Amends South Carolina law to include provisions concerning credit unions and securing deposits of funds by local entities.
This bill amends Section 6-5-15 of the South Carolina Code to include provisions concerning credit unions and securing deposits of funds by local entities. It defines "local entity" and outlines the requirements for qualified public depositories to secure uninsured funds. The State Treasurer determines the requirements and operating procedures for this pool, and is responsible for monitoring and ensuring a depository's compliance.
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- Impact
- Legal Framework
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