Guarantee Banking Act

Summary

The Guarantee Banking Act adds Chapter 47 to South Carolina’s banking code, obligating major financial institutions to give a detailed explanation when they refuse, restrict, or end certain banking services. Customers can request this explanation within 90 days of the adverse action, and the institution must respond within 30 days with a specific reason, not just a generic internal policy. The law seeks to promote fairness and transparency while staying consistent with federal banking regulations.

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