The bill S. 60 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 the inclusion of credit unions and the National Credit Union Share Insurance Fund in the context of securing deposits. It clarifies the definition of "qualified public depository" to encompass various financial institutions, including federal and state credit unions, and outlines the responsibilities of these depositories in securing deposits through various means such as indemnity bonds, collateral pledges, or irrevocable letters of credit.

Additionally, the bill establishes guidelines for local entities regarding the acceptance of collateral securities and the management of uninsured funds. It provides two methods for securing these funds: the Dedicated Method, where uninsured funds are secured separately, and the Pooling Method, which allows for a collective pool of collateral under the direction of the State Treasurer. The bill emphasizes the importance of maintaining accurate records of pledged securities and mandates that local entities exercise prudence in their financial dealings. The act will take effect upon approval by the Governor.

Statutes affected:
12/11/2024: 6-5-15
Latest Version: 6-5-15