Bill
Bill > S0413
SC S0413
SC S0413State Board of Financial Institutions - JR to Approve Regulation Document No. 5285
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 Record Retention For Credit Unions, Designated As Regulation Document Number 5285, 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 record retention requirements for state-chartered credit unions, specifically designated as Regulation Document Number 5285. The resolution, which will take effect upon gubernatorial approval, formally endorses a new regulation (15-54) that establishes guidelines for how long credit unions must maintain their financial and operational records. The regulation was developed through a formal process that included publishing a Notice of Drafting in the State Register on June 28, 2024, and a subsequent Proposed Regulation publication on August 23, 2024. By approving these regulations, the General Assembly of South Carolina is providing official sanction to the record retention standards that will help ensure proper documentation and accountability within the state's credit union system.
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
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0413&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/413_20250304A.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/413_20250304.htm |
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