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TO AMEND SECTION 59-150-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWERS OF THE SOUTH CAROLINA LOTTERY COMMISSION, SO AS TO REQUIRE THAT THE COMMISSION'S BANKING RELATIONSHIPS BE WITH BANKING INSTITUTIONS WHOSE PRINCIPAL PLACES OF BUSINESS ARE LOCATED IN THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-150-60(A)(17) of the 1976 is amended to read:
"(17) establish and maintain banking relationships, with banking institutions whose principal places of business are located in the State of South Carolina, including, but not limited to, establishment of checking and savings accounts and lines of credit;. 'Banking institution' means and includes a commercial bank, mutual savings bank, stock savings bank, savings and loan association, credit union, trust company, bank and trust company, cash depository, and any other form of banking entity organized pursuant to the laws of the State of South Carolina or the United States of America."
SECTION 2. This act takes effect upon approval by the Governor.
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