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"Section 33-56-110. No person shall act as a professional fund-raising counsel or professional solicitor for a charitable organization subject to the provisions of this chapter, unless he has first registered with the Secretary of State Attorney General. Applications for registration must be in writing under oath or affirmation in the form prescribed by the Secretary of State Attorney General and contain that information as the Secretary of State Attorney General may require. The application for registration by professional fund-raising counsel or professional solicitor must be accompanied by an annual fee of fifty dollars.

At the time of making application, professional solicitors shall file with and have approved by the Secretary of State Attorney General a surety bond in which the applicant or his employer shall be the principal obligor in the sum of fifteen thousand dollars with one or more sureties satisfactory to the Secretary of State Attorney General, whose liability in the aggregate as such sureties will at least equal that sum and maintain the bond in effect so long as a registration is in effect. However, a deposit of cash in the amount of fifteen thousand dollars may be accepted in lieu of the bond. The bond shall run to the State of South Carolina for the use of the secretary Attorney General or his appropriate division and any person who may have a cause of action against the obligor of the bonds for losses resulting from malfeasance, nonfeasance, or misfeasance in the conduct of solicitation activities. A partnership or corporation which is a professional solicitor may file a consolidated bond on behalf of all its members, officers, and employees.

Each registration is valid throughout the State for one year and may be renewed for additional one-year periods upon written application under oath in the form prescribed by the Secretary of State Attorney General and the payment of the fee prescribed in this chapter.

Professional fundraisers or professional fund-raising counsel who fail to comply with the provisions of this section are liable for an administrative fine not to exceed ten dollars for each day of noncompliance, with a maximum fine under this paragraph of two thousand dollars."

SECTION 416. Section 33-56-120(2) of the 1976 Code, as added by Act 461 of 1994, is amended to read:

"(2) No charitable organization, professional fund-raising counsel, or professional solicitor shall use or exploit the fact of registration so as to lead the public to believe that the registration in any way constitutes an endorsement or approval by the State. However, the use of the following

SECTION 417. Section 33-56-130 of the 1976 Code, as added by Act 461 of 1994, is amended to read:

"Section 33-56-130. If any charitable organization, professional fund-raising counsel, or professional solicitor soliciting contributions from people in this State and having a principal place of business outside the State, or organized under and by virtue of the laws of a foreign state, is subject to the provisions of this chapter and does not otherwise appoint a registered agent for service of process, then that charitable organization, professional fund-raising counsel, or professional solicitor is considered to have irrevocably appointed the secretary Attorney General as an agent upon whom may be served summons, subpoena, subpoena duces tecum, or other process directed to the charitable organization, professional fund-raising counsel, or professional solicitor or any partner, principal officer, or director of it in any action or proceeding brought under the provisions of this chapter. Service of process upon the secretary Attorney General must be made by delivering to and leaving with him personally a copy thereof at the office of the secretary Attorney General and the service shall be sufficient service, provided, that notice of the service and a copy of the process are sent by the secretary Attorney General to the charitable organization, professional fund-raising counsel, or professional solicitor, by registered or certified mail with return receipt requested, at the address set forth in the registration form required to be filed with the secretary Attorney General pursuant to this chapter or, in default of the filing of such form, at the last address known to the secretary Attorney General. Service of the process is complete ten days after the receipt by the secretary Attorney General of a return receipt purporting to be signed by the addressee or a person qualified to receive the registered or certified mail, in accordance with the accepted practices of the United States Postal Service, or, if acceptance was refused by the addressee, ten days after the return to the secretary Attorney General of the original envelope bearing a notation by the postal authorities that receipt thereof was refused."

SECTION 418. Section 33-56-140 of the 1976 Code, as added by Act 461 of 1994, is amended to read:

"Section 33-56-140. (1) Upon his own motion or upon complaint of any person, the secretary Attorney General may investigate any charitable organization, professional fund-raising counsel, or professional solicitor to determine whether the charitable organization, professional fund-raising counsel, or professional solicitor has violated the provisions of this chapter

(2) If any charitable organization, professional fund-raising counsel, or professional solicitor fails to file a registration application, statement, report, or other information required to be filed with the secretary Attorney General under this chapter, or violates the provisions of this chapter, the secretary Attorney General shall notify the delinquent charitable organization, professional fund-raising counsel, or professional solicitor of this fact by mailing a notice by registered or certified mail, with return receipt requested, to its last known address. If the required registration application, statement, annual report, assurance of voluntary compliance, or other information is not filed or if the existing violation is not discontinued within fifteen days after the formal notification or receipt of the notice, the secretary Attorney General may assess an administrative fine not to exceed two thousand dollars against the delinquent organization.

