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2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 45 - SAVINGS PROMOTION CONTESTS
Section 34-45-50. Cease and desist orders.
Universal Citation: SC Code § 34-45-50 (2017)
Each savings promotion contest is subject to oversight by the appropriate state or federal regulatory agency of the participating financial institution, and the appropriate state or federal regulatory agency may issue cease and desist orders relating to the savings promotion contests if the regulatory agency concludes, based on substantial evidence, that a financial institution is engaging in unsafe or unsound practices or that the financial institution is in violation of any law, regulation, or any condition or written agreement imposed by the regulatory agency.
HISTORY: 2016 Act No. 203 (S.652), Section 1, eff June 3, 2016.
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