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Can you summarize SCSR Chapter 15 Article 2?
STATE BOARD OF FINANCIAL INSTITUTIONS > Cooperative Credit Unions
Short Summary
The provided legal document content covers various aspects of cooperative credit unions in South Carolina. The documents govern the plan of operation for credit unions, including the requirement for members to give a 60-day notice of intention to withdraw shares and the procedure to be followed if there is a possibility of depleting cash on hand. The documents also outline the limitations and restrictions on real estate mortgages, including the requirements for obtaining certificates of title and market value, as well as maintaining fire insurance policies. State-chartered credit unions are authorized to establish branches and act as trustees or custodians of authorized trusts. The documents also address the appointment of executive committees, borrowing from specified sources, submission and approval of pilot programs, merging of credit unions, withdrawal of shares using drafts, leasing of personal property, declaration of dividends, adjustable rate mortgage loans, and expansion of field of membership. The documents apply to credit unions, their members, employees, and individuals or entities involved in transactions with credit unions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Credit unions, associations of credit unions, state-chartered credit unions, members of credit unions, employees of credit unions, lessees of personal property, and borrowers of credit unions
What does it govern?
Plan of operation for credit unions, limitations and restrictions on real estate mortgages, establishment of branches, acting as trustee or custodian of trusts, appointment of executive committee, borrowing from sources, submission and approval of pilot programs, merging of credit unions, withdrawal of shares using drafts, leasing of personal property, declaration of dividends, adjustable rate mortgage loans, and expansion of field of membership
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
South Carolina