(3) In addition to all other actions authorized by law, the secretary or Attorney General, if they have he has reason to believe that one or more of the following acts or violations listed below has occurred, may bring an action to enjoin the charitable organization, professional fund-raising counsel, professional solicitor, or other person from continuing the act or violation, doing any other acts in furtherance of it, and for such other relief as to the court considers appropriate:

(a) a person is knowingly and wilfully operating in violation of the provisions of this chapter;

(b) a person has knowingly and wilfully made any false statement in any registration application, statement, report, or other information required to be filed by this chapter;

(c) a person has failed to file a registration statement or financial report required by this chapter;

(d) a person is employed or is about to be employed in any solicitation or collection of contributions any device, scheme, or artifice to defraud or to obtain money or property by means of false pretense, representation, or promise;

(e) the officers or representatives of a charitable organization, professional fund-raising counsel, or professional solicitor have refused or failed after notice to produce any records of the organization; or

(4) In addition to the provisions of subsection (3), any person who knowingly and wilfully violates the provisions of this chapter or who knowingly and wilfully gives false or incorrect information to the secretary Attorney General in filing statements or reports required by this chapter, is guilty of a misdemeanor and, upon conviction, for a first offense shall be fined not more than one thousand dollars or be imprisoned for not more than thirty days, and for a second or any subsequent offense shall be fined not more than five thousand dollars or be imprisoned for not more than one year, or both.

(5) Any registration application, statement, report, or other information required to be filed with the Secretary of State Attorney General under this chapter by a charitable organization, professional fund-raising counsel, or professional solicitor which contains false or misleading statements may be rejected by the secretary Attorney General and returned to the submitting party without being filed.

(6) If a person is assessed an administrative fine under this chapter, the person has thirty days to pay the fine. After thirty days, the secretary Attorney General shall give the delinquent person thirty days' notice that he will seek to enjoin the activities of the person. Before the secretary Attorney General seeks an injunction, the person may pay the fines or request a hearing before the secretary Attorney General. A person who fails to remit fines after the required notice is given may be enjoined from engaging in further charitable solicitation activities until the fine is paid. A person assessed a fine may request an evidentiary hearing before the secretary Attorney General. A person may appeal an adverse ruling by the secretary Attorney General to the circuit court. An appeal to the circuit court shall be governed by the standard of review provided in the Administrative Procedures Act and the case law interpreting that provision.

(7) The secretary Attorney General may exercise the authority granted in this section against a person who operates under the guise or pretense of being an organization exempted by the provisions of Section 33-56-40 or 33-56-50 and is not in fact an organization entitled to such an exemption."

SECTION 419. Section 33-56-150 of the 1976 Code, as added by Act 461 of 1994, is amended to read:

"Section 33-56-150. There shall be in the office of the Secretary of State Attorney General a Division of Public Charities which, under the

SECTION 420. Section 33-56-160 of the 1976 Code, as added by Act 461 of 1994, is further amended to read:

"Section 33-56-160. All The first two hundred thousand dollars in administrative fines fine revenue imposed received pursuant to this chapter in a fiscal year may be retained by the Attorney General to offset the expenses of enforcing this chapter. All administrative fines collected pursuant to this chapter in excess of two hundred thousand dollars in a fiscal year must be transmitted to the State Treasurer and deposited in the state general fund. All fees collected under this chapter must be transmitted to the State Treasurer and deposited in a fund separate and distinct from the state general fund and used by the Secretary of State Attorney General for the purpose of administering the provisions of this chapter."

SECTION 421. Section 33-56-190 of the 1976 Code, as added by Act 461 of 1994, is amended to read:

"Section 33-56-190. The secretary Attorney General may enter into agreements with the appropriate authority of any other state for the purpose of exchanging information with respect to charitable organizations, professional fund-raising counsel, and professional solicitors."

