The "South Carolina Education Bank Act" aims to establish the South Carolina Education Bank as a public instrumentality to finance education-related infrastructure projects. The bill creates a governing board responsible for overseeing the bank's operations, which will include selecting qualified projects, distributing funds, and maintaining an interest-bearing state education account. The bank will be funded by ten percent of fees collected from fees in lieu of taxes, with additional contributions from governmental units and private entities. Priority for funding will be given to projects in Tier III and IV counties.

The legislation outlines the definitions of key terms, the structure and powers of the governing board, and the requirements for local school boards when requesting funds. It also includes provisions for liability protections for the board, mandates annual reporting and auditing of the bank's activities, and specifies that all funds must be deposited with the State Treasurer. The act will take effect upon the Governor's approval, and the funding provisions will apply to fees collected after the act's effective date.