Section 34-26-110 - DefinitionsIn construing this chapter, the following definitions shall apply unless such application would produce a result clearly inconsistent with the context of the provision.
(1) "Board" means the South Carolina Board of Financial Institutions.(2) "Capital" means share accounts, reserves, and undivided earnings.(3) "Commissioner" means the Commissioner of the State Board of Financial Institutions.(4) "Corporate credit union" means a credit union whose field of membership consists primarily of other credit unions and credit union related organizations.(5) "Credit union" means a cooperative, nonprofit corporation, incorporated under this chapter, for the purposes of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition.(6) "Deposit account" means a balance held by a credit union and established by a member, another credit union, organization, as defined in the Federal Credit Union Act, revised October 1998, Title 1, Section 1785-205(2), Paragraph (1), or a governmental unit in accordance with standards specified by the credit union including balances designated as deposits, deposit certificates, checking accounts, or other names. Ownership of a deposit account does not confer membership or voting rights and does not represent an interest in the capital of the credit union upon dissolution. A deposit account is a debt owed by the credit union to the credit holder.(7) "Fixed asset" means a structure, land, computer hardware and software, and heating and cooling equipment that is affixed to premises. This also includes other property items such as furniture, fixtures, and equipment.(8) "Governmental unit" means any board, agency, department, authority, instrumentality, or other unit or organizations of the federal, state, county, or municipal level of government.(9) "Family" includes persons related by blood or marriage as well as foster and adopted children and legal guardians.(10) "Insolvent" means the condition that results when the cash value of assets realizable in a reasonable time is less than the liabilities that must be met within that time.(11) "Insuring organization" means an organization that provides aid and financial assistance to credit unions that are in the process of liquidation or are incurring financial difficulty in order that the share and deposit accounts in the credit unions shall be protected or guaranteed against loss or without limit or up to a specified level for each account.(12) "Organization" means any corporation, association, partnership, society, firm, syndicate, trust, or other legal entity.(13) "Person" means any natural person, trust, partnership, corporation, governmental unit, or any other organization.(14) "Reserves" means allocations of retained income and includes regular and special reserves including any allowances for losses.(15) "Risk assets" shall be considered all assets except the following:(b) deposits or shares or both in federally or state insured banks, savings and loan associations, and credit unions;(c) assets which are insured by, fully guaranteed as to principal and interest by, or due from the United States Government, its agencies, the Federal National Mortgage Association, or the Governmental National Mortgage Association;(d) loans to other credit unions;(e) loans to students insured under the provisions of Title IV, Part B of the Federal Higher Education Act of 1965 or similar state insurance programs;(f) loans insured under Title 1 of the Federal National Housing Act by the Federal Housing Administration or insured by private mortgage insurers;(g) shares or deposits in corporate credit unions;(h) common trust investments which deal in authorized investments;(j) accrued interest on nonrisk investments;(k) furniture and equipment;(m) loans fully secured by a pledge of shares in the lending credit unions, equal to and maintained to at least the amount of the loan outstanding;(n) loans which are purchased from liquidating credit unions and guaranteed by the National Credit Union Administration; or(o) loans insured or guaranteed by federal or state governments.(16) "Share account" means a balance held by a credit union and established by a member in accordance with standards specified by the credit union including balances designated as shares, share certificates, share draft accounts, or other accounts. Ownership of a share account confers membership and voting rights and represents an interest in the capital of the credit union upon dissolution to members in good standing.2007 Act No. 51, Section 1, eff upon approval (became law without the Governor's signature on June 7, 2007); 1996 Act No. 371, Section 1, eff 5/29/1996.