SECTION 422. Section 34-1-70 of the 1976 Code is amended to read:

"Section 34-1-70. No bank, building and loan association, savings and loan association, or savings bank may be granted a charter by the Secretary of State Department of Commerce unless and until the Board has approved the application in writing. No branch bank, branch building and loan association, branch savings and loan association, or branch savings bank may be established without the approval in writing of the Board. Before any application for the incorporation of a bank, building and loan association, savings and loan association, or savings bank, or the establishment of a branch thereof may be approved, the Board shall make an investigation to determine whether or not the applicants have complied with all the provisions of law, whether in the judgment of the Board they are qualified to operate the institution and whether the establishment of the bank, building and loan association, savings and loan association, or savings bank or of a branch thereof, would serve the public interest, taking into consideration local circumstances and conditions at the place

SECTION 423. Section 34-3-810 of the 1976 Code is amended to read:

"Section 34-3-810. Any banking corporation organized under the laws of the United States and doing business in this State may become an incorporated bank of this State with all the powers and subject to all the obligations and duties of banks incorporated under the laws of this State, provided such banking corporation has authority by virtue of the laws of the United States to dissolve its organization as a national banking corporation.

A national banking corporation desiring to become such an incorporated bank under the laws of this State shall proceed in the following manner:

(1) It shall take such action in the manner prescribed or authorized by the laws of the United States as shall make its dissolution as a national banking corporation effective at a specified future date; and

(2) A majority of its directors shall thereafter and before the time when its dissolution becomes effective execute under their hands and seals in duplicate, upon the authority of a resolution adopted by the owners of at least two thirds of its capital stock at a meeting held after ten days' notice thereof given to each stockholder by registered mail, a certificate setting forth the following facts:

(a) its name and place of business as a national banking association and the name that it proposes to use as its corporate name after becoming a banking corporation under the laws of this State,

(b) the amount of its capital stock and the number of shares into which it is divided and the par value of each,

(c) the names of its directors and of its officers at the date of its dissolution as a national bank and who will constitute its directors and officers as a State bank and

(d) the date upon which its dissolution as a national banking association shall become effective and upon which date it shall commence business as a bank under the laws of this State.

Such certificate in duplicate shall be thereupon lodged with the Secretary of State Department of Commerce, who shall endorse on the certificate in duplicate the date of its filing in his office. One duplicate of the certificate shall be filed in the office of the Secretary of State Department of Commerce and the other so endorsed shall be issued to the

SECTION 424. Section 34-3-820 of the 1976 Code is amended to read:

"Section 34-3-820. After the issuance of such certificate by the Secretary of State Department of Commerce and the payment to him of the same fees as would be payable for the incorporation of a bank under the laws of this State with a similar capital stock, the corporate existence of such bank as a State bank shall begin as soon as its dissolution as a national banking corporation becomes effective."

SECTION 425. Section 34-9-60 of the 1976 Code is amended to read:

"Section 34-9-60. In addition to all other requirements, no bank or banking institution of any nature shall be granted a charter by the Secretary of State Department of Commerce unless and until the State Board of Bank Control has certified that the paid-in capital of such bank or banking institution is sufficient to qualify such bank or banking institution for membership in the Federal Deposit Insurance Fund."

SECTION 426. Section 34-9-70 of the 1976 Code is amended to read:

"Section 34-9-70. Notwithstanding the provisions of Section 34-9-60 the existing charter of any bank, banking institution or depository may be transferred to new owners proposing to operate a bank, banking institution or depository at a new location and with a new personnel. Operation by such transferees at such new location shall be legal and the provisions of Section 34-9-60 shall not apply thereto if the State Board of Bank Control shall first certify to the Secretary of State Department of Commerce that the public interest will be promoted by the transfer and operation of such institution under the transferred charter at the proposed new location. In such instance the Secretary of State Department of Commerce shall record the transfer and the certificate of the Board and shall amend the transferred charter as to the name and as to the principal place of business if he is petitioned so to do."

SECTION 427. Section 34-27-40 of the 1976 Code is amended to read:

"Section 34-27-40. Ten or more citizens of this State, all who have a common bond of employment (includes employees of organizations owned in the majority by the sponsoring employer), association, churches or church-related organizations, who have associated themselves by an agreement in writing for the purpose of forming a cooperative credit union

Provided, however, that when any federally chartered credit union converts to a state chartered credit union pursuant to Section 34-27-270 and obtains a state charter under this section, it shall be authorized to maintain its membership existing at the time of conversion but thereafter shall be limited in any expansion of membership by the common bond requirements of this section."

