South Carolina S 411: A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE STATE BOARD OF FINANCIAL INSTITUTIONS, RELATING TO AUTHORITY TO ENGAGE IN ACTIVITIES AUTHORIZED FOR FEDERALLY CHARTERED INSTITUTIONS, DESIGNATED AS

Bill Text

South Carolina General Assembly

126th Session, 2025-2026



S. 411



STATUS INFORMATION



Joint Resolution

Sponsors: Banking and Insurance Committee

Document Path: LC-0332WAB-DBS25.docx



Introduced in the Senate on March 4, 2025

Currently residing in the Senate Committee on Banking and Insurance



Summary: State Board of Financial Institutions - JR to Approve Regulation Document No. 5283





HISTORY OF LEGISLATIVE ACTIONS



	Date	Body	Action Description with journal page number	

	3/4/2025	Senate	Introduced, read first time, placed on calendar without reference (Senate Journal‑page 8)

	3/27/2025	Senate	Recommitted to Committee on Banking and Insurance (Senate Journal‑page 15)



View the latest  legislative information  at the website





VERSIONS OF THIS BILL



03/04/2025

03/04/2025-A









Introduced

March 4, 2025



S. 411



Introduced by Senate Banking and Insurance Committee 



S. Printed 3/4/25--S.

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 Authority to Engage in Activities Authorized for Federally Chartered Institutions, DESIGNATED AS REGULATION DOCUMENT NUMBER 5283, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE SOUTH CAROLINA CODE OF LAWS.



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 Authority to Engage in Activities Authorized for Federally Chartered Institutions, designated as Regulation Document Number 5283, 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The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15‑42 as it references repealed sections of the South Carolina Code, and because its language conflicts with existing statutory branching provisions, and because credit union trust powers are now addressed in Section 34‑26‑940.



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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