Introduced

March 4, 2025

S. 412

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 Income and Expense Statements Re Dividends, DESIGNATED AS REGULATION DOCUMENT NUMBER 5281, 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 Income and Expense Statements Re Dividends, designated as Regulation Document Number 5281, 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 15-28 requiring banks to file income and expense reports along with any request to the Board to allow the bank to pay cash dividends to its shareholders. BOFI already receives this information in the "report of condition" required by Section 34-3-380.

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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