South Carolina State Register

Document No. 5398 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120 and 34-1-60 15-34. Variable Rate Mortgages. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-34 because the federal law incorporated therein has been repealed. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instructions: Repeal the regulation in its entirety. Text: 15-34. Repealed. Fiscal Impact Statement: There will be no cost in…

Document No. 5397 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120 and 34-1-60 15-39. Trust powers. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-39 because the federal law incorporated therein has been repealed. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instructions: Repeal the regulation in its entirety. Text: 15-39. Repealed. FINAL REGULATIONS 47 South Carolina State Register Vol. 49, …

Document No. 5396 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120, 34-1-60, and 34-1-110 15-21. State Bank Investments, Fixed Assets. Synopsis: The South Carolina State Board of Financial Institutions proposes to amend R.15-21 by removing certain approval requirements for South Carolina state-chartered banks to provide parity with national institutions. 46 FINAL REGULATIONS South Carolina State Register Vol. 49, Issue 11 November 28, 2025 The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was pu…

Document No. 5395 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 1-23-120, 34-1-60, and 34-1-110 15-13. State Bank Forest Tract Loans. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-13 to allow South Carolina state-chartered banks parity with national banks which do not have such restrictions. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instructions: Repeal the regulation in its entirety. Text: 15-1…

Document No. 5394 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120, 34-1-60, and 34-1-110 15-12. Reserve Accounts, Savings and Loan. Synopsis: The South Carolina State Board of Financial Institutions proposes to amend R.15-12 to provide South Carolina state-chartered savings and loan associations and savings banks with parity with federal savings associations. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instructions: Amend the regulat…

Document No. 5393 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-60 15-39D. Non-interest Bearing Negotiable Order of Withdrawal (NINOW) Accounts by State-charted Savings and Loan Associations. Preamble: The South Carolina State Board of Financial Institutions proposes to repeal R.15-39D as unnecessary because Section 34-28-500 of the South Carolina Code already allows these types of accounts. Section-by-Section Discussion: 15-39D Non-interest Bearing Negotiable Order of Withdrawal (NINOW) Accounts by State-charted Savings and Loan Associations. R.1…

Document No. 5392 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-60 15-37. Negotiable Order of Withdrawal (NOW) Accounts. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-37 because the federal law incorporated therein has been repealed. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register On August 22, 2025. Instructions: Repeal the regulation in its entirety. Text: 15-37. Repealed. Fiscal Impact Statement: There will be no…

Document No. 5391 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120 and 34-1-60 15-39A. Mutual Capital Certificates. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-39A because the federal law incorporated therein has been repealed. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instructions: Repeal the regulation in its entirety. Text: 15-39A. Repealed. Fiscal Impact Statement: There will be no …

Document No. 5390 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120 and 34-1-60 15-33. Loans Secured by Second Mortgages. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-33 because federal law incorporated therein has been repealed. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. 42 FINAL REGULATIONS South Carolina State Register Vol. 49, Issue 11 November 28, 2025 Instructions: Repeal the regulat…

Document No. 5389 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120 and 34-1-60 15-35. Renegotiable Rate Mortgages. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-35 because the federal law incorporated therein has been repealed. 44 FINAL REGULATIONS South Carolina State Register Vol. 49, Issue 11 November 28, 2025 The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instructions: Repeal the regulatio…

Document No. 5388 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120 and 34-1-60 15-31. Graduated-payment and Reverse-annuity Mortgages. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-31 as unnecessary, and because the federal law referenced therein has been repealed. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instructions: Repeal the regulation in its entirety. Text: 15-31. Repealed. Fiscal …

Document No. 5387 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120, 34-1-60, and 34-1-110 15-17. Federal 100 Percent Guaranteed Loans. Synopsis: The South Carolina State Board of Financial Institutions proposes to amend R.15-17 to provide South Carolina state-chartered banks parity with national institutions. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instructions: Amend the regulation as follows. Text: 15-17. Federal 100 Percent Gua…

Document No. 5386 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120 and 34-1-60 15-38. Consumer Loans, Commercial Paper, and Corporate Debt Securities. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-38 because it is unnecessary in light of previous regulation amendments, and because the federal law incorporated therein has been repealed. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instruction…

Document No. 5385 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120 and 34-1-60 15-39B. Adjustable-rate Mortgages. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-39B because the federal law incorporated therein has been repealed. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025. Instructions: Repeal the regulation in its entirety. FINAL REGULATIONS 39 South Carolina State Register Vol. 49, Issue 11…

