S.C. Code § 33-37-1080

Current through 2024 Act No. 225.

Section 33-37-1080 - Discontinuance of participation by participating financial institution

If a participating financial institution that elects to discontinue its participation in the CAP has funds on deposit in the loss reserve account, the funds must be forfeited by the institution to the state fund and used in the CAP as loss reserves as provided in this article.

Amended by 2015 S.C. Acts, Act No. 60 (SB 389), s 1, eff. 6/4/2015.

2005 Act No. 157, Section 4.A, eff 6/10/2005, applicable for taxable years beginning January 1, 2006.