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Can you summarize 34 SCCL Chapter 3?
Banking, Financial Institutions and Money > BANKS AND BANKING GENERALLY
Short Summary
The provided legal document content covers various aspects of banking and financial institutions in South Carolina. It governs the consolidation or merger of banks and trust companies, outlining the rights, powers, and duties transferred in such transactions. It also governs the relationship between banking institutions and the FDIC in the event of closure, allowing borrowing from the FDIC and sale of assets to the FDIC under certain conditions. The document further governs the copying and reproducing of bank records, making the reproduced records admissible in evidence. It also outlines reporting requirements for banks and financial institutions, including periodic statements and reports of condition. The document allows the establishment and operation of wholly-owned subsidiaries of state banks or trust companies, subject to regulations and limitations imposed by the State Board of Financial Institutions. Lastly, the document addresses crimes against federally chartered or insured financial institutions, prohibiting fraudulent schemes and imposing penalties for violations. No specific exemptions are mentioned in these documents.
Whom does it apply to?
Banks and trust companies organized under the laws of South Carolina or the acts of Congress, doing business in South Carolina, Commissioner of Banking or the receiver/liquidator of a closed institution, banks and trust companies chartered under the laws of South Carolina, national banking associations doing business in South Carolina, corporations, institutions, associations, or agencies whose deposits are insured by the federal government or an agency or a nonprofit corporation designated by the State, banks and financial institutions operating in South Carolina, wholly-owned subsidiaries of state banks or trust companies, persons knowingly executing or attempting to execute a scheme or artifice to defraud federally chartered or insured financial institutions
What does it govern?
Consolidation or merger of banks and trust companies in South Carolina, relationship between banking institutions and the Federal Deposit Insurance Corporation (FDIC) in the event of closure, copying and reproducing bank records and their admissibility in evidence, reporting requirements for banks and financial institutions operating in South Carolina, establishment and operation of wholly-owned subsidiaries of state banks or trust companies, crimes against federally chartered or insured financial institutions
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Failure to report periodic statements to the State Board of Financial Institutions within the given time may result in a fine of ten dollars per day of delay. Failure to comply with reporting requirements may result in the forfeiture of the institution's charters. Violation of crimes against federally chartered or insured financial institutions is considered a felony and can result in fines of up to ten thousand dollars or imprisonment for up to five years, or both.
Jurisdiction
South Carolina