South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 2 - COOPERATIVE CREDIT UNIONS
Section 15-45 - Electronic Fund Transfers

State chartered credit unions, associations of credit unions, and any other parties interested in credit union programs may submit pilot programs relating to electronic funds transfer through remote service units, loan programs and other operational systems to the Board of Bank Control for approval.

A program will be designated a pilot program if it is determined that the implementation of the program will provide the Board with the information necessary for the establishment of permanent programs which will effectively benefit all credit unions and the parties they serve.

Where a pilot program is deemed appropriate and the submitting party is a credit union, such credit union will be designated the credit union to implement the pilot program, provided the Board determines the implementation by such credit union would best serve the Board's observation and evaluation of the actual operation of the pilot program. If the requesting credit union is deemed unqualified for implementation, or if the submitting party is not a credit union, the Board may, with the consent of the submitting party, designate an alternate credit union to test the program.

A termination date will be specified for the credit union designated to implement a pilot program. If, at the termination date, additional time is needed for complete evaluation, the Board may extend the time at the request of the designated credit union. The Board reserves the right to terminate or otherwise modify any ongoing pilot program. At the end of the evaluation period or extensions thereof, the Board will determine the benefits of the program and may authorize other qualified credit unions to adopt the same program, or a modification thereof, in which case approval by the Board will be required.

Statutory Authority: 1976 Code Section 34-1-110