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A252, R259, S1114

STATUS INFORMATION

General Bill
Sponsors: Senator Thomas
Document Path: l:\s-res\dlt\007appo.dag.doc

Introduced in the Senate on February 2, 2006
Introduced in the House on February 15, 2006
Passed by the General Assembly on March 17, 2006
Governor's Action: March 24, 2006, Signed

Summary: State Financial Institutions Board

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    2/2/2006  Senate  Introduced and read first time SJ-2
    2/2/2006  Senate  Referred to Committee on Banking and Insurance SJ-2
    2/8/2006  Senate  Committee report: Favorable Banking and Insurance SJ-15
    2/9/2006  Senate  Read second time SJ-13
   2/14/2006  Senate  Read third time and sent to House SJ-12
   2/15/2006  House   Introduced and read first time HJ-10
   2/15/2006  House   Referred to Committee on Labor, Commerce and Industry 
                        HJ-10
   3/15/2006  House   Committee report: Favorable Labor, Commerce and Industry 
                        HJ-96
   3/16/2006  House   Read second time HJ-13
   3/16/2006  House   Unanimous consent for third reading on next legislative 
                        day HJ-14
   3/17/2006  House   Read third time and enrolled HJ-3
   3/23/2006          Ratified R 259
   3/24/2006          Signed By Governor
   3/28/2006          Copies available
   3/28/2006          Effective date 03/24/06
    4/5/2006          Act No. 252

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/2/2006
2/8/2006
2/8/2006-A
3/15/2006

(A252, R259, S1114)

AN ACT TO AMEND SECTION 34-1-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPOINTMENT OF MEMBERS TO THE STATE BOARD OF FINANCIAL INSTITUTIONS, TO PROVIDE THAT ONE MEMBER OF THE BOARD MUST BE A RESTRICTED OR SUPERVISED LENDER RECOMMENDED BY THE INDEPENDENT CONSUMER FINANCE ASSOCIATION.

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

Board membership

SECTION    1.    Section 34-1-20 of the 1976 Code, as last amended by Act 437 of 1998, is further amended to read:

"Section 34-1-20.    The State Board of Financial Institutions is composed of ten members, one of whom is the State Treasurer as an ex officio member and as the chairman. The remaining nine members must be appointed by the Governor with the advice and consent of the Senate. Four must be engaged in banking and recommended by the South Carolina Bankers Association, one must be recommended by the association of supervised lenders, one must be engaged in the licensed consumer finance business as a restricted lender or a supervised lender and recommended by the Independent Consumer Finance Association, two must be engaged in the cooperative credit union business and recommended by the State Cooperative Credit Union League, and one must be unaffiliated with a financial organization and serve as a representative of the consumer of the State. The terms of the present members are not affected. Each member shall represent the best interests of the public and shall not serve more than two consecutive four-year terms. The association which is to provide a member to fill a vacancy on the board, except for a consumer representative, shall submit three names, from three different institutions, from which the Governor shall select one."

Time effective

SECTION    2.    This act takes effect upon approval by the Governor.

Ratified the 23rd day of March, 2006.

Approved the 24th day of March, 2006.

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