Bill > S0407

This joint resolution approves Regulation Document Number 5289 from the State Board of Financial Institutions (BOFI), which relates to the retention of bank records for state-chartered financial institutions, including banks, savings banks, savings and loan associations, and trust companies. The regulation aims to update and clarify existing record retention requirements by addressing outdated language and simplifying current guidelines. Specifically, the resolution updates Regulation 15-14 to provide more precise and understandable instructions for how these financial institutions should maintain their records. The joint resolution will take effect upon approval by the Governor, and it follows the standard legislative process of being submitted to the General Assembly pursuant to Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws. The regulatory changes were preceded by a Notice of Drafting published in the State Register on June 28, 2024, and the Proposed Regulation was subsequently published on August 23, 2024.

Business and Industry

Banking and Insurance (Senate)

https://www.scstatehouse.gov/billsearch.php?billnumbers=0407&session=126&summary=B