Introduced

March 4, 2025

S. 414

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 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.

----XXX----

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.

----XX----