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South Carolina Statutes, Title 34

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Title 34, Banking, Financial Institutions and Money

27 chapters · 549 sections in this title.

All chapters in Title 34549 Ch 30, Title 34, Chapter 3097 Ch 26, Title 34, Chapter 2692 Ch 28, Title 34, Chapter 2860 Ch 3, Title 34, Chapter 343 Ch 29, Title 34, Chapter 2931 Ch 21, Title 34, Chapter 2130 Ch 1, Title 34, Chapter 121 Ch 25, Title 34, Chapter 2521 Ch 39, Title 34, Chapter 3920 Ch 5, Title 34, Chapter 515 Ch 41, Title 34, Chapter 4114 Ch 11, Title 34, Chapter 1113 Ch 19, Title 34, Chapter 1912 Ch 13, Title 34, Chapter 1311

549 sections·Filtered byTitle 34✕

S.C. Code Ann. § 34-30-330 Mutual state savings bank conversion to stock; application, fee; conversion plan; amendment; approval; vote
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(A) A mutual state savings bank may convert from mutual to the stock form of organization as provided in this section. (B) A mutual state savings bank may apply to the board for permission to convert to a stock state savings bank and for certification of appropriate amendments to…
S.C. Code Ann. § 34-30-340 Merger or consolidation of state savings banks; procedure
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Two or more mutual state savings banks or two or more stock state savings banks organized and operating may merge or consolidate into a single state savings bank. The procedure to effect the merger is: (1) The directors, or a majority of them, of the state savings banks that desi…
S.C. Code Ann. § 34-30-350 Merger of state savings banks and federal depository institutions
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Any two or more depository institutions, when one or more is a state savings bank and one or more is a federal depository institution operating in South Carolina, may merge under either a state savings bank charter or a federal charter.
S.C. Code Ann. § 34-30-360 Merger of stock state savings banks with banks or associations; merger plan; amendment; approval; vote

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(A) A stock state savings bank, upon a majority vote of its board of directors, may apply to the board for permission to merge with a bank, as defined in Chapter 25, or an association, as defined in Section 34-28-30. (B) The state savings bank shall submit a plan of merger as a p…

S.C. Code Ann. § 34-30-370 Voluntary dissolution of state savings banks

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A state savings bank may be dissolved voluntarily by a majority vote of the board of directors when substantially all of the assets have been sold for the purpose of terminating the business of the savings bank and when a certificate of dissolution is recorded in the manner requi…

S.C. Code Ann. § 34-30-380 Resolution to dissolve and liquidate state savings banks and adopt plan of voluntary dissolution; election of liquidators; execution of plan, procedure

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At any annual or special meeting called for the purpose of dissolution, a state savings bank, by an affirmative vote, in person or by proxy, of at least two-thirds of the total number of shares or votes that all members or stockholders of the association are entitled to cast, may…

S.C. Code Ann. § 34-30-390 Final report and accounting of liquidation; approval of report; certificate of dissolution, recording

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Upon completion of liquidation, the liquidator shall file with the board a final report and accounting of the liquidation. The board's approval of the report operates as a complete and final discharge of the liquidator, the board of directors, and each member or stockholder in co…

S.C. Code Ann. § 34-30-400 Limitations on mergers

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No merger may be approved by the board under this Article 3: (1) which would result in a monopoly, or which would be in furtherance of a combination or conspiracy to monopolize or to attempt to monopolize the banking business of this State; or (2) the effect of which in this Stat…

S.C. Code Ann. § 34-30-410 Short form merger, consolidation, conversion, or combination merger and conversion

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Notwithstanding another provision of this chapter, to protect the public, including members, depositors, or stockholders of a state savings bank, the board, upon making a finding that a state savings bank is unable to operate in a safe and sound manner, may authorize or require a…

S.C. Code Ann. § 34-30-420 Applications for permission to organize interim state savings banks; preliminary approval

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(A) Article 2 of this chapter does not apply to applications for permission to organize an interim state savings bank so long as the application is approved by the board. (B) Preliminary approval of an application for permission to organize an interim state savings bank is condit…

S.C. Code Ann. § 34-30-50 Application of Business Corporation Act

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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.

