Bill 187

                    Current Status

Bill Number:               187
Ratification Number:       16
Act Number                 7
Introducing Body:          Senate
Subject:                   Use of the words "bank" or "banking" by
                           others than banking institutions 

(A7, R16, S187)

AN ACT TO AMEND SECTION 34-3-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE USE OF THE WORDS "BANK" OR "BANKING" BY OTHERS THAN BANKING INSTITUTIONS, SO AS TO PROVIDE THAT A STATE-CHARTERED SAVINGS AND LOAN ASSOCIATION MAY CHANGE ITS DESIGNATION AND NAME TO A "SAVINGS BANK" PURSUANT TO THE SAME AUTHORITY AND SUBJECT TO THE SAME RULES AND REGULATIONS THAT FEDERALLY-CHARTERED SAVINGS AND LOAN ASSOCIATIONS ARE PERMITTED TO MAKE SUCH CHANGE ACCORDING TO THE PROVISIONS OF PUBLIC LAW 97-320 (THE GARN-ST. GERMAIN DEPOSITORY INSTITUTIONS ACT OF 1982).

Be it enacted by the General Assembly of the State of South Carolina:

Use of words "bank" or "banking", etc.

SECTION 1. Section 34-3-10 of the 1976 Code is amended to read:

"Section 34-3-10. No person in this State shall use the word 'bank' or 'banking' in connection with any business, calling, or pursuit other than a legalized incorporated banking institution; provided, that a state-chartered savings and loan association may change its designation and name to a 'savings bank' pursuant to the same authority and subject to the same rules and regulations that federally-chartered savings and loan associations are permitted to make such change according to the provisions of Public Law 97-320 (the Garn-St. Germain Depository Institutions Act of 1982). Any person violating the provisions of this section is subject to a fine of not less than one thousand dollars and not more than ten thousand dollars and to imprisonment for not exceeding ten years nor less than one year, in the discretion of the court."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.