summary
Introduced
03/04/2025
03/04/2025
In Committee
Crossed Over
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Approve Regulations Of The State Board Of Financial Institutions, Relating To Electronic Fund Transfers, Designated As Regulation Document Number 5290, Pursuant To The Provisions Of Article 1, Chapter 23, Title 1 Of The South Carolina Code Of Laws.
AI Summary
This joint resolution approves regulations issued by the State Board of Financial Institutions (BOFI) regarding Electronic Fund Transfers, specifically Regulation Document Number 5290. The resolution stems from provisions in Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws and effectively validates these regulations, which replace an outdated "pilot program" regulation (Regulation 15-45) that previously governed electronic fund transfers for credit unions. The regulation is now aligned with current statutory language in Section 34-26-410, which explicitly allows electronic fund transfers. The joint resolution will take effect upon receiving approval from the Governor, and it was developed through a formal regulatory process that included a Notice of Drafting published on June 28, 2024, and a Proposed Regulation published on August 23, 2024.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Banking and Insurance (Senate)
Last Action
Recommitted to Committee on Banking and Insurance (on 03/27/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0408&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/408_20250304A.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/408_20250304.htm |
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