S.C. Code Regs. § § 15-26
Current through Register Vol. 48, No. 11, November 22, 2024
Section 15-26 - Disposition of Other Real Estate Owned by Banks, State Savings Banks, and State Savings and Loan Associations(1) For purposes of this regulation, "Other Real Estate Owned" shall be defined as any interest in real estate which would be classified as such pursuant to the definitions and related rules established in the Instructions for Preparation of Consolidated Reports of Condition and Income issued by the Federal Financial Institutions Examination Council (Call Report Instructions).(2) The preferred method of disposition of Other Real Estate Owned is immediate sale at a price sufficient to cover the institution-s investment and costs of acquisition.(3) If the property interest is not sold immediately, the book value of each parcel of Other Real Estate Owned shall be determined using the Call Report Instructions.(4) Other Real Estate Owned shall be disposed of within a period of five years, except upon written approval of the Board of Financial Institutions to extend the period up to an additional five years. (a) When Other Real Estate Owned is acquired through merger with or acquisition of another institution, the acquiring institution-s holding period of the acquired Other Real Estate Owned commences on the date of the merger or acquisition.Amended by State Register Volume 19, Issue No. 5, eff May 26, 1995; State Register Volume 48, Issue No. 11, eff. 11/22/2024.Statutory Authority: 1976 Code Sections 34-1-60 and 34-1-110