There is a newer version of the South Carolina Code of Laws
2014 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 26 - SOUTH CAROLINA CREDIT UNION ACT
ARTICLE 1 DefinitionsARTICLE 2 Supervision and Regulation- SECTION 34-26-200. Responsibility of Board of Financial Institutions.
- SECTION 34-26-210. Discretionary powers of board.
- SECTION 34-26-220. Suspension of operations of bankrupt or insolvent credit union; liquidation of assets.
- SECTION 34-26-230. Appointment of conservator of credit union assets by board or board designee; remedy of credit union to regain possession and control of assets.
- SECTION 34-26-240. Duty of board to examine credit union; disclosure requirements of credit union officers and agents.
- SECTION 34-26-250. Duty of credit union to maintain books, records, accounting systems, and procedures.
- SECTION 34-26-260. Form of credit union annual report to board.
- SECTION 34-26-270. Fees to defray administration, supervision, examination and other expenses of annual examination of credit union.
- SECTION 34-26-280. Conflict of interest; prohibitions respecting board or commissioner's office employees and credit unions.
- SECTION 34-26-300. Application for credit union charter of incorporation; articles of incorporation and bylaws.
- SECTION 34-26-310. Consideration of application; time period for approval or denial; factors considered.
- SECTION 34-26-320. Model articles of incorporation to facilitate organization of credit unions.
- SECTION 34-26-330. Amendment of articles of incorporation and bylaws.
- SECTION 34-26-340. Name requirements of credit unions.
- SECTION 34-26-350. Principal place of business of credit union; other locations.
- SECTION 34-26-360. Fiscal year.
- SECTION 34-26-370. Conduct of business in state by lawful out-of-State credit union; requirements of board approval.
- SECTION 34-26-380. Conduct of business out of state by credit union; necessity of board approval.
- SECTION 34-26-390. Exemption of credit union from business license tax.
- SECTION 34-26-400. Particular powers of cooperative credit union; loans to other credit unions.
- SECTION 34-26-410. Additional powers of credit union.
- SECTION 34-26-420. Powers incidental to purpose of credit union; limitations.
- SECTION 34-26-500. Requirements of membership; eligible groups; requirement of board approval.
- SECTION 34-26-510. Organizations eligible for credit union membership.
- SECTION 34-26-520. Eligibility of other credit unions.
- SECTION 34-26-530. Application for membership; duty of board of directors; appeal of membership denial.
- SECTION 34-26-540. Retention of membership.
- SECTION 34-26-550. Member liability for credit union debt.
- SECTION 34-26-560. Expulsion; request for hearing.
- SECTION 34-26-570. Annual and other meetings of credit union membership.
- SECTION 34-26-580. Special meetings; grounds and proceedings.
- SECTION 34-26-600. Authority of board of directors.
- SECTION 34-26-605. Membership of board; term of office; board appointment of credit committee.
- SECTION 34-26-610. Filing of record of names and addresses of membership.
- SECTION 34-26-615. Board vacancies; credit and supervisory committee vacancies.
- SECTION 34-26-620. Prohibition against compensation for services; accident insurance; expenses.
- SECTION 34-26-625. Conflicts of interest; limitation on persons with pecuniary interest.
- SECTION 34-26-630. Election of officers.
- SECTION 34-26-635. Appointment of executive committee.
- SECTION 34-26-640. Meetings of board; frequency of meeting.
- SECTION 34-26-645. Duties of board.
- SECTION 34-26-650. Credit committee supervision of member loans.
- SECTION 34-26-655. Appointment of credit committee loan officers.
- SECTION 34-26-660. Purpose and composition of credit union supervisory committee; term of office.
- SECTION 34-26-665. Suspension of member; supervisory committee report to board.
- SECTION 34-26-670. Suspension or removal of supervisory committee member.
- SECTION 34-26-700. Share accounts; par value; pledged shares.
- SECTION 34-26-710. Dividends.
- SECTION 34-26-720. Deposits.
- SECTION 34-26-730. Withdrawal of deposited funds; withdrawal notice.
- SECTION 34-26-740. Payments on share accounts.
- SECTION 34-26-750. Ownership interests in share accounts; joint accounts.
- SECTION 34-26-760. Share accounts held in trust; beneficiaries.
- SECTION 34-26-770. Payable-on-death share accounts; effect of transfer of account.
- SECTION 34-26-780. Account lien; right of set off.
- SECTION 34-26-790. Requirement of incorporators to apply for insurance prior to application for charter.
- SECTION 34-26-800. Loans and lines of credit; establishment of written policies.
- SECTION 34-26-810. Interest rates.
- SECTION 34-26-820. Incidental fees and expenses.
- SECTION 34-26-830. Loan application.
- SECTION 34-26-840. Limitation of size of loan; in general.
- SECTION 34-26-850. Limitation on loan advances by approved line of credit; periodic review.
- SECTION 34-26-860. Limitation on size of loan secured by real estate; approved collateral.
- SECTION 34-26-870. Credit union participation in joint loan with other credit union.
- SECTION 34-26-880. Credit union participation in federal or state loan programs; other powers.
- SECTION 34-26-890. Limitation on loans to directors and members of supervisory and credit committees.
- SECTION 34-26-900. Provision of member services; in general.
- SECTION 34-26-910. Insurance for officers, agents, and employees.
- SECTION 34-26-920. Marketing arrangements.
- SECTION 34-26-930. Collection, receipt, and disbursement in connection with negotiable instruments; automated services; fees.
- SECTION 34-26-940. Retirement, pension, profit-sharing, and deferred income accounts.
- SECTION 34-26-1000. Investment of credit union funds; investment committee.
- SECTION 34-26-1010. Designation of depositories.
- SECTION 34-26-1020. Permissible investments of credit union funds.
- SECTION 34-26-1100. Determination of gross earnings; reservation of reserve; waiver of reserve requirement.
- SECTION 34-26-1110. Permissible use of reserve; effect of liquidation of credit union.
- SECTION 34-26-1120. Special reserves.
- SECTION 34-26-1200. Dissolution; voluntary liquidation; distribution of assets.
- SECTION 34-26-1210. Merger.
- SECTION 34-26-1220. Conversion of credit union to organization under laws of another state or United States; requirement of member approval.
- SECTION 34-26-1300. Corporate credit union.
- SECTION 34-26-1310. Purposes of corporate credit union.
- SECTION 34-26-1320. Corporate credit union membership.
- SECTION 34-26-1330. Application to form corporate credit union.
- SECTION 34-26-1340. Powers and privileges of corporate credit union; in general.
- SECTION 34-26-1350. Participation in National Credit union Administration Central Liquidity Facility; other state and federal financial systems; agreements with third parties.
- SECTION 34-26-1360. Acceptance of security for loans; pledges, assignments, hypothecation, or mortgages.
- SECTION 34-26-1370. Board of director of corporate credit union meetings.
- SECTION 34-26-1380. Corporate credit union reserve requirements; exemptions.
- SECTION 34-26-1390. Annual audit and report.
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