SECTION 428. Section 34-28-100 of the 1976 Code is amended to read:

"Section 34-28-100. (1) When authorized by the Board as provided in this article, an association may be formed under the laws of this State for the purpose of conducting a general savings and loan business and having all the powers and purposes authorized by this chapter and otherwise by Title 34.

(2) A written application for authority to organize an association as provided in subsection (1) must be filed with the Board and include:

(a) the proposed corporate name and evidence that the proposed name has been reserved with the Secretary of State Department of Commerce; however, evidence that an association has reserved a corporate name with the Secretary of State Department of Commerce does not preclude the Board from disapproving the name on the grounds of potential confusion with the name of an existing financial institution;

(b) detailed financial and biographical information as the Board may require for each proposed director, chief executive officer, and managing officer;

(c) the total amount of the savings account capital or capital stock proposed to be issued, the amount subscribed by each incorporator, and the method to be used to raise any remaining capital required before the proposed association will be authorized to begin business;

(d) the name and address of the proposed managing officer and chief executive officer, if known;

(f) additional information as the Board may reasonably require. The application for authority to organize must be filed with the Board in triplicate and must be accompanied by a nonrefundable filing fee established by the Board.

(3)(a) Upon the filing of an application, the Board shall make an investigation of:

1. the character, reputation, financial standing, experience, and business qualifications of the proposed officers and directors;

2. the character, reputation, financial standing, and motives of the incorporator or incorporators in organizing the proposed association;

3. the public need for an association or additional association, as the case may be, in the primary service area where the proposed association is to be located, giving particular consideration to the ability of the primary service area to support both the proposed and all other existing associations in the community in the conduct of profitable operations and to the benefits of competition to the public.

(b) Any applicant who files an application which requires an investigation to be conducted outside the State shall reimburse the Board for all costs incurred in the normal course of investigation, which reimbursement must be in addition to the filing fee authorized in this section.

(4) The Board shall approve the application unless it finds that one or more of the conditions in (a) through (f) exist:

(a) Public convenience and advantage will not be promoted by the establishment of the proposed association. In determining whether an applicant meets this requirement, the Board shall consider all materially relevant factors, including:

1. the location and services proposed to be offered by the applicant and currently offered by existing associations in the primary service area to be served by the applicant; and

2. the primary service area's general economic and demographic characteristics.

(b) Local conditions do not indicate reasonable promise of the successful operation of the proposed association and of those associations already established in the primary service area community. In determining whether an applicant meets this requirement, the Board shall consider all materially relevant factors, including:

2. The growth rate, size, financial strength, and operating characteristics of other associations in the primary service area of the proposed association.

(c) The proposed officers and directors do not have sufficient experience, ability, standing, and responsibility to indicate reasonable promise of the successful operation of the association.

(d) The applicant's proposed capital structure is inadequate. In no event may the minimum capital required be less than three million dollars or that larger amount as may be specified in a regulation issued by the Board.

(e) The name of the proposed association does not comply with Section 34-28-110.

(f) No provision has been made for suitable quarters at the location specified in the application.

(5) The order approving an application may impose reasonable conditions which must be met before a certificate of authorization to transact business will be issued, which conditions may include employment of suitable personnel, alterations to the proposed capital structure, the obtaining of suitable quarters at the location proposed, or those other matters as the Board may deem necessary. If the Board approves the application for authority to organize, the applicant shall file its articles of incorporation with the Secretary of State Department of Commerce and apply for a commitment for appropriate insurance of accounts. Upon approval by the Board of the application for authority to organize, the Board shall forward a copy of its final order to the Federal Savings and Loan Insurance Corporation. The corporate existence of an association begins on the date that the approved articles of incorporation are filed with the Secretary of State Department of Commerce, unless otherwise provided in the articles of incorporation, but the association shall not commence business before it is in possession of a certificate of authorization to transact business as provided in Section 34-28-150. Prior to that time, an association may perform only those acts as are necessary to perfect its organization, raise capital, obtain and equip a place of business, and otherwise prepare for a general savings association business."

SECTION 429. Section 34-28-130 of the 1976 Code is amended to read:

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