesser of 5% of net income as herein defined or the balance of net income after deduction of dividends to either said account or a special reserve account to absorb losses as designated by the Board of Directors.)
Net income means gross income from all sources after deduction of operation expenses, including interest on notes payable and losses of every kind charged to income, rather than to reserves and undivided profits, but before deduction of dividends to shareholders.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-15 - Bank Purchase and Sale of Federal Funds

Current through Register Vol. 48, No. 6, June 28, 2024
State Chartered Banks are hereby permitted to deal in the purchase and sale of Federal Funds in the same manner as may be prescribed for National Banks and the sale of such funds would not create a loan on the part of the seller nor would it create a borrowing on the part of the purchaser, but would be considered a purchase and sale of such funds.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-16 - FHA Home Improvement Loans, Savings and Loan

Current through Register Vol. 48, No. 6, June 28, 2024
State Chartered Savings and Loan Associations and/or Building and Loan Associations are hereby authorized to make any loan for property alteration, repair or improvement that is accepted for insurance by the Federal Housing Administrator under the provisions of the National Housing Act, as now or hereafter amended, for such amount and repayable upon such terms and within such periods as are acceptable to the insuring agency; provided, the total amount of all loans for property alteration, repair, or improvement shall not, at any time, exceed fifteen percent (15%) of the association's assets.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-17 - Federal 100 Percent Guaranteed Loans

Current through Register Vol. 48, No. 6, June 28, 2024
Any bank may make and grant loans to any person, company, firm, or corporation in excess of 15%, but not to exceed 50%, of the combined common capital stock, capital notes, and surplus accounts of the bank if the amount of any such loan in excess of the 15% limitation imposed by Section 34-13-50 is 100% guaranteed by an agency of the United States Government or secured by Certificates of Deposits, and any such loan shall also be approved by a two-thirds vote of the whole Board of Directors of the bank, as required by Section 34-13-50 of the Code. No such loan shall be made to a Director or Officer of any such bank or to any firm, company or corporation in which the bank Director or Officer of such bank is interested.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-18 - Brokered Deposit Funds

Current through Register Vol. 48, No. 6, June 28, 2024
State chartered banks are hereby prohibited from accepting brokered deposit funds where tie-in loans are required to be made as a condition for the deposit of such funds.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-21 - State Bank Investments, Fixed Assets

Current through Register Vol. 48, No. 6, June 28, 2024
Hereafter and without the approval of the Board of Financial Institutions, banks may make investments in bank premises, furniture and fixtures, equipment, loans on properties that are leased to the bank, and stocks of subsidiary corporations organized to hold title to banking house properties that have been approved by the Board of Financial Institutions under Regulation Regulation 15-1, as amended, PROVIDED that the aggregate of such investments does not exceed one hundred percent (100%) of the combined outstanding capital stock, surplus, and capital notes and/or debentures of the bank; and PROVIDED further that the investment in fixed assets does not include property purchased for future expansion that is not adjacent to the present banking house or branch property, in which case prior written approval of the Board of Financial Institutions shall be obtained.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-22 - Mergers, Savings and Loan Associations

Current through Register Vol. 48, No. 6, June 28, 2024
State chartered savings and loan associations and/or building and loan associations are hereby authorized to exercise any powers with respect to mergers which a federal savings and loan association exercises under the laws of the United States or Regulations adopted pursuant thereto.
Statutory Authority: 1976 Code Section 34-25-260
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-25 - Purchase of Property for Future Expansion

Current through Register Vol. 48, No. 6, June 28, 2024
After prior approval of the Board of Financial Institutions, State chartered banks and State chartered savings and loan associations may purchase property for future expansion, provided that if the property is not used for the purpose for which it was purchased within five years from date of purchase, the financial institution shall charge off 25% of the cost price of the property before the end of the fifth year from date of purchase and continue such annual 25% charge-off program for the next successive three years so that at the end of eight years from date of purchase the property will be charged down to a book value of $1.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-26 - Disposition of Real Property of Banks

Current through Register Vol. 48, No. 6, June 28, 2024
Other real estate owned shall be disposed of within a period of five years, except upon written approval of the Board of Financial Institutions to extend the period up to an additional five years. The preferred method of disposition is through immediate sale at a price sufficient to cover the bank's investment and costs of acquisition. When consummation of such a sale has not taken place, the following policy is to be initiated by the bank:
(a) The book value of each parcel of real estate should represent only the balance of the loan when transferred to an account titled, "Other Real Estate Owned." Accrued interest, taxes and attorney fees should be charged off upon transfer.
(b) A new appraisal of the property should be made at the time of its acquisition. When book value exceeds this appraised value, the difference shall immediately be charged off and book value established at this appraised value.
Statutory Authority: 1976 Code Sections 34-1-60 and 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-27 - Reports of Condition

