South Carolina General Assembly
116th Session, 2005-2006

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A308, R332, S991

STATUS INFORMATION

General Bill
Sponsors: Senators Ryberg, Land and Moore
Document Path: l:\council\bills\swb\6622mm06.doc

Introduced in the Senate on January 10, 2006
Introduced in the House on February 21, 2006
Last Amended on May 23, 2006
Passed by the General Assembly on May 24, 2006
Became law without Governor's signature, June 1, 2006

Summary: Bank or trust company

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/13/2005  Senate  Prefiled
  12/13/2005  Senate  Referred to Committee on Banking and Insurance
   1/10/2006  Senate  Introduced and read first time SJ-30
   1/10/2006  Senate  Referred to Committee on Banking and Insurance SJ-30
    2/8/2006  Senate  Committee report: Favorable Banking and Insurance SJ-11
    2/9/2006  Senate  Read second time SJ-160
    2/9/2006          Scrivener's error corrected
   2/16/2006  Senate  Read third time and sent to House SJ-18
   2/21/2006  House   Introduced and read first time HJ-93
   2/21/2006  House   Referred to Committee on Labor, Commerce and Industry 
                        HJ-93
   5/17/2006  House   Committee report: Favorable with amendment Labor, 
                        Commerce and Industry HJ-2
   5/23/2006  House   Amended HJ-27
   5/23/2006  House   Read second time HJ-30
   5/23/2006  House   Roll call Yeas-109  Nays-0 HJ-30
   5/24/2006  House   Read third time and returned to Senate with amendments 
                        HJ-15
   5/24/2006  Senate  Concurred in House amendment and enrolled SJ-66
   5/25/2006          Ratified R 332
    6/1/2006          Became law without Governor's signature
    6/6/2006          Copies available
    6/6/2006          Effective date 06/01/06
    6/8/2006          Act No. 308

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/13/2005
2/8/2006
2/9/2006
5/17/2006
5/23/2006


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

(A308, R332, S991)

AN ACT TO AMEND SECTION 34-21-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SECURING OF FUNDS RECEIVED OR HELD IN TRUST BY A BANK OR TRUST COMPANY, SO AS TO FURTHER PROVIDE FOR ACCEPTABLE FORMS OF SECURITY.

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

Security for investments

SECTION    1.    Section 34-21-40 of the 1976 Code, as last amended by Act 156 of 1991, is further amended to read:

"Section 34-21-40.    Funds received or held in the trust department of the bank or by a trust company awaiting investment or distribution must be secured to the trust department or trust company if these funds have been deposited in its own bank, in any of its affiliate banks, or in any other banking corporation by:

(1)    furnishing an indemnity bond in a responsible surety company authorized to do business in this State; or

(2)    pledging as collateral:

(a)    obligations of the United States;

(b)    obligations fully guaranteed both as to principal and interest by the United States;

(c)    general obligations of this State or a political subdivision of this State; or

(d)    obligations of the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation; or

(3)    providing an irrevocable letter of credit issued by the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation, in which the letter of credit otherwise meets any criteria established and prescribed by the State Treasurer for public funds."

Time effective

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

Ratified the 25th day of May, 2006.

Became law without the signature of the Governor -- 6/1/06.

__________


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