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Can you summarize 34 SCCL Chapter 26?
Banking, Financial Institutions and Money > SOUTH CAROLINA CREDIT UNION ACT
Short Summary
The South Carolina Credit Union Act covers a wide range of topics related to credit unions in South Carolina. It outlines the requirements for membership in a credit union, including common bond criteria and the process for adding additional occupation and association groups to a credit union’s field of membership. The Act also addresses reserve allocations for credit unions, specifying the establishment of regular reserves and special reserves to protect the interests of members. It provides guidelines for permissible investments of credit union funds, including various investment options and limitations on the total investment amount. The Act also governs member services that credit unions can provide, such as acting as trustees or custodians of retirement accounts and offering financial services like negotiable checks and wire transfers. It outlines the procedures for the conversion and dissolution of credit unions, including the approval requirements and asset transfer processes. The Act establishes the supervisory and regulatory framework for credit unions, including the roles and responsibilities of the supervisory committee, credit committee, and board of directors. It also grants credit unions certain powers and authorities to carry out their purposes, subject to federal law limitations. The Act addresses the formation and operation of credit unions, including requirements for obtaining approval, changing the principal place of business, and amending articles of incorporation and bylaws. It also provides guidelines for the supervision and regulation of credit unions, including reporting requirements, examinations, and the appointment of conservators or liquidating agents if necessary. Overall, the South Carolina Credit Union Act provides comprehensive regulations and guidelines for credit unions operating in South Carolina.
Whom does it apply to?
The South Carolina Credit Union Act applies to credit unions incorporated under the laws of South Carolina, their members, board of directors, supervisory committee, credit committee, and other individuals involved in credit union operations.
What does it govern?
The South Carolina Credit Union Act governs various aspects related to credit unions and their operations, including membership, reserve allocations, permissible investments, member services, conversion and dissolution, supervision and regulation, formation and operation, and powers and authorities.
What are exemptions?
No specific exemptions are mentioned in the provided legal document content.
What are the Penalties?
No specific penalties are mentioned in the provided legal document content.
Jurisdiction
South Carolina