Document No. 5384 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 1-23-120 and 34-1-60 15-39C. Adjustable Mortgage Loan Instruments. Synopsis: The South Carolina State Board of Financial Institutions proposes to repeal R.15-39C because the federal law incorporated therein has been repealed. The Notice of Drafting was published in the State Register on June 27, 2025. The Proposed Regulation was published in the State Register on August 22, 2025, and there was no public hearing requested. Instructions: Repeal the regulation in its entirety. Text: 15-39C. …

Document No. 5371 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Sections 59-26-10, 59-26-30, and 59-26-40 43-234. Defined Program, Grades 9-12 and Graduation Requirements. Preamble: The State Board of Education proposes to amend Regulation 43-234.I: Defined Program for Grades 9-12 and Graduation Requirements. The SCDE proposes to update language in the regulation to align with statutory changes. Specifically, §59-29-120(A) requires that “public high schools must give instruction in the essentials of the United States Constitution, the Declaration of Independence, the Emanc…

Document No. 5366 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Sections 59-40-40, 59-40-115, and 59-40-180 43-601. Procedures and Standards for Review of Charter School Applications. Preamble: The State Board of Education proposes to amend R.43-601 Procedures and Standards for Review of Charter School Applications. The Notice of Drafting was published in the State Register on July 26, 2024. Section-by-Section Discussion: Section VIII. Sponsor Registration for Institutions of Higher Learning. Section IX. Charter School Authorizer Transfer Schedule. Notice of Public Hearing…

Document No. 5359 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Section 59-5-60 43-262. Assessment Program. Synopsis: Regulation 43-262.I. outlines the statewide assessment program, including the testing of public-school students at selected grade levels and in selected content and skill areas. The SCDE proposes to update outdated language in the regulation. Specifically, the No Child Left Behind Act is no longer in effect. It was replaced with the Every 22 FINAL REGULATIONS South Carolina State Register Vol. 49, Issue 5 May 23, 2025 Student Succeeds Act in 2015. Changing …

Document No. 5357 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-110(3) and 34-26-210 15-47. Merger Procedures for State Credit Unions. Synopsis: The State Board of Financial Institutions (BOFI) proposes to amend Regulation 15-47 to simplify and clarify merger procedures for state-chartered credit unions, and also to provide parity with federal credit unions regarding the merger process. The Notice of Drafting was published in the State Register on September 27, 2024. The Proposed Regulation was published in the State Register on November 22, 2024…

Document No. 5319 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Sections 59-21-510, 59-33-10, and 59-33-120 43-243.2. Educational Interpreters for Students Who Are Deaf. (New) Synopsis: The State Board of Education proposes adding R.43-243.2, Educational Interpreters for Students Who Are Deaf. This will establish the Regulation for Code of Laws Section 59-33-120. The Notice of Drafting was published in the State Register on July 26, 2024. Instructions: Print the regulation as shown below. Text: 43-243.2. Educational Interpreters for Students Who Are Deaf. Deaf students, pu…

Document No. 5318 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Sections 59-5-60, 59-5-65, 59-18-110, 59-18-300, 59-18-310(B), 59-18-320(C), 59-25-110, 59-26-10 et seq., 59-29-10 et seq., 59-33-30, 59-53-1810, 20 U.S.C. Section 1232(g), 20 U.S.C. Section 6301 et seq., and Pub. L. No. 114-95 43-64. Requirements for Certification at the Advanced Level. Synopsis: The State Board of Education proposes to amend R.43-64: Requirements for Certification at the Advanced Level to update and streamline requirements for educators to become certified in leadership and administrative fi…

Document No. 5298 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-60 and 34-1-110 15-1. Limitations and Restrictions on Purchase and Sale of Securities. Synopsis: The State Board of Financial Institutions (BOFI) amends Regulation 15-1 in order to allow state-chartered banks, state savings banks, and savings and loan associations to purchase and sell securities and invest in operating subsidiaries in the same manner as their nationally-chartered counterparts. The Notice of Drafting was published in the State Register on June 28, 2024. The Proposed R…

Document No. 5297 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-110(3) and 34-26-210 15-52. Increase in Field of Membership. Synopsis: The State Board of Financial Institutions (BOFI) repeals Regulation 15-52 because the federal policy statements referenced therein have been withdrawn, and because the Regulation pre-dates current credit union statute and is inconsistent with current statutory field of membership rules. The Notice of Drafting was published in the State Register on June 28, 2024. The Proposed Regulation was published in the State R…

