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 composed of seven members, including representatives from the State Department of Education and appointments from the Governor, Speaker of the House, and President of the Senate. The bank will be responsible for selecting and funding qualified projects, which are defined as capital developments or improvements to school-related infrastructure, excluding maintenance or recreational facilities. The bank will maintain an interest-bearing state education account and will be funded by ten percent of fees collected from any fees in lieu of taxes, along with potential contributions from various sources.

Additionally, the bill outlines the powers and responsibilities of the bank, including the ability to adopt bylaws, establish fiscal controls, and distribute funds to qualified projects, prioritizing those in economically disadvantaged areas. The board will not be liable for actions taken within its authority, and all funds will be managed by the State Treasurer. The bank is required to submit an annual report of its activities and undergo an independent audit each fiscal year. Local school districts seeking funding must provide justification for their projects and share their requests with local legislative delegations. The act will take effect upon the Governor's approval, applying to fees collected after its enactment.