A JOINT RESOLUTION

 

TO APPROVE REGULATIONS OF THE State Board of Financial Institutions, RELATING TO Declaration of Dividends by State-chartered Credit Unions, DESIGNATED AS REGULATION DOCUMENT NUMBER 5286, 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 Declaration of Dividends by State-chartered Credit Unions, designated as Regulation Document Number 5286, 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 15-50 to incorporate languages that clarifies the meaning of Section 34-26-710 regarding the declaring and paying of dividends by a credit union.

 

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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