Current through Register Vol. 48, No. 6, June 28, 2024
All South Carolina state-chartered banks, savings banks, savings and
				loan associations, and trust companies shall file with the Office of the
				Commissioner of Banking, Board of Financial Institutions, a Report of Condition, as
				described in S.C. Code Sections
				34-3-380 and 420, on a quarterly basis,
				within 30 Calendar days after the end of the preceding calendar
				quarter.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-28 - Income and Expense Statements Re Dividends

Current through Register Vol. 48, No. 6, June 28, 2024
Banks shall file with the office of the Commissioner of Banking, Board of Bank Control, an income and expense report along with each request to the Board for the bank to pay a cash dividend to its stockholders. This report shall be filed on forms furnished by the Board of Bank Control, and shall be certified to by an officer of the bank and notarized. The report shall cover the period from January 1st through the last calendar quarter period prior to the date the board of directors of any bank shall declare any dividend.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-29 - Loans to Officers and Directors

Current through Register Vol. 48, No. 6, June 28, 2024
Loans to officers and directors of a state bank shall be approved by two-thirds vote of the whole board of directors of the bank within ninety (90) days of the date of the note or any subsequent renewals thereof.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-30 - Individual Retirement Authority

Current through Register Vol. 48, No. 6, June 28, 2024
State-Chartered Savings and Loan Associations and/or Building and Loan Associations are hereby authorized to act as trustee or custodian of any trust authorized by the Federal Self-employed Individuals Tax Retirement Act of 1962, as amended (The Keogh-Smathers Act) and of 1974 (ERISA) Section 401(d) (Keogh-Smathers Act) or Section 408(a) which authorizes Individual Retirement Accounts (IRA).
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-31 - Graduated-payment and Reverse-annuity Mortgages

Current through Register Vol. 48, No. 6, June 28, 2024
State chartered savings and loan associations are authorized to offer graduated-payment mortgages and reverse-annuity mortgages in accordance with the provisions of Subparagraph (a)(8) of Section 545.6-1 of the Federal Home Loan Bank Board Regulation Regulation 545 adopted by the Board on December 14, 1978, effective January 1, 1979.
The text of the Federal Home Loan Bank Board Regulation is as follows:
1. Section 545.6-1 is amended by adding a new subparagraph (a)(8), as follows:
Section 545.6-1 Lending powers.
(a) Homes or combinations of homes and business property.
(8) Real-estate loans with pledged savings accounts as additional security.
Loans may be made under paragraphs
(a)(4) and (5) of this section in excess of the maximum dollar, percentage-of-value, or percentage-of-purchase-price limitations thereof, with such excess secured by savings accounts, subject to the following restrictions:
(i) The loan shall not exceed the lesser of purchase price or value of the real estate;
(ii) The savings account shall consist only of funds belonging to the borrower, members of his family, or his employer;
(iii) The association shall fully disclose to the prospective borrower the difference (including interest, private-mortgage-insurance costs, and equity interest) between a loan secured by real estate and savings and a loan secured by real estate alone; and
(iv) The loan shall comply with section 545.6-2 as it relates to graduated payment mortgages.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-32 - Home Improvement Loans

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to make home improvement loans under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.6-3 of the Home Loan Bank Board Regulations amending Section 545.6-12 of the Home Loan Bank Board Regulations effective November 17, 1980.
The Home Loan Bank Board's amended regulation reads as follows:
"Section 545 Home improvement loans.
"An association may invest in loans, with or without security, for residential real property alteration, repair or improvement, or for equipping or furnishing residential real property, with installments payable at least quarterly, the first installment due no later than 120 days from the date the loan is made and the final installment due no later than 20 years and 32 days from such date. Installments shall be substantially equal except to the extent that the loan complies with one of the mortgage plans authorized under Sections 545.6-4 or 545.6-4a of this Part."
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-33 - Loans Secured by Second Mortgages

