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Current Status Bill Number:View additional legislative information at the LPITS web site.3680 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990304 Primary Sponsor:Sandifer All Sponsors:Sandifer Drafted Document Number:l:\council\bills\nbd\11202mm99.doc Residing Body:House Current Committee:Labor, Commerce and Industry Committee 26 HLCI Subject:Debit card, organization not to hold from account more than one hundred percent of value amount; Banks and Savings History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990304 Introduced, read first time, 26 HLCI referred to Committee Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-3-225 SO AS TO PROVIDE THAT A BANK, FINANCIAL ORGANIZATION, OR OTHER ENTITY ISSUING A CREDIT OR DEBIT CARD MAY NOT HOLD OR BLOCK FROM THE UNDERLYING ACCOUNT OR LINE OF CREDIT MORE THAN ONE HUNDRED PERCENT OF THE AMOUNT OR VALUE OF A PURCHASE OR TRANSACTION ENTERED INTO BY THE HOLDER OR ANOTHER AUTHORIZED USER OF THE CREDIT OR DEBIT CARD.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 34-3-225. A bank, financial organization, or other entity, whether or not a supervised financial organization pursuant to the Consumer Protection Code, issuing a credit or debit card may not hold or block from the underlying account or line of credit more than one hundred percent of the amount or value of a purchase or transaction entered into by the holder or another authorized user of the credit or debit card."
SECTION 2. This act takes effect upon approval by the Governor.
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