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Bill > S0414
SC S0414
SC S0414State Board of Financial Institutions - JR to Approve Regulation Document No. 5286
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 Declaration Of Dividends By State-chartered Credit Unions, Designated As Regulation Document Number 5286, 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) concerning the declaration of dividends by state-chartered credit unions, specifically Regulation Document Number 5286. The regulation aims to clarify the meaning of Section 34-26-710 regarding how credit unions can declare and pay dividends, with the proposed amendment having gone through a drafting and publication process in the State Register. The resolution formally approves these regulations as submitted by BOFI and will take effect upon receiving the Governor's approval, which is a standard procedural step for finalizing regulatory changes in South Carolina. By approving these regulations, the General Assembly is providing official validation to the technical details and guidance that BOFI has developed for credit unions' dividend practices.
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=0414&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/414_20250304A.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/414_20250304.htm |
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