Download This Version in Microsoft Word format
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.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-3-10 of the 1976 Code is amended to read:
"Section 34-3-10. No (A) A person in this State shall, other than a legalized incorporated banking institution, may not use the word 'bank' or 'banking' in connection with any a business, calling, or pursuit other than a legalized incorporated banking institution; provided, ; 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 such that change according to the provisions of Public Law 97-320 (the Garn-St. Germain Depository Institutions Act of 1982). Any A person violating the provisions of this section is subject to a fine of subsection must be fined not less than one thousand dollars and not more than ten thousand dollars and to imprisonment for or imprisoned not exceeding more than ten years nor 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.
(3) The remedies of this subsection are not exclusive and do not preclude the use of another remedy at law."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Monday, June 22, 2009 at 2:53 P.M.