South Carolina General Assembly
112th Session, 1997-1998

Bill 412

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Bill Number:                       412
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19970226
Primary Sponsor:                   Alexander 
All Sponsors:                      Alexander 
Drafted Document Number:           dka\4134mm.97
Residing Body:                     House
Current Committee:                 Labor, Commerce and Industry
                                   Committee 26 HLCI
Subject:                           Credit or debit card, purchase
                                   or transaction provisions, Banks and
                                   Savings and Loan Associations
History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
House   19970401  Introduced, read first time,             26 HLCI
                  referred to Committee
Senate  19970401  Read third time, sent to House
Senate  19970326  Read second time
Senate  19970320  Committee report: Favorable              02 SBI
Senate  19970226  Introduced, read first time,             02 SBI
                  referred to Committee
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

March 20, 1997

S. 412

Introduced by Senator Alexander

S. Printed 3/20/97--S.

Read the first time February 26, 1997.

THE COMMITTEE ON BANKING AND INSURANCE

To whom was referred a Bill (S. 412), to amend the Code of Laws of South Carolina, 1976, by adding Section 34-3-225, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

EDWARD E. SALEEBY, for Committee.

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-3-225 SO AS TO PROVIDE THAT A BANK, FINANCIAL ORGANIZATION, OR OTHER ENTITY ISSUING A CREDIT OR DEBIT CARD MAY NOT HOLD OR BLOCK FROM THE UNDERLYING ACCOUNT OR LINE OF CREDIT MORE THAN ONE HUNDRED PERCENT OF THE AMOUNT OR VALUE OF A PURCHASE OR TRANSACTION ENTERED INTO BY THE HOLDER OR ANOTHER AUTHORIZED USER OF THE CREDIT OR DEBIT CARD.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 34-3-225. A bank, financial organization, or other entity, whether or not a supervised financial organization under the consumer protection code, issuing a credit or debit card may not hold or block from the underlying account or line of credit more than one hundred percent of the amount or value of a purchase or transaction entered into by the holder or another authorized user of the credit or debit card."

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

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