Current Status Bill Number:
412Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19970226Primary Sponsor: AlexanderAll Sponsors: AlexanderDrafted Document Number: dka\4134mm.97Residing Body: HouseCurrent Committee: Labor, Commerce and Industry Committee 26 HLCISubject: Credit or debit card, purchase or transaction provisions, Banks and Savings and Loan Associations
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19970401 Introduced, read first time, 26 HLCI referred to Committee Senate 19970401 Read third time, sent to House Senate 19970326 Read second time Senate 19970320 Committee report: Favorable 02 SBI Senate 19970226 Introduced, read first time, 02 SBI referred to CommitteeView additional legislative information at the LPITS web site.
March 20, 1997
S. Printed 3/20/97--S.
Read the first time February 26, 1997.
To whom was referred a Bill (S. 412), to amend the Code of Laws of South Carolina, 1976, by adding Section 34-3-225, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
EDWARD E. SALEEBY, for Committee.
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 under 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.