South Carolina Administrative Code

15-14. Retention of Bank, Savings Bank, Savings and Loan Association, and Trust Compa- ny Records. (1) In addition to the applicable record retention requirements set forth for corporations in S.C. Code Section 33-16-101, South Carolina state chartered banks, savings banks, savin…

15-15. Bank Purchase and Sale of Federal Funds. (Statutory Authority: 1976 Code § 34-1-60) 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 …

15-18. Brokered Deposit Funds. (Statutory Authority: 1976 Code § 34-1-60) 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. 15-19. Repealed. HISTORY: Former Re…

15-2. Repealed. HISTORY: Former Regulation, titled Limitations and Restrictions on Borrowing by Savings and Loan Institutions, repealed by SCSR 47-11 Doc. No. 5218, eff November 24, 2023.

15-21. State Bank Investments, Fixed Assets. Hereafter and without the approval of the Board of Financial Institutions, banks may make invest- ments in bank premises, furniture and fixtures, equipment, loans on properties that are leased to the bank, and stocks of subsidiary corp…

15-22. Mergers, Savings and Loan Associations. (Statutory Authority: 1976 Code § 34-25-260) 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 as…

15-24. Repealed. HISTORY: Former Regulation, titled Borrower’s Preference Re Attorney and Insurance, repealed by SCSR 48-5 Doc. No. 5210, eff May 24, 2024.

15-25. Property Held for Future Expansion State chartered banks, state savings banks, and state savings and loan associations may hold property acquired for future expansion under the same conditions as national banks and federal savings associations are permitted to hold such pr…

15-26. Disposition of Other Real Estate Owned by Banks, State Savings Banks, and State Savings and Loan Associations. (1) For purposes of this regulation, ‘‘Other Real Estate Owned’’ shall be defined as any interest in real estate which would be classified as such pursuant to the…

15-27. Reports of Condition. 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 Se…

15-28. Repealed. HISTORY: Former Regulation, titled Income and Expense Statements Re Dividends, repealed by SCSR 49-5 Doc. No. 5281, eff May 23, 2025.

15-29. Repealed. HISTORY: Former Regulation, titled Loans to Officers and Directors, repealed by SCSR 48-11 Doc. No. 5280, eff November 22, 2024.

15-3. Approval of Security Purchases. 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 Directo…

15-30. Individual Retirement Authority. (Statutory Authority: 1976 Code § 34-1-110) 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 Indivi…

15-32. Repealed. HISTORY: Former Regulation, titled Home Improvement Loans, repealed by SCSR 48-11 Doc. No. 5295, eff November 22, 2024.

15-33. Repealed. HISTORY: Former Regulation, titled Loans Secured by Second Mortgages, repealed by SCSR 49-11 Doc. No. 5390, eff November 28, 2025.

15-34. Repealed. HISTORY: Former Regulation, titled Variable Rate Mortgages, repealed by SCSR 49-11 Doc. No. 5398, eff November 28, 2025.

15-35. Repealed. HISTORY: Former Regulation, titled Renegotiable Rate Mortgages, repealed by SCSR 49-11 Doc. No. 5389, eff November 28, 2025.

15-36. Issuance of Credit Cards. (Statutory Authority: 1976 Code § 34-1-110) 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…

15-38. Repealed. HISTORY: Former Regulation, titled Consumer Loans, Commercial Paper, and Corporate Debt Securities, repealed by SCSR 49-11 Doc. No. 5386, eff November 28, 2025.

15-39. Repealed. HISTORY: Former Regulation, titled Trust powers, repealed by SCSR 49-11 Doc. No. 5397, eff November 28, 2025. 15-39A. Repealed. HISTORY: Former Regulation, titled Mutual Capital Certificates, repealed by SCSR 49-11 Doc. No. 5391, eff November 28, 2025. 15-39B. Re…

15-41. Limitations and Restrictions on Real Estate Mortgages. Except as hereinafter provided, no credit union 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…

15-42. Repealed. HISTORY: Former Regulation, titled Authority to Engage in Activities Authorized for Federally Chartered Institutions, repealed by SCSR 49-5 Doc. No. 5283, eff May 23, 2025.

15-43. Executive Committee. (Statutory Authority: 1976 Code § 34-1-110) The Board of Directors of a State chartered credit union may appoint an executive committee of not less than three directors to exercise such authority as may be delegated to it subject to such limitations as…

15-47. Merger Procedures for State Credit Unions. I. SCOPE (a) Pursuant to Section 34-26-1210, a South Carolina state chartered credit union may merge with another South Carolina state chartered credit union, an out-of-state credit union, or a federal credit union with approval o…

15-48. Repealed. HISTORY: Former Regulation, titled Procedure for State Credit Unions to Use Share Drafts, repealed by SCSR 48-11 Doc. No. 5282, eff November 22, 2024.

15-49. Leasing of Personal Property by State-chartered Credit Union. (Statutory Authority: 1976 Code § 34-1-60) State-chartered credit unions may engage in the leasing of personal property as follows: (a) A state-chartered credit union may: (1) Become the legal owner and lessor o…

15-5. Repealed. HISTORY: Former Regulation, titled Investment Surpluses, repealed by SCSR 48-5 Doc. No. 5217, eff May 24, 2024.

