South Carolina General Assembly
126th Session, 2025-2026
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Indicates Matter Stricken
Indicates New Matter
S. 408
STATUS INFORMATION
Joint Resolution
Sponsors: Banking and Insurance Committee
Document Path: LC-0328WAB-RT25.docx
Introduced in the Senate on March 4, 2025
Currently residing in the Senate Committee on Banking and Insurance
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 7) |
| 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
Introduced
March 4, 2025
S. 408
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 Electronic Fund Transfers, DESIGNATED AS REGULATION DOCUMENT NUMBER 5290, 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 Electronic Fund Transfers, designated as Regulation Document Number 5290, 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The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-45 as it references an outdated "pilot program" which allowed credit unions to utilize electronic fund transfers; these transfers are now allowed by statute at Section 34-26-410.
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 27, 2025 at 3:22 PM