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Can you summarize 34 SCCL Chapter 3, Article 9?
BANKS AND BANKING GENERALLY > Relationship with Federal Deposit Insurance Corporation
Short Summary
This section of the South Carolina Code of Laws governs the relationship between banking institutions and the Federal Deposit Insurance Corporation (FDIC) in the event of closure. It allows the Commissioner of Banking or the receiver/liquidator of a closed institution, with the permission of the Commissioner of Banking, to borrow from the FDIC and provide assets of the institution as security for a loan. However, when the FDIC is acting as the receiver or liquidator, approval from a court of record is required for such a loan. Additionally, the receiver or liquidator may sell any part or all of the assets of the closed institution to the FDIC with an order from a court of record and permission from the Commissioner of Banking. It is important to note that this section does not limit the power of banking institutions, the Commissioner of Banking, or receivers or liquidators to pledge or sell assets in accordance with existing laws.
Whom does it apply to?
Banking institutions, the Commissioner of Banking, receivers, liquidators, and the Federal Deposit Insurance Corporation (FDIC)
What does it govern?
Relationship between banking institutions and the Federal Deposit Insurance Corporation (FDIC) in the event of closure
What are exemptions?
This section does not limit the power of banking institutions, the Commissioner of Banking, or receivers or liquidators to pledge or sell assets in accordance with existing laws.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
South Carolina