South Carolina General Assembly
108th Session, 1989-1990

Bill 3424

                    Current Status

Bill Number:               3424
Ratification Number:       141
Act Number                 88
Introducing Body:          House
Subject:                   Crimes against a federally chartered or
                           insured financial institution
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A88, R141, H3424)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-3-110 SO AS TO PROVIDE FOR THE CRIMES OF DEFRAUDING A FEDERALLY CHARTERED OR INSURED FINANCIAL INSTITUTION AND OBTAINING PROPERTY OF THE INSTITUTION FRAUDULENTLY, DEFINE TERMS, AND PROVIDE PENALTIES; AND TO AMEND SECTION 16-1-10, AS AMENDED, SO AS TO INCLUDE THE OFFENSE PROVIDED FOR IN THIS ACT.

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

Crimes against a federally chartered or insured financial institution

SECTION 1. Article 1, Chapter 3, Title 34 of the 1976 Code is amended by adding:

"Section 34-3-110. (A) A person knowingly may not execute, or attempt to execute, a scheme or artifice to:

(1) defraud a federally chartered or insured financial institution; or

(2) obtain monies, funds, credits, assets, securities, or other property owned by or under the custody or control of a federally chartered or insured financial institution by means of false or fraudulent pretenses, representations, or promises.

(B) A person who violates the provisions of subsection (A) is guilty of a felony and, upon conviction, must be fined not more than ten thousand dollars or imprisoned for not more than five years, or both.

(C) As used in this section, 'federally chartered or insured financial institution' means:

(1) a bank with deposits insured by the Federal Deposit Insurance Corporation;

(2) an institution with accounts insured by the Federal Savings and Loan Insurance Corporation;

(3) a credit union with accounts insured by the National Credit Union Administration Board;

(4) a federal home loan bank or a member, as defined in Section 2 of the Federal Home Loan Bank Act, 12 U.S.C. Section 1422, of the federal home loan bank system; or

(5) a bank, banking association, land bank, intermediate credit bank, bank for cooperatives, production credit association, land bank association, mortgage association, trust company, savings bank, or other banking or financial institution organized or operating under the laws of the United States.

(D) The provisions of this section do not affect the provisions of Section 34-11-70."

Felony added

SECTION 2. The offense provided for in Section 34-3-110 of the 1976 Code, as contained in Section 1 of this act, is added to the list of crimes classified as felonies in Section 16-1-10.

Time effective

SECTION 3. This act takes effect upon approval by the Governor.