South Carolina S 409: A JOINT RESOLUTION TO 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

Bill Text

2025-2026 Bill 409 Text of Previous Version (Mar. 05, 2025) - South Carolina Legislature Online 

 South Carolina General Assembly
126th Session, 2025-2026

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

Introduced

March 4, 2025

S. 409

Introduced by Senate Banking and Insurance Committee 

S. Printed 3/4/25--S. [SEC 3/5/2025 1:15 PM]

Read the first time March 4, 2025

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A JOINT RESOLUTION

TO 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.

 Amend Title To Conform 

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. The 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, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the S.C. Code, are approved.

SECTION 2. This joint resolution takes effect upon approval by the Governor.

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SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-51 as current state law allows greater flexibility.

The Notice of Drafting was published in the State Register on June 28, 2024. The Proposed Regulation was published in the State Register on August 23, 2024.

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This web page was last updated on March 05, 2025 at 01:20 PM