The bill H. 3914 aims to amend the South Carolina Code of Laws by updating Section 62-6-101, which pertains to definitions related to accounts. The amendment specifically includes "patronage capital accounts of an electric cooperative or a telephone cooperative" as part of the definition of an "Account." This addition recognizes the financial arrangements associated with these cooperatives, thereby expanding the scope of what constitutes an account under the law.

The bill is set to take effect on July 1, 2025, following its introduction in the House on February 6, 2025. The inclusion of patronage capital accounts is significant as it formalizes their recognition in legal terms, which may have implications for how these accounts are treated in various legal and financial contexts.

Statutes affected:
02/06/2025: 62-6-101
Latest Version: 62-6-101