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Current Status Bill Number:View additional legislative information at the LPITS web site.715 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990414 Primary Sponsor:Hayes All Sponsors:Hayes, Wilson Drafted Document Number:l:\council\bills\nbd\11301dw99.doc Companion Bill Number:3865 Residing Body:Senate Current Committee:Banking and Insurance Committee 02 SBI Subject:Credit unions, formation of; membership provisions, secured loans, vacation homes; Property, Banks History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990422 Co-Sponsor added by Senator Wilson Senate 19990414 Introduced, read first time, 02 SBI referred to Committee Versions of This Bill
TO AMEND SECTIONS 34-26-300, 34-26-310, 34-26-500, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FORMATION OF CREDIT UNIONS AND PERSONS WHO ARE ELIGIBLE TO BE MEMBERS THEREOF SO AS TO FURTHER PROVIDE FOR THOSE PERSONS WHO MAY FORM A CREDIT UNION AND WHO MAY BE MEMBERS OF A CREDIT UNION; AND TO AMEND SECTION 34-26-860, AS AMENDED, RELATING TO LOANS MADE BY CREDIT UNIONS SECURED BY REAL ESTATE SO AS TO ADD VACATION HOMES TO THE AUTHORIZED LIST OF HOMES ON WHICH SECURED LOANS MAY BE MADE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-26-300(1) of the 1976 Code, as added by Act 371 of 1996, is amended to read:
"(1) Any ten or more residents of this State, of legal age, who share one or more a common bond bonds referred to in Section 34-26-500(2) with one thousand or more residents of this State may apply for a credit union charter by complying with this section."
SECTION 2. Section 34-26-310(1) of the 1976 Code, as added by Act 371 of 1996, is amended to read:
"(1) The board shall act upon the application within ninety days. The application shall be approved if the articles and bylaws are in conformity with this chapter and the board is satisfied that:
(a) the characteristics of the membership set forth in the application for charter common bond set forth in the proposed bylaws are favorable to the economic viability of the proposed credit union; and
(b) the reputation and character of the initial board of directors and supervisory committee provide assurance that the credit union's affairs will be properly administered."
SECTION 3. Section 34-26-500(1) and (2) of the 1976 Code, as added by Act 371 of 1996, is amended to read:
"(1) The membership of a credit union shall may consist of those persons who share a common bond set forth in the bylaws groups having different common bonds, have having been duly admitted as members, have having paid any required one-time or periodic membership fee, or both, have having subscribed to one or more shares, and have having complied with such other requirements as the articles of incorporation and bylaws specify.
(2) Credit union membership may also include persons within one or more groups having a common bond or bonds of similar consist of groups having different common bonds of occupation or association, or to persons employed within a defined business district, building, industrial park or shopping center, and members of the family of such persons who are related by either blood or marriage."
SECTION 4. Section 34-26-860 of the 1976 Code, as added by Act 371 of 1996, is amended to read:
"Section 34-26-860. Credit unions are authorized to make loans secured by real estate. The real estate collateral may consist of improved or unimproved property including, but not limited to, mobile homes, modular homes, vacation homes, property under construction, condominiums, or single family dwellings which shall be the borrower's primary residence."
SECTION 5. This act takes effect upon approval by the Governor.
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