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The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-42 as it references repealed sections of the South Carolina Code, and because its language conflicts with existing statutory branching provisions, and because credit union trust powers are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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