South Carolina § 11-5-450 - Accounts not guaranteed by the State; rules and regulations.

§ 11-5-450. Accounts not guaranteed by the State; rules and regulations.

(A) Nothing in this article may create or be construed to create any obligation of the State Treasurer, the State, or any agency or instrumentality of the State to guarantee for the benefit of an account owner or designated beneficiary with respect to the:

(1) return of principal;

(2) rate of interest or other return on an account; or

(3) payment of interest or other return on an account.

(B) The State Treasurer may adopt rules and promulgate regulations to provide that each contract, application, or other similar document that may be used in connection with opening an account clearly indicates that the account is not insured by the State and that the principal deposited and the investment return are not guaranteed by the State.

HISTORY: 2016 Act No. 165 (H.3768), SECTION 1, eff April 29, 2016; 2019 Act No. 88 (H.3986), SECTION 1, eff May 24, 2019.

Editor's Note

2016 Act No. 165, SECTION 4, provides as follows:

"SECTION 4. This act takes effect upon approval by the Governor and applies for tax years beginning after 2015."

Effect of Amendment

2019 Act No. 88, SECTION 1, reenacted the section with no apparent change.