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 adds the inclusion of "patronage capital accounts of an electric cooperative or a telephone cooperative" as a type of account. This change is intended to clarify the definition of accounts to encompass these specific types of cooperative accounts, which are governed by existing sections of the law.

The bill will take effect on July 1, 2025, once passed. The inclusion of patronage capital accounts is significant as it recognizes the financial arrangements specific to electric and telephone cooperatives, thereby ensuring that these accounts are properly defined within the legal framework of South Carolina's financial regulations.

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