South Carolina § 34-1-20 - Appointment of members.

§ 34-1-20. Appointment of members.

The State Board of Financial Institutions is composed of eleven members, one of whom is the State Treasurer as an ex officio member and as the chairman. The remaining ten members must be appointed by the Governor with the advice and consent of the Senate. Four must be engaged in banking and recommended by the South Carolina Bankers Association, one must be recommended by the association of supervised lenders, one must be engaged in the mortgage lending business and recommended by the Mortgage Bankers Association of the Carolinas, one must be engaged in the licensed consumer finance business as a restricted lender or a supervised lender and recommended by the Independent Consumer Finance Association, two must be engaged in the cooperative credit union business and recommended by the State Cooperative Credit Union League, and one must be unaffiliated with a financial organization and serve as a representative of the consumers of the State. The terms of the present members are not affected. Each member shall represent the best interests of the public and shall not serve more than two consecutive four-year terms. The association which is to provide a member to fill a vacancy on the board, except for a consumer representative, shall submit three names, from three different institutions, from which the Governor shall select one.

HISTORY: 1962 Code SECTION 8-52; 1952 Code SECTION 8-52; 1942 Code SECTION 7829; 1936 (39) 1484; 1953 (48) 357; 1964 (53) 1743; 1965 (54) 243; 1976 Act No. 683 SECTION 2; 1980 Act No. 517 Part II, SECTION 17; 1984 Act No. 395, SECTION 4; 1985 Act No. 15; 1990 Act No. 392, SECTION 1, eff April 3, 1990; 1998 Act No. 437, SECTION 1, eff upon approval (became law without the Governor's signature on April 21, 1998); 2006 Act No. 252, SECTION 1, eff March 24, 2006; 2009 Act No. 67, SECTION 3.A, eff January 1, 2010.

Effect of Amendment

The 1990 amendment increased the membership from nine to ten, substituted "one must be recommended by the association of supervised lenders" for "one must be engaged in the licensed consumer finance business and be recommended by the Consumer Financial Associations", and added "one must be engaged in the licensed consumer business as a restricted lender and recommended by the association of restricted lenders."

The 1998 amendment rewrote this section.

The 2006 amendment, in the third sentence, added "or a supervised lender" following "restricted lender" and substituted "Independent Consumer Finance Association" for "association of restricted lenders".

The 2009 amendment substituted in the first sentence "eleven" for "ten", and in the second sentence substituted "ten" for "nine" and added "one must be engaged in the mortgage lending business and recommended by the Mortgage Bankers Association of the Carolinas,".