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A308, R332, S991
Sponsors: Senators Ryberg, Land and Moore
Document Path: l:\council\bills\swb\6622mm06.doc
Introduced in the Senate on January 10, 2006
Introduced in the House on February 21, 2006
Last Amended on May 23, 2006
Passed by the General Assembly on May 24, 2006
Became law without Governor's signature, June 1, 2006
Summary: Bank or trust company
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/13/2005 Senate Prefiled 12/13/2005 Senate Referred to Committee on Banking and Insurance 1/10/2006 Senate Introduced and read first time SJ-30 1/10/2006 Senate Referred to Committee on Banking and Insurance SJ-30 2/8/2006 Senate Committee report: Favorable Banking and Insurance SJ-11 2/9/2006 Senate Read second time SJ-160 2/9/2006 Scrivener's error corrected 2/16/2006 Senate Read third time and sent to House SJ-18 2/21/2006 House Introduced and read first time HJ-93 2/21/2006 House Referred to Committee on Labor, Commerce and Industry HJ-93 5/17/2006 House Committee report: Favorable with amendment Labor, Commerce and Industry HJ-2 5/23/2006 House Amended HJ-27 5/23/2006 House Read second time HJ-30 5/23/2006 House Roll call Yeas-109 Nays-0 HJ-30 5/24/2006 House Read third time and returned to Senate with amendments HJ-15 5/24/2006 Senate Concurred in House amendment and enrolled SJ-66 5/25/2006 Ratified R 332 6/1/2006 Became law without Governor's signature 6/6/2006 Copies available 6/6/2006 Effective date 06/01/06 6/8/2006 Act No. 308
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VERSIONS OF THIS BILL
(A308, R332, S991)
AN ACT TO AMEND SECTION 34-21-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SECURING OF FUNDS RECEIVED OR HELD IN TRUST BY A BANK OR TRUST COMPANY, SO AS TO FURTHER PROVIDE FOR ACCEPTABLE FORMS OF SECURITY.
Be it enacted by the General Assembly of the State of South Carolina:
Security for investments
SECTION 1. Section 34-21-40 of the 1976 Code, as last amended by Act 156 of 1991, is further amended to read:
"Section 34-21-40. Funds received or held in the trust department of the bank or by a trust company awaiting investment or distribution must be secured to the trust department or trust company if these funds have been deposited in its own bank, in any of its affiliate banks, or in any other banking corporation by:
(1) furnishing an indemnity bond in a responsible surety company authorized to do business in this State; or
(2) pledging as collateral:
(a) obligations of the United States;
(b) obligations fully guaranteed both as to principal and interest by the United States;
(c) general obligations of this State or a political subdivision of this State; or
(d) obligations of the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation; or
(3) providing an irrevocable letter of credit issued by the Federal National Mortgage Association, the Federal Home Loan Banks, Federal Farm Credit Banks, or the Federal Home Loan Mortgage Corporation, in which the letter of credit otherwise meets any criteria established and prescribed by the State Treasurer for public funds."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 25th day of May, 2006.
Became law without the signature of the Governor -- 6/1/06.
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