15-50. Declaration of Dividends by State-chartered Credit Unions. (1) For purposes of declaring and paying dividends in accordance with S.C. Code Section 34-26-710, the following definitions shall be applied: (a) ‘‘Current Earnings’’ is defined as fiscal year-to-date Net Income (…

15-52. Repealed. HISTORY: Former Regulation, titled Increase in Field of Membership, had the following history: Added by State Register Volume 7, Issue No. 4, eff April 22, 1983. Repealed by SCSR 48-11 Doc. No. 5297, eff November 22, 2024.

15-53. Reports of Condition. Credit unions incorporated under Title 34 of the South Carolina Code of Laws shall file quarterly reports of financial condition with the Board of Financial Institutions pursuant to 34-26-260(1). A credit union may fulfill this requirement by submitti…

15-54. Record Retention for Credit Unions. (1) In addition to the applicable record retention requirements set forth for non-profit corporations in S.C. Code § 33-31-1601, South Carolina state chartered credit unions are required to maintain records in accordance with applicable …

15-6. Repealed. HISTORY: Former Regulation, titled Insurance and Fidelity Bond Protection, repealed by SCSR 48-5 Doc. No. 5216, eff May 24, 2024.

15-66. Check Cashing - Use of the Nationwide Multistate Licensing System. A. The Board requires check-cashing licensees and applicants to use the Nationwide Multistate Licensing System (‘‘NMLS’’) for all application, renewal, and other filings. B. Pursuant to Section 34-41-40(A),…

15-67. Check Cashing - Required Records and Retention Period. A. In order to comply with Section 34-41-60(E), a person required to be licensed by Chapter 41 must keep and maintain the following information for each check cashed for which a fee, a service charge, or other consider…

15-68. Check Cashing - Other Consideration. A. For purposes of Sections 34-41-10(3) and (4) and 34-41-30, ‘‘other consideration’’ includes, but is not limited to, the mandatory purchase of goods or services in order to cash a check. B. Any vendor that imposes a mandatory purchase…

15-7. Loans Secured by Real Estate Mortgages. 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…

15-8. Repealed. HISTORY: Former Regulation, titled Published Reports of Condition, Savings and Loan, repealed by SCSR 47-11 Doc. No. 5211, eff November 24, 2023.

15-9. Repealed. HISTORY: Former Regulation, titled Limitations and Restrictions on Loans, Savings and Loan, repealed by SCSR 48-5 Doc. No. 5219, eff May 24, 2024.

17-10. Barber Students, Applications, Permits, Progress Reports, Examinations [; Issuance of Permit]. The student permit shall be issued for a period of nine (9) months for training in an approved barber school or college, or for twelve (12) months for training under the personal…

17-11. Barber Students, Applications, Permits, Progress Reports, Examinations; Monthly Progress Report. The school, college or the qualified on the job training instructor by whom the training is given, shall file with the Board on the first of each month a monthly progress repor…

17-12. Barber Students, Applications, Permits, Progress Reports, Examinations; Re-Exam- ination. Each student who completes training in a barber school or college or under the supervision of a qualified on the job training instructor and fails to make a passing grade on the exami…

17-13. Barber Students, Applications, Permits, Progress Reports, Examinations; Addition- al Training. An application for student permit must be filed with the Board for each student re-entering the school or college for additional training or for additional training under the per…

17-14. Barber Schools, Requirements of. Each barber school shall: a) have a qualified instructor or teacher for each twenty (20) students enrolled or fraction thereof; and b) have a minimum of ten (10) barber chairs and each and every barber chair shall be mechanically workable, …

17-15. Barber Schools, Shops, Mobile Shops, Requirements for Inspections. All schools, colleges, barbershops, or mobile barbershops are subject to inspections at any time by the Board of Barber Examiners or its agents. No manager, instructor, teacher, operator, owner or employee …

17-16. Rules and Regulations. All barber schools, colleges and qualified on the job training instructors are required to comply with the above rules and regulations in order to remain on the approved list. HISTORY: Amended by SCSR 46-5 Doc. No. 5073, eff May 27, 2022.

17-17. Repealed. HISTORY: Former Regulation, titled Rules and Regulations [; Revocation of Prior Rules and Regulations], repealed by SCSR 46-5 Doc. No. 5073, eff May 27, 2022.

17-2. Barber Schools, Barbershops, Managers, Teachers and Instructors; Filing of Name of Designated Manager. Each barber school or college, and each barbershop shall file with the South Carolina State Board of Barber Examiners (hereafter called ‘‘Board’’) the name of the designat…

17-20. Barbershop Requirements; Applications for Inspection and Registration and Shop License. A building that is to be used for a newly established barbershop or a shop reopening for business shall be separate and apart from any residence or building or room used for housing pur…

17-21. Mobile Barbershops. a. A mobile barbershop must be a self-contained unit sufficiently equipped to provide barbering services within the premises of the mobile shop. The mobile shop name, as is stated on the permit, and the mobile shop permit number must be visibly displaye…