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to make loans secured by second mortgages on real estate under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.6-26 of the Home Loan Bank Board Regulations existing on September 5, 1979.
Section 545.6-26 of the Home Loan Bank Board Regulations reads as follows:
Section 545.6-26 Non-conforming secured loans.
(a) Any Federal association with scheduled items (other than assets acquired in a merger instituted for supervisory reasons) not in excess of 2.5 percent of specified assets, except as provided in paragraph (e) of this section, and with net worth in conformance with the requirements of Section 563.13(b) of this chapter (associations insured for less than 2 years must meet the net-worth requirements for those insured for 2 years), may invest an amount not in excess of 2 percent of its assets in loans, advances of credit and interests therein, secured by residential real property, which are not otherwise authorized under this part because of the following reasons: (1) the security interest is not a first lien; (2) the loan-to-value ratio, stated maturity, or loan amount is in excess of the maximum allowable limits under this part; (3) lack of any required borrower certification or required private mortgage insurance; (4) unavailability of the percentage-of-assets category within which the investment is required to be made pursuant to Section 545.6-7; or (5) a combination of the foregoing factors. In addition, such association may make further investments in such loans equal to one percent (or fraction thereof) of assets for each percentage point (or fraction thereof) of net worth in excess of the greater of (i) 5 percent of withdrawable accounts or (ii) net worth as required under Section 563.13(b), but such further investment shall not cause a total investment in excess of 5 percent of assets in such loans."
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-34 - Variable Rate Mortgages

Current through Register Vol. 48, No. 6, June 28, 2024
State-Chartered savings and loan associations are authorized to make variable rate mortgages under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.6-2 of the Home Loan Bank Board Regulation Regulation 545, adopted by the Board in December, 1978, effective July 1, 1979.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-35 - Renegotiable Rate Mortgages

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to make renegotiable rate mortgages under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.6-4a of the Federal Home Loan Bank Board Regulation Regulation 545, as amended by the Federal Home Loan Bank Board on September 30, 1980, effective October 8, 1980.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-36 - Issuance of Credit Cards

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to issue credit cards under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.4-3 of the Federal Home Loan Bank Board adopted by the Board on July 3, 1980, effective July 10, 1980, as amended by Federal Home Loan Bank Board Regulation Regulation 563.43 adopted November 26, 1980, and effective the same date.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-37 - Negotiable Order of Withdrawal (NOW) Accounts

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to offer negotiable order of withdrawal (NOW) accounts under the same terms and conditions as permitted federally chartered savings and loan associations by Sections 526.1 and 563.1 of the Federal Home Loan Bank Board Regulation Regulation 526 adopted by the Board on September 30, 1980, effective December 30, 1980 and Regulation 563 adopted by the Board on October 23, 1980, effective December 31, 1980.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-38 - Consumer Loans, Commercial Paper, and Corporate Debt Securities

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to invest in consumer loans, commercial paper and corporate debt securities under the same terms and conditions permitted federally chartered savings and loan associations by Sections 545.7-10 and Regulation 545.9-4 of the Federal Home Loan Bank Board Regulation 545 adopted November 10, 1980, effective November 17, 1980.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39 - Trust powers

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to exercise trust powers under the same terms and conditions as permitted federally chartered savings and loan associations by Sections 550.1 through 550.16 of the Federal Home Loan Bank Board Regulation Regulation 550 adopted by the Board on November 26, 1980, effective January 1, 1981.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39A - Mutual Capital Certificates

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to issue Mutual Capital Certificates under the same terms and conditions as permitted federally chartered savings and loan associations by Section 563.7-4 of the Federal Home Loan Bank Board Regulation Regulation 563 adopted by the Board on November 21, 1980, effective December 29, 1980.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39B - Adjustable-rate Mortgages

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered banks are authorized to make adjustable-rate mortgages in accordance with the provisions of 12 CFR Chapter I, Part 29, Department of the Treasury, office of the Comptroller of the Currency Regulation dated March 24, 1981, effective March 27, 1981.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39C - Adjustable Mortgage Loan Instruments

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to offer adjustable mortgage loan instruments in accordance with the provisions of 12 CFR, Part 545, Federal Home Loan Bank Board Regulations, effective April 30, 1981.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39D - Non-interest Bearing Negotiable Order of Withdrawal (NINOW) Accounts by State-charted Savings and Loan Associations

Current through Register Vol. 48, No. 6, June 28, 2024
(a) State-chartered savings and loan associations may elect, by a majority vote of its directors, to designate a class of non-interest-bearing savings accounts from which account holders may make withdrawals by negotiable or transferable instruments. These negotiable order of withdrawal accounts will be referred to in this Regulation as NINOW accounts.
(b) An association may charge a fee for making any payment or transfer or for maintaining a NINOW account under this Regulation.
(c) An association shall not distribute earnings or pay interest on NINOW accounts.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39E - First Mortgage Real Estate Loans by State-chartered Banks

