Current Status Bill Number:1343 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19960409 Primary Sponsor:Alexander All Sponsors:Alexander Drafted Document Number:gjk\22633sd.96 Residing Body:Senate Current Committee:Banking and Insurance Committee 02 SBI Subject:Credit or debit card, issuer may not hold or block credit
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19960409 Introduced, read first time, 02 SBI
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-3-225 SO AS TO PROVIDE THAT NO BANK, FINANCIAL ORGANIZATION, OR OTHER ENTITY ISSUING A CREDIT OR DEBIT CARD MAY HOLD OR BLOCK FROM THE UNDERLYING ACCOUNT OR LINE OF CREDIT MORE THAN ONE HUNDRED PERCENT OF THE AMOUNT OR VALUE OF ANY PURCHASE OR TRANSACTION ENTERED INTO BY THE HOLDER OR ANOTHER AUTHORIZED USER OF THE CREDIT OR DEBIT CARD.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 34-3-225. No bank, financial organization, or other entity, whether or not a supervised financial organization under the consumer protection code, issuing a credit or debit card may hold or block from the underlying account or line of credit more than one hundred percent of the amount or value of any purchase or transaction entered into by the holder or another authorized user of the credit or debit card."
SECTION 2. This act takes effect upon approval by the Governor.