H*3840(Rat #0172, Act #0116 of 1995)  General Bill, By 
 House Labor, Commerce and Industry
 A Bill to amend Section 34-3-380, Code of Laws of South Carolina, 1976,
 relating to reports of condition of institutions in this State lending money
 and receiving deposits, so as to further provide for the submitting of these
 reports; to amend Section 34-3-420, relating to statements of condition which
 must be sent to the Board of Financial Institutions, so as to revise the date
 these reports must be submitted and the conditions under which these reports
 are required and submitted; and to repeal Sections 34-3-390, 34-3-400, and
 34-3-410 relating to statements of condition required of certain banks or
 institutions engaged in the banking business.

   03/22/95  House  Introduced, read first time, placed on calendar
                     without reference HJ-12
   03/28/95  House  Debate interrupted HJ-43
   03/29/95  House  Objection by Rep. Scott, Neal, Inabinett, Lloyd,
                     Hines & Anderson HJ-21
   03/30/95  House  Objection withdrawn by Rep. Anderson, Inabinett,
                     Lloyd & Hines HJ-25
   03/30/95  House  Objection by Rep. Byrd, Cato, A. Young, Fleming,
                     R. Smith, Meacham, Robinson & Walker HJ-25
   04/05/95  House  Objection withdrawn by Rep. Scott, Neal, Byrd,
                     Cato, Robinson, R. Smith & A. Young HJ-26
   04/06/95  House  Objection withdrawn by Rep. Walker, Meacham &
                     Fleming HJ-52
   04/06/95  House  Read second time HJ-74
   04/06/95  House  Unanimous consent for third reading on next
                     legislative day HJ-74
   04/07/95  House  Read third time and sent to Senate HJ-2
   04/11/95  Senate Introduced and read first time SJ-26
   04/11/95  Senate Referred to Committee on Banking and Insurance SJ-26
   05/17/95  Senate  Polled favorable from Banking and Insurance SJ-14
   05/18/95  Senate Read second time SJ-60
   05/23/95  Senate Read third time and enrolled SJ-1126
   06/06/95         Ratified R 172
   06/13/95         Became law without Governor's signature
   06/13/95         Effective date 06/13/95
   08/11/95         Copies available
   08/11/95         Act No. 116

AN ACT TO AMEND SECTION 34-3-380, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REPORTS OF CONDITION OF INSTITUTIONS IN THIS STATE LENDING MONEY AND RECEIVING DEPOSITS, SO AS TO FURTHER PROVIDE FOR THE SUBMITTING OF THESE REPORTS; TO AMEND SECTION 34-3-420, RELATING TO STATEMENTS OF CONDITION WHICH MUST BE SENT TO THE BOARD OF FINANCIAL INSTITUTIONS, SO AS TO REVISE THE DATE THESE REPORTS MUST BE SUBMITTED AND THE CONDITIONS UNDER WHICH THESE REPORTS ARE REQUIRED AND SUBMITTED; AND TO REPEAL SECTIONS 34-3-390, 34-3-400, AND 34-3-410 RELATING TO STATEMENTS OF CONDITION REQUIRED OF CERTAIN BANKS OR INSTITUTIONS ENGAGED IN THE BANKING BUSINESS.

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

Acceptance of reports

SECTION 1. Section 34-3-380 of the 1976 Code is amended to read:

"Section 34-3-380. All institutions doing business in this State in lending money and receiving deposits, under acts of incorporation granted by the State, under penalty of a forfeiture of their charters, shall provide when and as called for by the State Board of Financial Institutions, without previous notice, a correct report of the condition and business of the institution. The report shall contain a statement under oath by the president or cashier of the institution of the amount of the capital stock paid in, deposits, discounts, property, and liabilities of the institution verified by three of the directors. This section applies to all private banking institutions whether chartered or not. The board shall accept in lieu of the report required by this section a report of condition filed with the federal banking agencies."

Dates revised

SECTION 2. Section 34-3-420 of the 1976 Code is amended to read:

"Section 34-3-420. The statements referred to in Section 34-3-380 shall be sent to the State Board of Financial Institutions within thirty days of the statement date requested and shall be in such form as may be required by the board. Any bank which fails to report within the time given, without excuse given to the board, shall be subject to a fine of ten dollars a day for each day's delay, collectible by the board in any court of competent jurisdiction."

Repeal

SECTION 3. Sections 34-3-390, 34-3-400, and 34-3-410 of the 1976 Code are repealed.

Time effective

SECTION 4. This act takes effect upon approval by the Governor.

Became law without the signature of the Governor -- 6/13/95.