Introduced

March 4, 2025

S. 413

Introduced by Senate Banking and Insurance Committee

S. Printed 3/4/25--S.

Read the first time March 4, 2025

________

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE State Board of Financial Institutions, RELATING TO Record Retention for Credit Unions, DESIGNATED AS REGULATION DOCUMENT NUMBER 5285, 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 Record Retention for Credit Unions, designated as Regulation Document Number 5285, 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.

----XXX----

SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

The State Board of Financial Institutions (BOFI) proposes a new regulation to be codified as "15-54. Record Retention for Credit Unions." This regulation will establish the record retention requirements for state-chartered credit unions.

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.

----XX----