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Bill Number: 1325 Ratification Number: 440 Act Number 392 Introducing Body: Senate Subject: State Board of Financial Institutions
(A392, R440, S1325)
AN ACT TO AMEND SECTION 34-1-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MEMBERSHIP OF THE STATE BOARD OF FINANCIAL INSTITUTIONS, SO AS TO INCREASE THE MEMBERSHIP FROM NINE TO TEN MEMBERS AND TO SPECIFY THAT ONE MEMBER MUST BE APPOINTED BY THE GOVERNOR UPON THE RECOMMENDATION OF THE ASSOCIATION OF SUPERVISED LENDERS AND ONE MEMBER MUST BE APPOINTED BY THE GOVERNOR WHO IS ENGAGED IN THE LICENSED CONSUMER FINANCE BUSINESS AS A RESTRICTED LENDER UPON THE RECOMMENDATION OF THE ASSOCIATION OF RESTRICTED LENDERS.
Be it enacted by the General Assembly of the State of South Carolina:
State Board of Financial Institutions
SECTION 1. Section 34-1-20 of the 1976 Code is amended to read:
"Section 34-1-20. The State Board of Financial Institutions is composed of ten members, one of whom is the State Treasurer as an ex officio member, who is the chairman. The remaining nine members must be appointed by the Governor with the advice and consent of the Senate. Three must be engaged in commercial banking and recommended by the State Bankers Association, two must be engaged in the savings and loan association business and recommended by the State Savings and Loan League, one must be recommended by the association of supervised lenders, one must be engaged in the licensed consumer finance business as a restricted lender and recommended by the association of restricted lenders, one must be engaged in the cooperative credit union business and recommended by the State Cooperative Credit Union League, and one must be unaffiliated with any financial organization and shall serve as a representative of the consumer of the State. The terms of the present members are not affected. All shall serve and represent the best interest of the public and no appointed member shall serve more than two consecutive four-year terms. Before a vacancy on the board, except for consumer representatives, the association which is to provide a member shall submit three names, none of whom represent the same institution, from which the Governor shall select one."
SECTION 2. The terms of current members of the State Board of Financial Institutions are not affected by the provisions of this act. The additional board member to be appointed by the Governor pursuant to this act must be appointed on the recommendation of the association of supervised lenders.
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 3rd day of April, 1990.