South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE
Section 15-11 - Servicemen's Readjustment Act

Universal Citation: SC Code Regs 15-11
Current through Register Vol. 48, No. 3, March 22, 2024

Specific limitations as to the extent to which banks may invest their funds in loans partially guaranteed under Servicemen's Readjustment Act:

Any bank, operating under the supervision of the Board of Bank Control and accepting demand deposits, shall confine the aggregate amount of loans, partially guaranteed under the provisions of Title III of the Servicemen's Readjustment Act of 1944, and which have maturities in excess of five years, to an amount not exceeding its combined capital and surplus, and

Provided further, that the total amount of any such loan to any one person shall not exceed 10% of the capital and surplus of any such bank, except that by approval, in writing, by two-thirds of the Directors of the bank, the amount may be extended to 15% of the bank's capital and surplus. (This rule filed in the Office of the Secretary of State March 22, 1945.)

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