South Carolina General Assembly
113th Session, 1999-2000

Download This Bill in Microsoft Word format

Bill 3865


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      3865
Ratification Number:              91
Act Number:                       49
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990407
Primary Sponsor:                  Cato
All Sponsors:                     Cato, Mason, Cobb-Hunter, Knotts, Scott, 
                                  Trotter, Cooper, Allison, Breeland, G. Brown, 
                                  H. Brown, J. Brown, Davenport, Emory, Fleming, 
                                  Harrison, Kelley, Kirsh, Klauber, Lanford, 
                                  Lee, Littlejohn, Martin, M. McLeod, 
                                  Meacham-Richardson, Miller, Neilson, Rhoad, 
                                  Riser, Robinson, Sandifer, Sharpe, R. Smith, 
                                  Stille, Stuart, Townsend, Tripp, Walker, 
                                  Whipper, Witherspoon, Simrill, Harvin
Drafted Document Number:          l:\council\bills\pt\1416dw.doc
Companion Bill Number:            715
Date Bill Passed both Bodies:     19990525
Governor's Action:                S
Date of Governor's Action:        19990601
Subject:                          Credit unions, formation of; vacation 
                                  homes added to list of certain loans, 
                                  Property; Banks and Savings and Loan


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  19990618  Act No. A49
------  19990601  Signed by Governor
------  19990526  Ratified R91
Senate  19990525  Read third time, enrolled for
                  ratification
Senate  19990519  Read second time, notice of
                  general amendments
Senate  19990512  Recalled from Committee,               02 SBI
                  placed on the Calendar
Senate  19990511  Introduced, read first time,           02 SBI
                  referred to Committee
House   19990507  Read third time, sent to Senate
House   19990506  Read second time, unanimous consent
                  for third reading on Friday,
                  19990507
House   19990505  Committee report: Favorable            26 HLCI
House   19990415  Co-Sponsor added (Rule 5.2) by Rep.            Harvin
House   19990407  Introduced, read first time,           26 HLCI
                  referred to Committee


                             Versions of This Bill
Revised on May 5, 1999 - Word format
Revised on May 12, 1999 - Word format

View additional legislative information at the LPITS web site.


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

(A49, R91, H3865)

AN ACT TO AMEND SECTIONS 34-26-300, 34-26-310, 34-26-500, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FORMATION OF CREDIT UNIONS AND PERSONS WHO ARE ELIGIBLE TO BE MEMBERS THEREOF SO AS TO FURTHER PROVIDE FOR THOSE PERSONS WHO MAY FORM A CREDIT UNION AND WHO MAY BE MEMBERS OF A CREDIT UNION; AND TO AMEND SECTION 34-26-860, AS AMENDED, RELATING TO LOANS MADE BY CREDIT UNIONS SECURED BY REAL ESTATE SO AS TO ADD VACATION HOMES TO THE AUTHORIZED LIST OF HOMES ON WHICH SECURED LOANS MAY BE MADE.

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

Qualifications for formation of credit union

SECTION 1. Section 34-26-300(1) of the 1976 Code, as added by Act 371 of 1996, is amended to read:

"(1) Any ten or more residents of this State, of legal age, who share one or more common bonds referred to in Section 34-26-500(2) with one thousand or more residents of this State may apply for a credit union charter by complying with this section."

Application

SECTION 2. Section 34-26-310(1) of the 1976 Code, as added by Act 371 of 1996, is amended to read:

"(1) The board shall act upon the application within ninety days. The application shall be approved if the articles and bylaws are in conformity with this chapter and the board is satisfied that:

(a) the characteristics of the membership set forth in the application for charter are favorable to the economic viability of the proposed credit union; and

(b) the reputation and character of the initial board of directors and supervisory committee provide assurance that the credit union's affairs will be properly administered."

Membership of a credit union

SECTION 3. Section 34-26-500(1) and (2) of the 1976 Code, as added by Act 371 of 1996, is amended to read:

"(1) The membership of a credit union may consist of groups having different common bonds, having been duly admitted as members, having paid any required one-time or periodic membership fee, or both, having subscribed to one or more shares, and having complied with such other requirements as the articles of incorporation and bylaws specify.

(2) Credit union membership may also consist of groups having different common bonds of occupation or association or persons employed within a defined business district, building, industrial park or shopping center, and members of the family of such persons who are related by either blood or marriage."

Loans

SECTION 4. Section 34-26-860 of the 1976 Code, as added by Act 371 of 1996, is amended to read:

"Section 34-26-860. Credit unions are authorized to make loans secured by real estate. The real estate collateral may consist of improved or unimproved property including, but not limited to, mobile homes, modular homes, vacation homes, property under construction, condominiums, or single family dwellings which shall be the borrower's primary residence."

Time effective

SECTION 5. This act takes effect upon approval by the Governor.

Ratified the 26th day of May, 1999.

Approved the 1st day of June, 1999.

__________


This web page was last updated on Wednesday, December 9, 2009 at 9:25 A.M.