The "South Carolina Education Bank Act" aims to establish the South Carolina Education Bank as a public instrumentality of the state, governed by a board of directors. This bank will be responsible for financing qualified education-related projects by distributing funds to governmental units and private entities for the construction and improvement of educational facilities. The act outlines the powers and responsibilities of the bank, including the establishment of an interest-bearing state education account, the ability to adopt bylaws, and the authority to sue and be sued. It also specifies the funding mechanism for the bank, which will be derived from ten percent of fees collected from fees in lieu of taxes, along with potential contributions from various sources.

Additionally, the act mandates that local school district boards must provide justification for funding requests, including projected costs and timelines, and share these requests with their local legislative delegation. The bank is required to submit an annual report of its activities to the Governor and the General Assembly, and its financial activities will be audited by an independent certified public accountant at least once a year. The provisions of the act will take effect upon the Governor's approval, and the funding mechanism will apply to fees collected after the act's effective date.