Bill > S0411

This joint resolution approves regulations issued by the State Board of Financial Institutions (BOFI), specifically Regulation Document Number 5283, which relates to the authority of state financial institutions to engage in activities that are permitted for federally chartered institutions. The resolution effectively validates these regulations, which were submitted to the General Assembly as required by state law. The regulations aim to update and clarify the rules governing financial institutions in South Carolina, including repealing an outdated regulation (Regulation 15-42) that referenced repealed code sections and conflicted with current statutory branching provisions. The joint resolution will take effect upon receiving approval from the Governor, and it represents a technical update to ensure that state financial institution regulations are current, clear, and aligned with existing statutory frameworks.

Business and Industry

Banking and Insurance (Senate)

https://www.scstatehouse.gov/billsearch.php?billnumbers=0411&session=126&summary=B