South Carolina General Assembly
116th Session, 2005-2006

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Bill 1114

Indicates Matter Stricken
Indicates New Matter

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

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

March 15, 2006

S. 1114

Introduced by Senator Thomas

S. Printed 3/15/06--H.

Read the first time February 15, 2006.

            

THE COMMITTEE ON

LABOR, COMMERCE AND INDUSTRY

To whom was referred a Bill (S. 1114) to amend Section 34-1-20 of the 1976 code, relating to the appointment of members to the State Board of Financial Institutions, to provide that one member, etc., respectfully

REPORT:

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

HARRY F. CATO for Committee.

            

A BILL

TO AMEND SECTION 34-1-20 OF THE 1976 CODE, RELATING TO THE APPOINTMENT OF MEMBERS TO THE STATE BOARD OF FINANCIAL INSTITUTIONS, TO PROVIDE THAT ONE MEMBER OF THE BOARD MUST BE A RESTRICTED OR SUPERVISED LENDER RECOMMENDED BY THE INDEPENDENT CONSUMER FINANCE ASSOCIATION.

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

SECTION    1.    Section 34-1-20 of the 1976 Code is amended to read:

"Section 34-1-20.    The State Board of Financial Institutions is composed of ten members, one of whom is the State Treasurer as an ex officio member and as the chairman. The remaining nine members must be appointed by the Governor with the advice and consent of the Senate. Four must be engaged in banking and recommended by the South Carolina Bankers Association, one must be recommended by the association of supervised lenders, one must be engaged in the licensed consumer finance business as a restricted lender or a supervised lender and recommended by the association of restricted lenders Independent Consumer Finance Association, two must be engaged in the cooperative credit union business and recommended by the State Cooperative Credit Union League, and one must be unaffiliated with a financial organization and serve as a representative of the consumer of the State. The terms of the present members are not affected. Each member shall represent the best interests of the public and shall not serve more than two consecutive four-year terms. The association which is to provide a member to fill a vacancy on the board, except for a consumer representative, shall submit three names, from three different institutions, from which the Governor shall select one."

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

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