Current Status Introducing Body:House Bill Number:3679 Primary Sponsor:Haskins Committee Number:26 Type of Legislation:GB Subject:Financial institutions, transaction provisions Residing Body:House Current Committee:Labor, Commerce and Industry Date Tabled:19940322 Computer Document Number:436/11055AC.93 Introduced Date:19930310 Last History Body:House Last History Date:19940322 Last History Type:Tabled in Committee Scope of Legislation:Statewide All Sponsors:Haskins Hallman Quinn J. Bailey Harrison Corning Allison A. Young R. Smith Robinson Littlejohn D. Smith Harrelson Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
3679 House 19940322 Tabled in Committee 26
3679 House 19930310 Introduced, read first time, 26
referred to Committee
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TO AMEND SECTION 34-24-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TRANSACTIONS WHICH MAY NOT BE APPROVED BY THE STATE BOARD OF FINANCIAL INSTITUTIONS, SO AS TO INCLUDE TRANSACTIONS WHICH WOULD RESULT IN FUTURE ECONOMIC LOSS TO THE GENERAL ECONOMY AND CAPITAL RESOURCES OF SOUTH CAROLINA AND TO PROVIDE CRITERIA WHICH MUST BE CONSIDERED IN EVALUATING THESE TRANSACTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-24-50(a) of the 1976 Code is amended to read:
"(a) The board may not approve any proposed transaction set forth in Section 34-24-30:
(1) which would result in a monopoly, or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the business of banking in this State; or
(2) whose effect in this State may be substantially to lessen competition, or to tend to create a monopoly, or which in any other manner would be in restraint of trade, unless the board finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served; and
(3) which would result in future economic loss to the general economy and capital resources of South Carolina as determined by the board after consultation with the State Budget and Control Board. In making this determination, the board shall consider any plans submitted by the applicant for:
(a) the location of fixed assets and operating facilities;
(b) loss or gain of employment opportunities for South Carolina citizens;
(c) community reinvestment activities including low-to-moderate income lending policies and commitments;
(d) other economic factors as determined by the board.
The board is authorized to enter into contractual agreements with the applicant as to future economic activities and ensure full compliance with the provisions of such agreements; and
(3) (4) which does not meet the requirements set forth in subsection (b) of this section, if applicable.
In every case, the board shall take into consideration the financial and managerial resources and future prospects of the company and the banks concerned and the convenience and needs of the communities to be served. Whenever the transaction must be approved by one or more regulatory agencies of the United States Government under criteria substantially similar to the criteria in this subsection, the board shall delay its determination until after receipt of the ruling by the applicable federal regulatory agencies and if the proposed transaction is approved, then the approval is conclusive on the board with respect to the criteria unless the board finds that the determination made by the federal regulatory agency is not supported by evidence that is substantial when viewed in light of the whole record considered by the federal agency. In the event If the board denies the application under this subsection, it shall issue a ruling stating the specific reasons why it disagrees with the approval determination made by the applicable federal regulatory agency."
SECTION 2. This act takes effect upon approval by the Governor.