South Carolina § 34-3-380 - Report of condition.
Full text of South Carolina South Carolina Code of Laws § 34-3-380 — Report of condition., with citation guidance and answers to common questions.
§ 34-3-380. Report of condition.
All institutions doing business in this State in lending money and receiving deposits, under acts of incorporation granted by the State, under penalty of a forfeiture of their charters, shall provide when and as called for by the State Board of Financial Institutions, without previous notice, a correct report of the condition and business of the institution. The report must contain a statement under oath by the chief executive or chief financial officer of the institution of the amount of the capital stock paid in, the institution's total capital as compared to the minimum capital set forth in Section 34-9-40, deposits, discounts, property, and liabilities of the institution verified by two of the directors. This section applies to all private banking institutions whether chartered or not. The board shall accept in lieu of the report required by this section a report of condition filed with the federal banking agencies.
HISTORY: 1962 Code SECTION 8-259; 1952 Code SECTION 8-259; 1942 Code SECTION 7861; 1932 Code SECTIONS 1354, 7858; Cr. C. '22 SECTIONS 245, 3988; Cr. C. '12 SECTIONS 255, 2642; Civ. C. '02 SECTION 1766; G. S. 1352; R. S. 1468; 1874 (15) 526; 1904 (24) 398; 1909 (26) 90; 1933 (36) 296; 1936 (39) 1484; 1985 Act No. 128, SECTION 3; 1995 Act No. 116, SECTION 1, eff (became law without the Governor's signature on June 13, 1995); 2021 Act No. 30 (S.467), SECTION 5, eff May 6, 2021.
Effect of Amendment
The 1995 amendment provided for submitting a report of condition filed with federal banking agencies in lieu of the report required by this section.
2021 Act No. 30, SECTION 5, in the second sentence, substituted "The report must" for "The report shall" and "chief executive or chief financial officer" for "president or cashier", inserted "the institution's total capital as compared to the minimum capital set forth in Section 34-9-40,", and substituted "two of the directors" for "three of the directors".
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 34-3-380
What does South Carolina Code of Laws § 34-3-380 cover?
Section 34-3-380 ("Report of condition.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 34-3-380?
A common citation format is "South Carolina Code of Laws § 34-3-380" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 34-3-380 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.