The bill H. 3221 aims to amend Section 6-5-15 of the South Carolina Code of Laws, which pertains to the securing of deposits of funds by local entities. The amendment introduces provisions that specifically address credit unions and the National Credit Union Share Insurance Fund, thereby expanding the scope of qualified public depositories to include these institutions. The bill outlines the requirements for securing deposits that exceed the insurance coverage provided by federal entities, such as the Federal Deposit Insurance Corporation and the National Credit Union Share Insurance Fund. It also details the options available to qualified public depositories for securing uninsured funds, including the Dedicated Method and the Pooling Method.

Additionally, the bill clarifies the definition of "qualified public depository" to encompass various banking and credit institutions operating within the state. It allows local entities to deposit surplus public funds in qualified public depositories, which must then arrange for these funds to be placed in federally insured banks or credit unions, ensuring that the principal and accrued interest are fully insured. The act will take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 6-5-15
Latest Version: 6-5-15
12/06/2024: 6-5-15