South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE
Section 15-17 - Federal 100 Percent Guaranteed Loans

Universal Citation: SC Code Regs 15-17
Current through Register Vol. 48, No. 3, March 22, 2024

Any bank may make and grant loans to any person, company, firm, or corporation in excess of 15%, but not to exceed 50%, of the combined common capital stock, capital notes, and surplus accounts of the bank if the amount of any such loan in excess of the 15% limitation imposed by Section 34-13-50 is 100% guaranteed by an agency of the United States Government or secured by Certificates of Deposits, and any such loan shall also be approved by a two-thirds vote of the whole Board of Directors of the bank, as required by Section 34-13-50 of the Code. No such loan shall be made to a Director or Officer of any such bank or to any firm, company or corporation in which the bank Director or Officer of such bank is interested.

Statutory Authority: 1976 Code Section 34-1-60

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