South Carolina Administrative Code

15-12. Reserve Accounts, Savings and Loan Associations and Savings Banks. Every State chartered savings and loan association and savings bank shall establish and maintain adequate reserves for potential losses in the same manner as federal savings associations are required to do.…

15-13. Repealed. HISTORY: Former Regulation, titled State Bank Forest Tract Loans, repealed by SCSR 49-11 Doc. No. 5395, eff November 28, 2025.

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 …

15-16. FHA Home Improvement Loans, Savings and Loan. (Statutory Authority: 1976 Code § 34-1-60) 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 accept…

15-17. Federal 100 Percent Guaranteed Loans. 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 loa…

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 Repealed. HISTORY: Former Regulation, titled Mobile Home Loans, Savings and Loan, repealed by SCSR 48-5 Doc. No. 5207, eff May 24, 2024.

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 Repealed. HISTORY: Former Regulation, titled Limitations and Restrictions on Borrowing by Savings and Loan Institutions, repealed by SCSR 47-11 Doc.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…

15-23. Repealed. HISTORY: Former Regulation, titled Home Improvement Loans, Savings and Loan, repealed by SCSR 48-5 Doc. No. 5215, eff May 24, 2024.

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…

15-31. Repealed. HISTORY: Former Regulation, titled Graduated-payment and Reverse-annuity Mortgages, repealed by SCSR 49-11 Doc. No. 5388, eff November 28, 2025.

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…

15-37. Repealed. HISTORY: Former Regulation, titled Negotiable Order of Withdrawal (NOW) Accounts, repealed by SCSR 49-11 Doc. No. 5392, eff November 28, 2025.

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…

15-4. State Bank, State Savings Bank, and Savings and Loan Association Dividends. State chartered banks, state savings banks, and state savings and loan associations, are authorized to declare cash dividends up to 100% of year-to-date net income in any calendar year without obtai…

15-40. Repealed. HISTORY: Former Regulation, titled Notice of Intention to Withdraw Shares, repealed by SCSR 48-5 Doc. No. 5208, eff May 24, 2024.

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…

15-44. Borrowing by Credit Unions. (Statutory Authority: 1976 Code § 34-1-110) State chartered credit unions may borrow from sources as specified in the South Carolina Statutes Relating to Cooperative Credit Unions and may use promissory notes in the form of Certificates of Indeb…

15-45. Repealed. HISTORY: Former Regulation, titled Electronic Fund Transfers, repealed by SCSR 49-5 Doc. No. 5290, eff May 23, 2025.

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 (…

15-51. Repealed. HISTORY: Former Regulation, titled Terms and Conditions for State-chartered Credit Union to Make ARM Loans, had the following history: Added by State Register Volume 6, eff November 26, 1982. Repealed by SCSR 49-5 Doc. No. 5293, eff May 23, 2025.

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.

15-60. Consumer Finance Act. (a) Name of Manager: The name of the manager or other officer in charge of the licensed place of business must be filed with the Board of Bank Control and notice of any change in management promptly reported, giving the name of new manager, employment…