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A181, R191, S964

STATUS INFORMATION

General Bill
Sponsors: Senator Thomas
Document Path: l:\council\bills\agm\18993mm08.doc
Companion/Similar bill(s): 4483

Introduced in the Senate on January 9, 2008
Introduced in the House on February 5, 2008
Passed by the General Assembly on February 8, 2008
Governor's Action: February 19, 2008, Signed

Summary: Banks

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    1/9/2008  Senate  Introduced and read first time SJ-4
    1/9/2008  Senate  Referred to Committee on Banking and Insurance SJ-4
   1/24/2008  Senate  Committee report: Favorable with amendment Banking and 
                        Insurance SJ-7
   1/25/2008          Scrivener's error corrected
   1/29/2008  Senate  Committee Amendment Adopted SJ-9
   1/30/2008  Senate  Read second time SJ-16
   1/31/2008  Senate  Read third time and sent to House SJ-17
    2/5/2008  House   Introduced and read first time HJ-14
    2/5/2008  House   Referred to Committee on Labor, Commerce and Industry 
                        HJ-14
    2/6/2008  House   Committee report: Favorable Labor, Commerce and Industry 
                        HJ-6
    2/7/2008  House   Read second time HJ-32
    2/7/2008  House   Unanimous consent for third reading on next legislative 
                        day HJ-32
    2/8/2008  House   Read third time and enrolled HJ-3
   2/13/2008          Ratified R 191
   2/19/2008          Signed By Governor
   2/21/2008          Copies available
   2/21/2008          Effective date 02/19/08
   2/25/2008          Act No. 181

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/9/2008
1/24/2008
1/25/2008
1/29/2008
2/6/2008

(A181, R191, S964)

AN ACT TO AMEND SECTION 34-3-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROHIBITION OF THE USE OF THE WORD "BANK" IN CONNECTION WITH A PURSUIT OTHER THAN BANKING, SO AS TO PROHIBIT THE USE OF A BANKING ENTITY'S LOGO OR NAME IN CONNECTION WITH A FINANCIAL TRANSACTION WITHOUT ITS WRITTEN CONSENT, AND TO PROVIDE FOR REMEDIES, INCLUDING REIMBURSEMENT OF ATTORNEY'S FEES AND COSTS.

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

Use of name or logo of banking entity

SECTION    1.    Section 34-3-10 of the 1976 Code is amended to read:

"Section 34-3-10.    (A)    A person in this State, other than a legalized incorporated banking institution, may not use the word 'bank' or 'banking' in connection with a business, calling, or pursuit; except that a state-chartered savings and loan association may change its designation and name to a 'savings bank' pursuant to the same authority and subject to the same rules and regulations that federally-chartered savings and loan associations are permitted to make that change according to the provisions of Public Law 97-320 (the Garn-St. Germain Depository Institutions Act of 1982). A person violating the provisions of this subsection must be fined not less than one thousand dollars and not more than ten thousand dollars or imprisoned not more than ten years or less than one year, or both fined and imprisoned, all in the discretion of the court.

(B)(1)    A person in this State may not use the name or logo of a banking entity in connection with the sale, offering for sale, or advertising of a financial product or service without the written consent of that banking entity. A person violating this subsection must be fined not less than five hundred dollars and not more than one thousand dollars for each separate use of the name or logo of a banking entity in connection with the sale, offering for sale, or advertising of a financial product or service without the written consent of the banking entity.

(2)    A banking entity may file an action to enjoin the use of its name or logo in connection with the sale, offering for sale, distribution, or advertising of a financial product or service without its written consent. A court of competent jurisdiction may grant an injunction to restrain the wrongful use and may require the defendants to pay to the banking entity all profits derived from, and all damages suffered by reason of, the wrongful use of the name or logo, including costs and reasonable attorney's fees.

(3)    The remedies of this subsection are not exclusive and do not preclude the use of another remedy at law."

Time effective

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

Ratified the 13th day of February, 2008.

Approved the 19th day of February, 2008.

This web page was last updated on Monday, October 10, 2011 at 1:30 P.M.