S.C. Code Ann. § 34-30-510 Powers and duties of board

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The board shall perform the duties and exercise the powers as to state savings banks organized or operated under this chapter, except as otherwise provided in this chapter.

S.C. Code Ann. § 34-30-520 Implementation; application of State Administrative Procedures Act; cease and desist orders; suspension of directors, officers, or committee members; authorization to engage in activities of federally chartered savings banks

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(A) The board may establish procedures to implement a provision of this chapter and to define a term not defined in the chapter so as to foster and maintain an effective level of savings bank services and the security of depositor accounts. The provisions of the State Administrat…

S.C. Code Ann. § 34-30-530 Adoption of rules, regulations, definitions, and forms; recording or reproducing of records; printed reproductions

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(A) The board shall adopt rules or regulations, definitions, and forms as necessary for the supervision and regulation of state savings banks and for the protection of the public investing in state savings banks. (B) Without limiting the generality of subsection (A) of this secti…

S.C. Code Ann. § 34-30-540 Examinations and investigations; report; prohibition against delay or obstruction of examinations, refusal to exhibit records, false statements

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(A) The board is authorized to examine and investigate everything relating to the business of a state savings bank or its holding company. (B) The board shall furnish a copy of the report to the state savings bank examined and, upon request, may furnish a copy of, or excerpts fro…

S.C. Code Ann. § 34-30-550 Supervision and examination fees

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Every state savings bank, including state savings banks in the process of voluntary liquidation, or its holding company, shall pay into the office of the board fees for supervision and examination, and at the times, as prescribed by the board.

S.C. Code Ann. § 34-30-560 Failure of examination to disclose complete financial condition; audit of examination; revaluation of assets or liabilities; expenses

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(A) If, in the opinion of the board, an examination conducted under Section 34-30-550 fails to disclose the complete financial condition of a state savings bank, the board, in order to ascertain its complete financial condition, may make an extended: (1) audit of examination of t…

S.C. Code Ann. § 34-30-570 Board and agents, powers; failure to comply with subpoena, refusal to testify; contempt proceedings

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(A) The board and the board's agents: (1) shall have free access to all books and records of a state savings bank, or its service corporation or holding company, that relate to its business, and the books and records kept by an officer, agent, or employee relating to or upon whic…

S.C. Code Ann. § 34-30-580 Test appraisals of collateral securing loans; appraisers; appraisals by insurer of accounts; costs and expenses

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(A) The board may direct the making of test appraisals of real estate and other collateral securing loans made by state savings banks doing business in this State, employ competent appraisers, or prescribe a list from which competent appraisers may be selected, for the making of …

S.C. Code Ann. § 34-30-590 Confidentiality of records or information; disclosure of specific information; exchange of information; violations by state officials, liability; copy fees

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(A) The following records or information of the board, or its agents, are confidential and must not be disclosed: (1) information obtained or compiled in preparation of or anticipation of, or during an examination, audit, or investigation of any association; (2) information refle…

S.C. Code Ann. § 34-30-60 Prior charters; legal name, requirements; prohibited acts; injunctions

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(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…

S.C. Code Ann. § 34-30-600 Defamation; false information and advertising; fine or imprisonment

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A person who engages in any of the following acts or practices is guilty of a misdemeanor and, upon conviction, must be fined or imprisoned, or both, in the discretion of the court: (1) Defamation: Making, publishing, disseminating, or circulating, directly or indirectly, or aidi…

S.C. Code Ann. § 34-30-70 Organization and establishment; application, fee; contents of application

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(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 pre…

S.C. Code Ann. § 34-30-760 Violations; statement, order of discontinuance and compliance; enforcement by court; application for hearing and suspension of order; notice; adjudication

