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COMMITTEE REPORT
April 14, 1999
H. 3581
Introduced by Reps. Cato, Cobb-Hunter, Gamble, Jennings and Scott
S. Printed 4/14/99--H.
Read the first time February 23, 1999.
To whom was referred a Bill (H. 3581), to amend Section 34-1-110, Code of Laws of South Carolina, 1976, relating to authority for certain state financial institutions to engage in specified financial activity, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
HARRY F. CATO, for Committee.
TO AMEND SECTION 34-1-110, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTHORITY FOR CERTAIN STATE FINANCIAL INSTITUTIONS TO ENGAGE IN SPECIFIED FINANCIAL ACTIVITY, SO AS TO PROVIDE THAT THE STATE BOARD OF FINANCIAL INSTITUTIONS MAY PERMIT A FINANCIAL ACTIVITY BY ISSUING AN OPERATIONAL INSTRUCTION IN ADDITION TO GRANTING AUTHORITY BY REGULATION, AND TO MAKE TECHNICAL CHANGES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-1-110 of the 1976 Code is amended to read:
"Section 34-1-110. (A) Notwithstanding any other provision of law and in addition to all of the powers granted under Chapters 1 through 31 of Title 34 and Chapter 3 of Title 37, the State Board of Financial Institutions, by regulation or by issuing operational instructions, may permit:
(1) may by regulation permit state-chartered banks to engage in any activities that are activity authorized for national banks by federal law or regulation of the Comptroller of the Currency or for state-chartered savings and loan associations by this title or regulation or operational instruction of the State Board of Financial Institutions,;
(2) may by regulation permit state-chartered savings and loan associations to engage in any activities that are activity authorized for federally-chartered savings and loan associations by federal law or regulation of the Federal Home Loan Bank Board Office of Thrift Supervision or for state-chartered banks by this title or regulation or operational instruction of the State Board of Financial Institutions,;
(3) may by regulation permit cooperative credit unions to engage in any activities that are activity authorized for federally-chartered credit unions by federal law or by regulation of the National Credit Union Administration; and
(4) may by regulation, except where otherwise restricted by statute, permit consumer finance companies operating under pursuant to a license to make supervised loans pursuant to as provided in Part 5, of Chapter 3, Title 37, to engage in any lending activities that may be activity authorized for supervised financial organizations by law or by regulation of any an agency given supervisory authority over such those institutions, except where otherwise restricted by statute.
(B) For the purpose of this section, the term "activities" 'activity' includes the terms and conditions under which the activity may be exercised, as well as the authority to make a particular type of loan or investment or otherwise to engage in an approved activity."
SECTION 2. This act takes effect upon approval by the Governor.
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