For purposes of federal law or regulation relating to funds allotted to state agencies which include requirements relating to banking procedures, the State Treasury is deemed to meet the definition of a bank.
S.C. Code Ann. § 11-13-140
State Treasury deemed bank for federal purposes
2002 Act No. 356, SECTION 1, Part XI.E.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.