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If the board, as a result of an examination or from a report made to it, finds that a state savings bank or a service corporation or subsidiary is violating the provisions of its articles of incorporation or bylaws, the laws of this State or the United States, or any lawful order…

S.C. Code Ann. § 34-30-770 Appointment of conservator; confirmation of appointment; power and authority; term; compensation; discharge; limitations; business of bank under conservatorship

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(A) If the board, as a result of an examination or from any report made to it, believes that the public interest may be served by the appointment of a conservatorship, and if it finds that a state savings bank is: (1) in an impaired condition; (2) engaging in practices which thre…

S.C. Code Ann. § 34-30-780 Appointment of receiver; confirmation of appointment; power and authority; compensation; tender of appointment to Federal Deposit Insurance Corporation; procedure; contesting of proceedings; reimbursement of expenses and attorney fees

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(A) If the board finds that a state savings bank is: (1) in an impaired condition; (2) engaging in practices which threaten to result in an impaired condition; or (3) in violation of an order or injunction, as provided in Section 34-30-760, which has become final in that the time…

S.C. Code Ann. § 34-30-80 Proposed mutual state savings banks, proposed stock state savings banks; articles of incorporation

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(A) The articles of incorporation of a proposed mutual state savings bank must include: (1) the name of the state savings bank, which must not so closely resemble the name of an existing depository institution doing business under the laws of this State as to be likely to mislead…

S.C. Code Ann. § 34-30-90 Board examination of application

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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.

S.C. Code Ann. § 34-31-10 Dollars, dimes, cents, and mills

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All accounts in the public offices of this State, the verdicts of juries on all contracts and all accounts of public officers shall be expressed in dollars or units thereof, i.e. dimes or tenths, cents or hundredths and mills or thousandths, a dime being the tenth part of a dolla…

S.C. Code Ann. § 34-31-20 Legal rate of interest

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(A) In all cases of accounts stated and in all cases wherein any sum or sums of money shall be ascertained and, being due, shall draw interest according to law, the legal interest shall be at the rate of eight and three-fourths percent per annum. (B) A money decree or judgment of…

S.C. Code Ann. § 34-33-10 "Banker's bank" defined

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As used in this chapter, "banker's bank" means a bank insured by the Federal Deposit Insurance Corporation or the holding company which owns or controls such an insured bank where the stock of the bank or holding company is owned exclusively by other banks and the bank or holding…

S.C. Code Ann. § 34-33-20 Formation of corporation

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With the approval of the State Board of Financial Institutions, a corporation may be formed under the laws of this State for the purpose of becoming a banker's bank.

S.C. Code Ann. § 34-33-30 Applicability of banking laws and regulations

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A banker's bank chartered pursuant to this chapter is subject to the appropriate banking provisions in Title 34 of the 1976 Code and the regulations thereunder and except as specifically provided in this chapter or by order of the State Board of Financial Institutions, a banker's…

S.C. Code Ann. § 34-33-40 Repurchase of capital stock

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Notwithstanding any provision of Title 34 of the 1976 Code, a banker's bank may repurchase, for its own account, shares of its own capital stock, but the outstanding capital stock may not be reduced below the minimum required by law without the prior approval of the State Board o…

S.C. Code Ann. § 34-33-50 Exemption from banking laws

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If the State Board of Financial Institutions determines that any provision of Title 34 of the 1976 Code is inconsistent with the purpose for which a banker's bank is organized and that the public welfare or any financial institution would not be jeopardized thereby, it may by reg…

S.C. Code Ann. § 34-33-60 Limitation on investments in banker's banks

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Notwithstanding any other provision of law, up to fifteen percent of the capital accounts of a bank may be invested in the capital stock of a banker's bank, except that no purchase of stock may result in acquisition of more than five percent of any class of voting securities of t…

S.C. Code Ann. § 34-36-10 Definitions

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As used in this chapter, unless the context otherwise requires: (1) "Advance fee" means any consideration which is assessed or collected, prior to the closing of a loan, by a loan broker. (2) "Borrower" means a person obtaining or desiring to obtain a loan of money, a credit card…

