Bill 3691

                    Current Status

Bill Number:               3691
Ratification Number:       417
Act Number                 378
Introducing Body:          House
Subject:                   Loans to directors and officers of state
                           banks

(A378, R417, H3691)

AN ACT TO AMEND SECTION 34-13-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATIONS ON LOANS TO DIRECTORS AND OFFICERS OF BANKS INCORPORATED UNDER THE LAWS OF THIS STATE, SO AS TO PROVIDE THAT DIRECTORS AND OFFICERS OF STATE BANKS MAY BORROW OR OBTAIN CREDIT FROM THESE BANKS IN THE SAME MANNER AND UNDER THE SAME TERMS AND CONDITIONS THAT DIRECTORS AND OFFICERS OF NATIONAL BANKS ARE PERMITTED TO BORROW OR OBTAIN CREDIT FROM THESE NATIONAL BANKS AS PROVIDED BY LAW.

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

Loans to directors and officers of state banks

SECTION 1. Section 34-13-80 of the 1976 Code is amended to read:

"Section 34-13-80. Directors and officers of any bank incorporated under the laws of this State, members of their families, and entities with which they are associated, may borrow or obtain credit from the bank in the same manner and under the same terms and conditions that directors and officers, members of their families, and entities with which they are associated, of any national bank are permitted to borrow or obtain credit from the national bank as provided by law."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 19th day of March, 1990.