South Carolina General Assembly
109th Session, 1991-1992

Bill 3185


                    Current Status

Introducing Body:               House
Bill Number:                    3185
Ratification Number:            191
Act Number:                     125
Primary Sponsor:                Kirsh
Type of Legislation:            GB
Subject:                        State banks, reserves
Date Bill Passed both Bodies:   May 27, 1991
Computer Document Number:       BBM/9055.DW
Governor's Action:              S
Date of Governor's Action:      Jun 04, 1991
Introduced Date:                Jan 09, 1991
Date of Last Amendment:         May 21, 1991
Last History Body:              ------
Last History Date:              Jun 04, 1991
Last History Type:              Act No. 125
Scope of Legislation:           Statewide
All Sponsors:                   Kirsh
Type of Legislation:            General Bill

History


 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3185  ------  Jun 04, 1991  Act No. 125
 3185  ------  Jun 04, 1991  Signed by Governor
 3185  ------  May 30, 1991  Ratified R 191
 3185  House   May 27, 1991  Concurred in Senate
                             amendment, enrolled for
                             ratification
 3185  Senate  May 23, 1991  Read third time, returned
                             with amendment
 3185  Senate  May 21, 1991  Amended, read second time
 3185  Senate  May 16, 1991  Committee Report: Favorable     02
 3185  Senate  Apr 02, 1991  Introduced, read first time,    02
                             referred to Committee
 3185  House   Mar 28, 1991  Read third time, sent to
                             Senate
 3185  House   Mar 26, 1991  Amended, read second time
 3185  House   Mar 20, 1991  Committee Report: Favorable     26
                             with amendment
 3185  House   Jan 09, 1991  Introduced and read first       26
                             time, referred to Committee

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A125, R191, H3185)

AN ACT TO AMEND SECTION 34-9-130, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT A BANK OR BANKING INSTITUTION MUST ESTABLISH A SURPLUS ACCOUNT AND THE AMOUNT REQUIRED TO BE KEPT IN IT AND IN A MINIMUM DEPOSIT RESERVE, SO AS TO DELETE THOSE REQUIREMENTS AND REQUIRE EVERY STATE BANK WHICH IS NOT A MEMBER OF THE FEDERAL RESERVE SYSTEM TO MAINTAIN THE SAME RESERVES AGAINST DEPOSITS AS IS REQUIRED FOR A STATE BANK WHICH IS A MEMBER OF THE FEDERAL RESERVE SYSTEM AND THE MANNER IN WHICH THEY MUST BE MAINTAINED; AND TO AMEND SECTION 12-13-30, AS AMENDED, RELATING TO THE REQUIREMENT THAT AN ASSOCIATION LOCATED IN THIS STATE MUST PAY INCOME TAX MEASURED BY ITS NET INCOME FROM ALL SOURCES, WITH CERTAIN EXEMPTIONS, SO AS TO CLARIFY THAT INTEREST EARNED ON DEPOSITS AT THE FEDERAL HOME LOAN BANK OF ATLANTA FOR THESE ASSOCIATIONS WHICH MEET THE THRIFT LENDER TEST SET BY FEDERAL LAW IS EXEMPT.

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

State bank to maintain certain reserves

SECTION 1. Section 34-9-130 of the 1976 Code is amended to read:

"Section 34-9-130. Every state bank which is not a member of the Federal Reserve System shall maintain the same reserves against deposits as required for a state bank which is a member of the Federal Reserve System. These reserves must be maintained in the same kind of assets as required for member banks."

Association to pay income tax

SECTION 2. Section 12-13-30 of the 1976 Code, as amended by Act 170 of 1987, is further amended to read:

"Section 12-13-30. Every association located or doing business within this State shall pay an income tax measured by its net income from all sources, except for income from municipal, state, or federal bonds or securities exempted by law from the tax, including interest earned on deposits at the Federal Home Loan Bank of Atlanta, or its successors, for those savings and loan associations which meet the qualified thrift lender test set forth in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (P.L. 101-73), as amended. The tax is six percent of the net income."

Time effective

SECTION 3. This act takes effect upon approval by the Governor.

Approved the 4th day of June, 1991.