Current Status Introducing Body:House Bill Number:3185 Ratification Number:191 Act Number:125 Primary Sponsor:Kirsh Type of Legislation:GB Subject:State banks, reserves Date Bill Passed both Bodies:May 27, 1991 Computer Document Number:BBM/9055.DW Governor's Action:S Date of Governor's Action:Jun 04, 1991 Introduced Date:Jan 09, 1991 Date of Last Amendment:May 21, 1991 Last History Body:------ Last History Date:Jun 04, 1991 Last History Type:Act No. 125 Scope of Legislation:Statewide All Sponsors:Kirsh Type of Legislation:General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 3185 ------ Jun 04, 1991 Act No. 125 3185 ------ Jun 04, 1991 Signed by Governor 3185 ------ May 30, 1991 Ratified R 191 3185 House May 27, 1991 Concurred in Senate amendment, enrolled for ratification 3185 Senate May 23, 1991 Read third time, returned with amendment 3185 Senate May 21, 1991 Amended, read second time 3185 Senate May 16, 1991 Committee Report: Favorable 02 3185 Senate Apr 02, 1991 Introduced, read first time, 02 referred to Committee 3185 House Mar 28, 1991 Read third time, sent to Senate 3185 House Mar 26, 1991 Amended, read second time 3185 House Mar 20, 1991 Committee Report: Favorable 26 with amendment 3185 House Jan 09, 1991 Introduced and read first 26 time, referred to CommitteeView additional legislative information at the LPITS web site.
(A125, R191, H3185)
AN ACT TO AMEND SECTION 34-9-130, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT A BANK OR BANKING INSTITUTION MUST ESTABLISH A SURPLUS ACCOUNT AND THE AMOUNT REQUIRED TO BE KEPT IN IT AND IN A MINIMUM DEPOSIT RESERVE, SO AS TO DELETE THOSE REQUIREMENTS AND REQUIRE EVERY STATE BANK WHICH IS NOT A MEMBER OF THE FEDERAL RESERVE SYSTEM TO MAINTAIN THE SAME RESERVES AGAINST DEPOSITS AS IS REQUIRED FOR A STATE BANK WHICH IS A MEMBER OF THE FEDERAL RESERVE SYSTEM AND THE MANNER IN WHICH THEY MUST BE MAINTAINED; AND TO AMEND SECTION 12-13-30, AS AMENDED, RELATING TO THE REQUIREMENT THAT AN ASSOCIATION LOCATED IN THIS STATE MUST PAY INCOME TAX MEASURED BY ITS NET INCOME FROM ALL SOURCES, WITH CERTAIN EXEMPTIONS, SO AS TO CLARIFY THAT INTEREST EARNED ON DEPOSITS AT THE FEDERAL HOME LOAN BANK OF ATLANTA FOR THESE ASSOCIATIONS WHICH MEET THE THRIFT LENDER TEST SET BY FEDERAL LAW IS EXEMPT.
Be it enacted by the General Assembly of the State of South Carolina:
State bank to maintain certain reserves
SECTION 1. Section 34-9-130 of the 1976 Code is amended to read:
"Section 34-9-130. Every state bank which is not a member of the Federal Reserve System shall maintain the same reserves against deposits as required for a state bank which is a member of the Federal Reserve System. These reserves must be maintained in the same kind of assets as required for member banks."
Association to pay income tax
SECTION 2. Section 12-13-30 of the 1976 Code, as amended by Act 170 of 1987, is further amended to read:
"Section 12-13-30. Every association located or doing business within this State shall pay an income tax measured by its net income from all sources, except for income from municipal, state, or federal bonds or securities exempted by law from the tax, including interest earned on deposits at the Federal Home Loan Bank of Atlanta, or its successors, for those savings and loan associations which meet the qualified thrift lender test set forth in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (P.L. 101-73), as amended. The tax is six percent of the net income."
Time effective
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 4th day of June, 1991.