S.C. Code Ann. § 34-36-20 Prohibited behavior; advance fees; false, misleading, fraudulent, or deceptive acts

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No loan broker shall: (1) assess or collect an advance fee from a borrower to provide services as a loan broker. (2) make or use any false or misleading representations or omit any material fact in the offer or sale of the services of a loan broker or engage, directly or indirect…

S.C. Code Ann. § 34-36-30 Principal responsible for acts of brokers and brokers' agents or employees

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Each principal of a loan broker may be sanctioned for the actions of the loan broker, including the loan broker's agents or employees acting in the course of business of the loan broker.

S.C. Code Ann. § 34-36-40 Department oversight; orders and acts to effect compliance

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(A) The department may investigate the actions of any person for compliance with this chapter. (B) The department may request a hearing before the Administrative Law Court for an order requiring a loan broker to cease and desist if it is determined that the loan broker has violat…

S.C. Code Ann. § 34-36-50 Investigations and examinations to determine violations; obtaining evidence; witnesses and subpoenas; confidentiality; injunctions and other means of enforcement; cooperation with other enforcement agencies

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(A) The department may make investigations and examinations upon reasonable suspicion within or outside of this State as it considers necessary to determine whether a person has violated or will violate any provision of this chapter or any regulation promulgated hereunder. (B) Th…

S.C. Code Ann. § 34-36-60 Actions to enjoin violations; impounding of property; appointment of receiver or administrator; order of restitution

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(A) In addition to other remedies set forth in this chapter, whenever the department determines, from evidence satisfactory to it, that any person has engaged, is engaged, or is about to engage in an act or practice constituting a violation of this chapter or a regulation promulg…

S.C. Code Ann. § 34-36-70 Violations; penalties

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Any person violating any provision of this chapter is guilty of a misdemeanor and, upon conviction, must be punished by a fine not exceeding five thousand dollars or by a term of imprisonment not exceeding one year, or both. Each violation of this chapter constitutes a separate o…

S.C. Code Ann. § 34-36-80 Violation constitutes unfair trade practice; actions for damages; remedies additional to those otherwise provided

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(A) A violation of this chapter shall constitute an unfair trade practice under Chapter 5, Title 39, and individual borrowers or prospective borrowers injured by violations of this chapter have an action for damages as set forth in Section 39-5-140. (B) Any borrower injured by a …

S.C. Code Ann. § 34-36-90 Department responsible for administration and enforcement of chapter; authority to promulgate regulations

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(A) The department is responsible for the administration and enforcement of this chapter. (B) The department is authorized to promulgate those regulations necessary to implement and administer the provisions of this chapter.

S.C. Code Ann. § 34-39-110 Short title

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This chapter may be cited as the "South Carolina Deferred Presentment Services Act".

S.C. Code Ann. § 34-39-120 Definitions

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As used in this chapter, unless the context clearly requires otherwise, the term: (1) "Board" means the State Board of Financial Institutions. (2) "Check" means a check signed by the maker and made payable to a person licensed pursuant to this chapter. The name of the maker must …

S.C. Code Ann. § 34-39-130 Licensure requirements

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(A) A person may not engage in the business of deferred presentment services without first obtaining a license pursuant to this chapter. A separate license is required for each location from which the business is conducted. The licensee shall post its license to engage in the bus…

S.C. Code Ann. § 34-39-140 Applicability of chapter; exceptions

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This chapter does not apply to: (1) a bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state; and (2) a person principally engaged in the bona fide retail sale of goods or services who, either as an incident to or…

S.C. Code Ann. § 34-39-150 Application for licensure

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(A) An application for licensure pursuant to this chapter must be in writing, under oath, and on a form prescribed by the board. The application must set forth all of the following: (1) the legal name and residence and business addresses of the applicant and, if the applicant is …