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 financial accounts. The amendment specifically adds the inclusion of "patronage capital accounts of an electric cooperative or a telephone cooperative" to the definition of "Account." This change recognizes these types of accounts as legitimate financial arrangements alongside traditional banking accounts such as checking and savings accounts.

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 intended to clarify their status within the legal framework governing financial accounts in South Carolina, thereby enhancing the understanding and regulation of these cooperative financial instruments.

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