Introduced

April 11, 2023

S. 711

Introduced by Banking and Insurance Committee

S. Printed 04/11/23--S.

Read the first time April 11, 2023

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A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE STATE Board of Financial Institutions - Consumer Finance Division, RELATING TO Check-Cashing Service, DESIGNATED AS REGULATION DOCUMENT NUMBER 5140, 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 - Consumer Finance Division, relating to Check-Cashing Service, designated as Regulation Document Number 5140, 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 (Board) seeks to amend R.15-65 and add R.15-66 regarding the use of the Nationwide Multistate Licensing System (NMLS) for check-cashing applications, renewals, and other filings and to pay all fees and costs.

   The Notice of Drafting was published in the State Register on August 26, 2022.

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