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered banks may make loans secured by first liens on improved real estate as provided for in Section 34-13-20, Code of Laws of South Carolina, 1976, as amended, and when amortization is required as provided for in subsection (e) of Section 34-13-20, payments may be based on an amortization schedule of not more than 30 years, even though the term of the loan may be less than 30 years.
This regulation allows state-chartered banks to amortize first mortgage real estate loans in the same way as allowed national banks by 12 USC 371 Section 7.2125(c) as amended, effective October 25, 1978.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39F - Graduated Payment Adjustable Mortgage Loan Instruments by State-chartered Savings and Loan Associations

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to make graduated payment adjustable mortgage loan instruments under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.6-4a of the Federal Home Loan Bank Board Regulation Regulation 545, as amended by the Federal Home Loan Bank Board on September 30, 1980, effective October 8, 1980, and again amended by the Federal Home Loan Bank Board on July 14, 1981, effective July 22, 1981.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39G - Balloon Payment and Reverse Annuity Mortgage Loans by State-chartered Savings and Loan Associations

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations will be authorized to make balloon payment mortgage loans and reverse annuity mortgage loans under the same terms and conditions as will be permitted federally chartered savings and loan associations by a proposed amendment dated July 14, 1981, of the Federal Home Loan Bank Board to part 545, subchapter C, Chapter V of Title 12, Code of Federal Regulations.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39H - Financial Institutions May Share in Ownership or Lease and Operation of Freestanding Automatic Teller Machine Branches

Current through Register Vol. 48, No. 6, June 28, 2024
If two or more financial institutions want to share in the ownership or lease and operation of a free-standing ATM, the following procedure is applicable:
(a) The financial institution that owns or leases the ATM shall make application to the Board of Financial Institutions to operate an ATM branch.
(b) All other sharing financial institutions need only notify the office of the Commissioner of Banking by letter that the financial institutions are sharing in the operation of the ATM. Sharing financial institutions are not regarded as operating a branch at such location and would not need to make a branch application to the Board of Financial Institutions for an ATM branch.
(c) Should two or more financial institutions want to share in the ownership and operation of an ATM, the group of financial institutions should designate one of the group to service the ATM and be responsible for its operation, and that financial institution should make application for the ATM branch and all sharing financial institutions need only notify the office of the Commissioner of Banking that they are only sharing in the operation of the ATM.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39I - Personal Property Leasing by State-chartered Savings and Loan Associations

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations may engage in personal property leasing under the same terms and conditions as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulation Parts 541 and 545 of Subchapter C and Part 561 of Subchapter D, Chapter V of Title 12, Code of Federal Regulations, as amended by Regulation Number 82-21 dated January 14, 1982, of the Federal Home Loan Bank Board.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39J - Personal Property Leasing by State-chartered Banks

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered banks may engage in the leasing of personal property under the same terms and conditions as permitted national banks by 12 CFR Chapter 1--Section 7.3400, Department of the Treasury, Office of the Comptroller of the Currency, Regulation dated April 13, 1979.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39K - Correspondent Activities by State-chartered Savings and Loan Associations

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to engage in correspondent activities in the same manner as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulation Part 545, Subchapter C, Chapter V of Title 12, Code of Federal Regulations, Number 82-266 dated April 15, 1982, effective May 21, 1982.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39L - State-chartered Banks Purchasing Bank Acceptances

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered banks may purchase bank acceptances made by other banks in excess of 15% of the purchasing bank's capital stock, surplus, and capital notes and debentures, but not to exceed in the aggregate at any time more than 50% of the bank's paid-up capital stock, surplus, and capital notes and debentures, provided the acceptance purchased meets one of the following requirements:
(1) The drafts or bills of exchange drawn upon the accepting bank shall have not more than six months sight to run, exclusive of days of grace, which grow out of transactions involving the importation or exportation of goods; or which grow out of transactions involving the domestic shipment of goods; providing shipping documents conveying or securing title are attached at the time of acceptance or which are secured at the time of acceptance by warehouse receipts or other such document conveying or securing title covering ready marketable staples.
(2) The drafts or bills of exchange drawn upon the accepting bank shall have not more than three months sight to run, exclusive of days of grace, drawn under regulations of the Board of Governors of the Federal Reserve System by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in the respective countries, dependencies, or insular possessions; provided, however, that such drafts or bills of exchange are accompanied by documents conveying or securing title or by some other adequate security.
Statutory Authority: 1976 Code Section 34-1-110