South Carolina Code 34-45-50. Cease and desist orders
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Terms Used In South Carolina Code 34-45-50
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Financial institution: means a bank, a savings institution, or a credit union authorized to do business in South Carolina under federal or state law. See South Carolina Code 34-45-20
- Oversight: Committee review of the activities of a Federal agency or program.
- Savings promotion contest: means a contest or promotion sponsored by a financial institution or a group of financial institutions in which a chance of winning designated prizes is obtained by a depositor when the depositor:
(a) deposits a specified amount of money or makes a specified number of deposits into the depositor's qualifying account; or
(b) participates in one or more savings products or programs. See South Carolina Code 34-45-20
Each savings promotion contest is subject to oversight by the appropriate state or federal regulatory agency of the participating financial institution, and the appropriate state or federal regulatory agency may issue cease and desist orders relating to the savings promotion contests if the regulatory agency concludes, based on substantial evidence, that a financial institution is engaging in unsafe or unsound practices or that the financial institution is in violation of any law, regulation, or any condition or written agreement imposed by the regulatory agency.