1999-2000 Bill 3865: Credit Unions, Formation Of; Vacation Homes Added to List of Certain

BIL: 3865

RTN: 91

ACN: 49

TYP: General Bill GB

INB: House

IND: 19990407

PSP: Cato

SPO: Cato, Mason, CobbHunter, Knotts, Scott, Trotter, Cooper, Allison, Breeland, G.Brown, H.Brown, J.Brown, Davenport, Emory, Fleming, Harrison, Kelley, Kirsh, Klauber, Lanford, Lee, Littlejohn, Martin, M.McLeod, MeachamRichardson, Miller, Neilson, Rhoad, Riser, Robinson, Sandifer, Sharpe, R.Smith, Stille, Stuart, Townsend, Tripp, Walker, Whipper, Witherspoon, Simrill, Harvin

DDN: l:\council\bills\pt\1416dw.doc

CBN: 715

DPB: 19990525

GOV: S

DGA: 19990601

SUB: Credit unions, formation of; vacation homes added to list of certain loans, Property; Banks and Savings and Loan

HST:

Body Date Action Description Com Leg Involved

______

------19990618 Act No. A49

------19990601 Signed by Governor

------19990526 Ratified R91

Senate 19990525 Read third time, enrolled for

ratification

Senate 19990519 Read second time, notice of

general amendments

Senate 19990512 Recalled from Committee, 02 SBI

placed on the Calendar

Senate 19990511 Introduced, read first time, 02 SBI

referred to Committee

House 19990507 Read third time, sent to Senate

House 19990506 Read second time, unanimous consent

for third reading on Friday,

19990507

House 19990505 Committee report: Favorable 26 HLCI

House 19990415 Co-Sponsor added (Rule 5.2) by Rep. Harvin

House 19990407 Introduced, read first time, 26 HLCI

referred to Committee

Printed Versions of This Bill

Ordered Printed on 19990505

Ordered Printed on 19990512

TXT:

(A49, R91, H3865)

AN ACT TO AMEND SECTIONS 3426300, 3426310, 3426500, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FORMATION OF CREDIT UNIONS AND PERSONS WHO ARE ELIGIBLE TO BE MEMBERS THEREOF SO AS TO FURTHER PROVIDE FOR THOSE PERSONS WHO MAY FORM A CREDIT UNION AND WHO MAY BE MEMBERS OF A CREDIT UNION; AND TO AMEND SECTION 3426860, AS AMENDED, RELATING TO LOANS MADE BY CREDIT UNIONS SECURED BY REAL ESTATE SO AS TO ADD VACATION HOMES TO THE AUTHORIZED LIST OF HOMES ON WHICH SECURED LOANS MAY BE MADE.

Be it enacted by the General Assembly of the State of South Carolina:

Qualifications for formation of credit union

SECTION 1. Section 3426300(1) of the 1976 Code, as added by Act 371 of 1996, is amended to read:

“(1) Any ten or more residents of this State, of legal age, who share one or more common bonds referred to in Section 3426500(2) with one thousand or more residents of this State may apply for a credit union charter by complying with this section.”

Application

SECTION 2. Section 3426310(1) of the 1976 Code, as added by Act 371 of 1996, is amended to read:

“(1) The board shall act upon the application within ninety days. The application shall be approved if the articles and bylaws are in conformity with this chapter and the board is satisfied that:

(a) the characteristics of the membership set forth in the application for charter are favorable to the economic viability of the proposed credit union; and

(b) the reputation and character of the initial board of directors and supervisory committee provide assurance that the credit union’s affairs will be properly administered.”

Membership of a credit union

SECTION 3. Section 3426500(1) and (2) of the 1976 Code, as added by Act 371 of 1996, is amended to read:

“(1) The membership of a credit union may consist of groups having different common bonds, having been duly admitted as members, having paid any required onetime or periodic membership fee, or both, having subscribed to one or more shares, and having complied with such other requirements as the articles of incorporation and bylaws specify.

(2) Credit union membership may also consist of groups having different common bonds of occupation or association or persons employed within a defined business district, building, industrial park or shopping center, and members of the family of such persons who are related by either blood or marriage.”

Loans

SECTION 4. Section 3426860 of the 1976 Code, as added by Act 371 of 1996, is amended to read:

“Section 3426860. Credit unions are authorized to make loans secured by real estate. The real estate collateral may consist of improved or unimproved property including, but not limited to, mobile homes, modular homes, vacation homes, property under construction, condominiums, or single family dwellings which shall be the borrower’s primary residence.”

Time effective

SECTION 5. This act takes effect upon approval by the Governor.

Ratified the 26th day of May, 1999.

Approved the 1st day of June, 1999.

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