S.C. Code Ann. Regs. 15-39
15-39A. Repealed.
15-39B. Repealed.
15-39C. Repealed.
15-39D. Non-interest Bearing Negotiable Order of Withdrawal (NINOW) Accounts by State-charted Savings and Loan Associations.
(c) An association shall not distribute earnings or pay interest on NINOW accounts.
(2) The drafts or bills of exchange drawn upon the accepting bank shall have not more than three months sight to run, exclusive of days of grace, drawn under regulations of the Board of Governors of the Federal Reserve System by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in the respective countries, dependencies, or insular possessions; provided, however, that such drafts or bills of exchange are accompanied by documents conveying or securing title or by some other adequate security.
State-chartered savings and loan associations are authorized to engage in financial options trading in the same manner as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulations Parts 545 and 563, Subchapters C and D, Chapter V of Title 12, Code of Federal Regulations, Number 82-557, as amended August 11, 1982, effective September 13, 1982.
15-39N. Terms and Conditions for State-chartered Savings and Loan Associations to make Home Mortgage Loans.
State-chartered savings and loan associations are authorized to make home mortgage loans under the same terms and conditions as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulations Parts 545 and 555 of Subchapter C and Parts 561, 563 and 570 of Subchapter D, Chapter V of Title 12, Code of Federal Regulations, Number 82-558, as amended August 11, 1982, effective August 16, 1982.
15-39O. State-chartered Savings and Loan Associations Authorized to Act as Depository and Fiscal Agent to the Government.
State-chartered savings and loan associations are authorized to act as depositary and fiscal agent of the Government in the same manner as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulations Parts 523 and 526 of Subchapter B, Part 545 of Subchapter C, and Parts 561, 563 and 564 of Subchapter D, Chapter V of Title 12, Code of Federal Regulations, as amended August 11, 1982, effective August 11, 1982.
15-39P. State-chartered Savings and Loan Associations Authorized to Engage in Activities Authorized by the Federal Home Loan Bank Board.
The Garn-St Germain Depository Institutions Act of 1982 permits federally chartered savings and loan associations to engage in certain activities such as Demand Deposits, Governmental Unit NOW Accounts, Commercial Real Estate Loans, Commercial Loans, and Consumer Loans. However, before federally chartered savings and loan associations can engage in these activities, the Federal Home Loan Bank Board must promulgate a regulation authorizing these activities. On November 4, 1982, the Federal Home Loan Bank Board adopted Temporary final rule No. 82 which permits federally chartered savings and loan associations to engage in the above-mentioned activities, effective retroactively to October 15, 1982, the date of the enactment of the Garn-St Germain Depository Institutions Act of 1982.
State-chartered savings and loan associations are authorized to engage in those activities mentioned above that are authorized by the Federal Home Loan Bank Board for federally chartered savings and loan associations by Temporary final rule No. 82, dated November 4, 1982.
15-39Q. Alternative Mortgage Consumer Loans.
With respect to a consumer loan (as defined in Consumer Protection Code Sections 37-3-104 and 37-3-105) which is secured in whole or in part by a lien on real estate under which the aggregate of all sums advanced or contemplated by the parties in good faith to be advanced will not exceed $100,000.00, state-chartered banks, state-chartered savings and loan associations, and state-chartered credit unions (individually, a "financial institution") are authorized to make alternative mortgage loans (as defined in Consumer Protection Code Section 37-1-301 (5)); provided that, if the rate is variable:
any index to which the variable rate is linked is beyond the control of the financial institution making the loan and is readily available to and verifiable by the borrower, and
disclosures related to rate variations comply with the variable rate disclosure requirements of the Truth in Lending Act (15 U.S.C. Sections 1601 et seq.), as implemented by Federal Reserve Board Regulation Z (12 C.F.R. Part 226), both as amended from time to time. (NOTE: When permitted by Regulation Z, compliance with variable rate mortgage disclosure requirements contained in regulations of other federal agencies, as amended from time to time, such as the disclosure provision of the Adjustable-Rate Mortgage regulation of the Comptroller of the Currency (12 C.F.R. Part 29) and the home loan disclosure provision of the regulations of the Federal Home Loan Bank Board (12 C.F.R. Part 545), may be substituted for Regulation Z variable rate disclosures.) Regulation was adopted March 22, 1985.
15-39R. Repealed.
15-39S. Liquid Assets.
Every state-chartered savings and loan association and savings bank must maintain at all times at least 5% of its total liabilities in liquid assets as defined in Section 34-28-30, Subsection (13), Code of Laws of South Carolina.
Total liabilities are defined as total assets less loans in process, specific reserves, deferred credits other than deferred taxes, and tangible net worth.
State-chartered banks may make loans secured by first liens on improved real estate as provided for in Section 34-13-20, Code of Laws of South Carolina, 1976, as amended, and when amortization is required as provided for in subsection (e) of Section 34-13-20, payments may be based on an amortization schedule of not more than 30 years, even though the term of the loan may be less than 30 years.
This regulation allows state-chartered banks to amortize first mortgage real estate loans in the same way as allowed national banks by 12 USC 371 Section 7.2125 (c) as amended, effective October 25, 1978.
State-chartered savings and loan associations are authorized to make graduated payment adjustable mortgage loan instruments under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.6-4a of the Federal Home Loan Bank Board Regulation 545, as amended by the Federal Home Loan Bank Board on September 30, 1980, effective October 8, 1980, and again amended by the Federal Home Loan Bank Board on July 14, 1981, effective July 22, 1981.
State-chartered savings and loan associations will be authorized to make balloon payment mortgage loans and reverse annuity mortgage loans under the same terms and conditions as will be permitted federally chartered savings and loan associations by a proposed amendment dated July 14, 1981, of the Federal Home Loan Bank Board to part 545, subchapter C, Chapter V of Title 12, Code of Federal Regulations.
