Introduced

March 4, 2025

S. 407

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 Retention of Bank Records, DESIGNATED AS REGULATION DOCUMENT NUMBER 5289, 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 Retention of Bank Records, designated as Regulation Document Number 5289, 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The State Board of Financial Institutions (BOFI) proposes to amend Regulation 15-14 to address outdated record retention language, and simplify and clarify the current record retention requirements, as well as clarify that the regulation applies to state chartered banks, savings banks, savings and loan associations, and trust companies.

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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