H*3691(Rat #0417, Act #0378 of 1990)  General Bill, By Harvin, R.L. Altman, 
Bailey, J.J. Bailey, Barfield, J. Brown, R.B. Brown, T.M. Burriss, M.J. Cooper, 
K.S. Corbett, R.S. Corning, J.G. Felder, T. Ferguson, Glover, B.J. Gordon, 
P.B. Harris, B.H. Harwell, Keegan, H.H. Keyserling, T.A. Limehouse, 
J.E. Lockemy, T.T. Mappus, Martin, J.G. Mattos, F.E. McBride, A.C. McGinnis, 
M. McLeod, D.A. Moss, J.H. Nesbitt, J. Rama, Rhoad, I.K. Rudnick, Sharpe, 
J.J. Snow, Townsend, C.Y. Waites, C.C. Wells, L.S. Whipper and Wilkes
 A Bill to amend Section 34-13-80, Code of Laws of South Carolina, 1976,
 relating to limitations on loans to directors and officers of banks
 incorporated under the laws of this State, so as to provide that directors and
 officers of state banks may borrow or obtain credit from these banks in the
 same manner and under the same terms and conditions that directors and
 officers of national banks are permitted to borrow or obtain credit from these
 national banks as provided by law.

   03/15/89  House  Introduced and read first time HJ-5
   03/15/89  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-6
   01/24/90  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-3
   01/25/90  House  Read second time HJ-32
   01/25/90  House  Unanimous consent for third reading on next
                     legislative day HJ-34
   01/26/90  House  Read third time and sent to Senate HJ-2
   01/30/90  Senate Introduced and read first time SJ-18
   01/30/90  Senate Referred to Committee on Banking and Insurance SJ-1
   02/22/90  Senate Committee report: Favorable Banking and Insurance SJ-12
   02/27/90  Senate Read second time SJ-16
   02/27/90  Senate Unanimous consent for third reading on next
                     legislative day SJ-16
   02/28/90  Senate Read third time and enrolled SJ-16
   03/13/90         Ratified R 417
   03/19/90         Signed By Governor
   03/19/90         Effective date 03/19/90
   03/19/90         Act No. 378
   03/27/90         Copies available

AN ACT TO AMEND SECTION 34-13-80, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIMITATIONS ON LOANS TO DIRECTORS AND OFFICERS OF BANKS INCORPORATED UNDER THE LAWS OF THIS STATE, SO AS TO PROVIDE THAT DIRECTORS AND OFFICERS OF STATE BANKS MAY BORROW OR OBTAIN CREDIT FROM THESE BANKS IN THE SAME MANNER AND UNDER THE SAME TERMS AND CONDITIONS THAT DIRECTORS AND OFFICERS OF NATIONAL BANKS ARE PERMITTED TO BORROW OR OBTAIN CREDIT FROM THESE NATIONAL BANKS AS PROVIDED BY LAW.

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

Loans to directors and officers of state banks

SECTION 1. Section 34-13-80 of the 1976 Code is amended to read:

"Section 34-13-80. Directors and officers of any bank incorporated under the laws of this State, members of their families, and entities with which they are associated, may borrow or obtain credit from the bank in the same manner and under the same terms and conditions that directors and officers, members of their families, and entities with which they are associated, of any national bank are permitted to borrow or obtain credit from the national bank as provided by law."

Time effective

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

Approved the 19th day of March, 1990.