S.C. Code Regs. § § 15-39D

Current through Register Vol. 48, No. 10, October 25, 2024

Section 15-39D - Non-interest Bearing Negotiable Order of Withdrawal (NINOW) Accounts by State-charted Savings and Loan Associations

(a) State-chartered savings and loan associations may elect, by a majority vote of its directors, to designate a class of non-interest-bearing savings accounts from which account holders may make withdrawals by negotiable or transferable instruments. These negotiable order of withdrawal accounts will be referred to in this Regulation as NINOW accounts.

(b) An association may charge a fee for making any payment or transfer or for maintaining a NINOW account under this Regulation.

(c) An association shall not distribute earnings or pay interest on NINOW accounts.

S.C. Code Regs. § 15-39D

Statutory Authority: 1976 Code Section 34-1-60