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 of the governing board, and the powers and responsibilities of the bank. It includes provisions for liability protections for board members, annual reporting requirements, and mandates that local school boards provide justification for funding requests. 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.