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 Terms And Conditions For State-chartered Credit Unions To Make Arm Loans, Designated As Regulation Document Number 5293, 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 the terms and conditions for state-chartered credit unions to make adjustable-rate mortgage (ARM) loans, which are identified as Regulation Document Number 5293. The regulations were submitted to the South Carolina General Assembly as required by state law, specifically Article 1, Chapter 23, Title 1 of the South Carolina Code. The resolution indicates that BOFI is repealing a previous regulation (Regulation 15-51) because current state law provides credit unions with more operational flexibility in making ARM loans. The joint resolution will take effect immediately upon approval by the Governor, and the regulatory changes were developed through a formal process that included publishing a Notice of Drafting in June 2024 and a Proposed Regulation in August 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=0409&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/409_20250305.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/409_20250304A.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/409_20250304.htm |
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