15-39I. Personal Property Leasing by State-chartered Savings and Loan Associations.
State-chartered savings and loan associations may engage in personal property leasing under the same terms and conditions as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulation Parts 541 and 545 of Subchapter C and Part 561 of Subchapter D, Chapter V of Title 12, Code of Federal Regulations, as amended by Regulation Number 82-21 dated January 14, 1982, of the Federal Home Loan Bank Board.
State-chartered banks may engage in the leasing of personal property under the same terms and conditions as permitted national banks by 12 CFR Chapter 1—Section 7.3400, Department of the Treasury, Office of the Comptroller of the Currency, Regulation dated April 13, 1979.
State-chartered savings and loan associations are authorized to engage in correspondent activities in the same manner as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulation Part 545, Subchapter C, Chapter V of Title 12, Code of Federal Regulations, Number 82-266 dated April 15, 1982, effective May 21, 1982.
State-chartered banks may purchase bank acceptances made by other banks in excess of 15% of the purchasing bank's capital stock, surplus, and capital notes and debentures, but not to exceed in the aggregate at any time more than 50% of the bank's paid-up capital stock, surplus, and capital notes and debentures, provided the acceptance purchased meets one of the following requirements:
1976 Code Sections 34-1-60
This regulation, which became effective March 12, 1982, was numbered 15-40-D by the State Board of Financial Institutions. Because the regulation contains subject matter generally treated in Article 1, and not Article 2 as the original number suggests, the regulation has been designated as 15-39D by the publisher's editorial staff.
15-39E. First Mortgage Real Estate Loans by State-chartered Banks.
This regulation, which became effective November 13, 1981, was numbered 15-40-E by the State Board of Financial Institutions. Because the regulation contains subject matter generally treated in Article 1, and not Article 2 as the original number suggests, the regulation has been designated as 15-39E by the publisher's editorial staff.
15-39F. Graduated Payment Adjustable Mortgage Loan Instruments by State-chartered Savings and Loan Associations.
This regulation, which became effective November 13, 1981, was numbered 15-40-F by the State Board of Financial Institutions. Because the regulation contains subject matter generally treated in Article 1, and not Article 2 as the original number suggests, the regulation has been designated as 15-39F by the publisher's editorial staff.
15-39G. Balloon Payment and Reverse Annuity Mortgage Loans by State-chartered Savings and Loan Associations.
This regulation, which became effective November 13, 1981, was numbered 15-40-G by the State Board of Financial Institutions. Because the regulation contains subject matter generally treated in Article 1, and not Article 2 as the original number suggests, the regulation has been designated as 15-39G by the publisher's editorial staff.
15-39H. Repealed.
This regulation, which became effective February 26, 1982, was numbered 15-40-J by the State Board of Financial Institutions. Because the regulation contains subject matter generally treated in Article 1, and not Article 2 as the original number suggests, and to retain the proper sequencing, the regulation has been designated as 15-39I by the publisher's editorial staff.
15-39J. Personal Property Leasing by State-chartered Banks.
This regulation, which became effective February 26, 1982, was numbered 15-40-K by the State Board of Financial Institutions. Because the regulation contains subject matter generally treated in Article 1, and not Article 2 as the original number suggests, and to retain the proper sequencing, the regulation has been designated as 15-39J by the publisher's editorial staff.
15-39K. Correspondent Activities by State-chartered Savings and Loan Associations.
This regulation, effective May 28, 1982, was numbered 15-40-L by the State Board of Financial Institutions. Because the regulation contains subject matter generally treated in Article 1, and not Article 2 as the original number suggests, and to retain the proper sequencing, the regulation has been designated as 15-39K by the publisher's editorial staff.
15-39L. State-chartered Banks Purchasing Bank Acceptances.
This regulation, which became effective July 23, 1982, was numbered 15-40-M by the State Board of Financial Institutions. Because the regulation contains subject matter generally treated in Article 1, and not Article 2 as the original number suggests, and to retain the proper sequencing, the regulation has been designated as 15-39L by the publisher's editorial staff.
15-39M. Terms and Conditions for State-chartered Savings and Loan Associations to Engage in Financial Options Trading.
HISTORY: Former Regulation, titled Trust powers, repealed by SCSR 49-11 Doc. No. 5397, eff November 28, 2025.
HISTORY: Former Regulation, titled Mutual Capital Certificates, repealed by SCSR 49-11 Doc. No. 5391, eff November 28, 2025.
HISTORY: Former Regulation, titled Adjustable-rate Mortgages, repealed by SCSR 49-11 Doc. No. 5385, eff November 28, 2025.
HISTORY: Former Regulation, titled Adjustable Mortgage Loan Instruments, repealed by SCSR 49-11 Doc. No. 5384, eff November 28, 2025.
HISTORY: Former Regulation, titled Financial Institutions May Share in Ownership or Lease and Operation of Freestanding Automatic Teller Machine Branches, repealed by SCSR 48-11 Doc. No. 5291, eff November 22, 2024.
HISTORY: Added by State Register Volume 6, eff November 26, 1982.
HISTORY: Added by State Register Volume 6, eff November 26, 1982.
HISTORY: Added by State Register Volume 6, eff November 26, 1982.
HISTORY: Added by State Register Volume 7, Issue No. 2, eff February 25, 1983.
HISTORY: Added by State Register Volume 9, eff March 22, 1985.
HISTORY: Former Regulation, titled Regulatory Net Worth Requirements, had the following history: Added by State Register Volume 10, Issue No. 5, eff May 23, 1986. Repealed by SCSR 48-11 Doc. No. 5288, eff November 22, 2024.
HISTORY: Added by State Register Volume 10, Issue No. 5, eff May 23, 1986.