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A252, R259, S1114
Sponsors: Senator Thomas
Document Path: l:\s-res\dlt\007appo.dag.doc
Introduced in the Senate on February 2, 2006
Introduced in the House on February 15, 2006
Passed by the General Assembly on March 17, 2006
Governor's Action: March 24, 2006, Signed
Summary: State Financial Institutions Board
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 2/2/2006 Senate Introduced and read first time SJ-2 2/2/2006 Senate Referred to Committee on Banking and Insurance SJ-2 2/8/2006 Senate Committee report: Favorable Banking and Insurance SJ-15 2/9/2006 Senate Read second time SJ-13 2/14/2006 Senate Read third time and sent to House SJ-12 2/15/2006 House Introduced and read first time HJ-10 2/15/2006 House Referred to Committee on Labor, Commerce and Industry HJ-10 3/15/2006 House Committee report: Favorable Labor, Commerce and Industry HJ-96 3/16/2006 House Read second time HJ-13 3/16/2006 House Unanimous consent for third reading on next legislative day HJ-14 3/17/2006 House Read third time and enrolled HJ-3 3/23/2006 Ratified R 259 3/24/2006 Signed By Governor 3/28/2006 Copies available 3/28/2006 Effective date 03/24/06 4/5/2006 Act No. 252
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VERSIONS OF THIS BILL
(A252, R259, S1114)
AN ACT TO AMEND SECTION 34-1-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPOINTMENT OF MEMBERS TO THE STATE BOARD OF FINANCIAL INSTITUTIONS, TO PROVIDE THAT ONE MEMBER OF THE BOARD MUST BE A RESTRICTED OR SUPERVISED LENDER RECOMMENDED BY THE INDEPENDENT CONSUMER FINANCE ASSOCIATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-1-20 of the 1976 Code, as last amended by Act 437 of 1998, is further amended to read:
"Section 34-1-20. The State Board of Financial Institutions is composed of ten members, one of whom is the State Treasurer as an ex officio member and as the chairman. The remaining nine members must be appointed by the Governor with the advice and consent of the Senate. Four must be engaged in banking and recommended by the South Carolina Bankers Association, one must be recommended by the association of supervised lenders, one must be engaged in the licensed consumer finance business as a restricted lender or a supervised lender and recommended by the Independent Consumer Finance Association, two must be engaged in the cooperative credit union business and recommended by the State Cooperative Credit Union League, and one must be unaffiliated with a financial organization and serve as a representative of the consumer of the State. The terms of the present members are not affected. Each member shall represent the best interests of the public and shall not serve more than two consecutive four-year terms. The association which is to provide a member to fill a vacancy on the board, except for a consumer representative, shall submit three names, from three different institutions, from which the Governor shall select one."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 23rd day of March, 2006.
Approved the 24th day of March, 2006.
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