Document No. 5295 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-110 15-32. Home Improvement Loans. Synopsis: The State Board of Financial Institutions (BOFI) repeals Regulation 15-32, as it references the Home Loan Bank Board a federal regulatory entity which no longer exists, and incorporates federal regulations that have been repealed. 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. Instructions: Repeal the regulation in its entirety. 32 …

Document No. 5293 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-26-210 15-51. Terms and Conditions for State-chartered Credit Union to Make ARM Loans. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-51 as current state law allows greater flexibility. 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. Instructions: Repeal the regulation in its entirety. Text: 15-51. Repealed. Fiscal Impact Statement: Th…

Document No. 5292 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-60 and 34-50-530(A) 15-4. State Bank Dividends. Synopsis: The State Board of Financial Institutions (BOFI) proposes to amend Regulation 15-4 in order to provide greater flexibility for sound institutions and broaden application of the regulation to include savings banks and savings and loan associations. 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. Instructions: Amend the r…

Document No. 5291 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-60 15-39H. Financial Institutions May Share in Ownership or Lease and Operation of Freestanding Automatic Teller Machine Branches. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-39H as outdated and unnecessary. 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. Instructions: Repeal the regulation in its entirety. Text: 15-39H. Repealed.…

Document No. 5290 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-26-210 15-45. Electronic Fund Transfers. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-45 as it references an outdated “pilot program” which allowed credit unions to utilize electronic fund transfers; these transfers are now allowed by statute at Section 34-26-410. 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. Instructions: Repeal t…

Document No. 5289 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-60 and 34-50-530(A) 15-14. Retention of Bank Records. Synopsis: 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 Prop…

Document No. 5288 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-60 15-39R. Regulatory Net Worth Requirements. Synopsis: The State Board of Financial Institutions (BOFI) repeals Regulation 15-39R, as it references the Federal Savings and Loan Insurance Company (FSLIC), a federal regulatory entity which no longer exists, and incorporates federal regulations that have been repealed. 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. Instructions:…

Document No. 5287 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-60, 34-1-110, and 34-50-530(A) 15-26. Disposition of Real Property of Banks. Synopsis: The State Board of Financial Institutions (BOFI) amends Regulation 15-26 in order to allow state-chartered banks, state savings banks, and savings and loan associations to hold, dispose of, and account for “Other Real Estate Owned” in the same manner as their nationally-chartered counterparts. The Notice of Drafting was published in the State Register on June 28, 2024. The Proposed Regulation was p…

Document No. 5286 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-26-210 15-50. Declaration of Dividends by State-chartered Credit Unions. Synopsis: 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. 32 FINAL REGULATIONS South …

Document No. 5285 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-110 and 34-26-210 15-54. Record Retention for Credit Unions. (New) Synopsis: 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. Instructions: Pu…

Document No. 5284 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-60, 34-1-110, and 34-50-530(A) 15-25. Purchase of Property for Future Expansion. Synopsis: The State Board of Financial Institutions (BOFI) amends Regulation 15-25 in order to allow state-chartered banks, state savings banks, and savings and loan associations to hold property acquired for future expansion in the same manner as their nationally-chartered counterparts. The Notice of Drafting was published in the State Register on June 28, 2024. The Proposed Regulation was published in …

Document No. 5283 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-26-210 15-42. Authority to Engage in Activities Authorized for Federally Chartered Institutions. Synopsis: 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. …

Document No. 5282 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-26-210 15-48. Procedure for State Credit Unions to Use Share Drafts. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-48 as it incorporates by reference a federal regulation no longer in effect. 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. Instructions: FINAL REGULATIONS 35 South Carolina State Register Vol. 48, Issue 11 November 22, …

Document No. 5281 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-60 15-28. Income and Expense Statements Re Dividends. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-28 requiring banks to file income and expense reports along with any request to the Board to allow the bank to pay cash dividends to its shareholders. BOFI already receives this information in the “report of condition” required by Section 34-3-380. The Notice of Drafting was published in the State Register on June 28, 2024. The Proposed Regu…

Document No. 5280 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-60 and 34-1-110 15-29. Loans to Officers and Directors. Synopsis: The State Board of Financial Institutions (BOFI) repeals Regulation 15-29, which requires loans to officers and directors of a state chartered bank to be approved by a two-thirds vote of the board of directors. Loans to officers and directors is already addressed sufficiently by Section 34-13-80 and by federal law at 12 C.F.R. Section 215, et seq (often referred to as “Reg O”). The Notice of Drafting was published in t…

Document No. 5269 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Sections 59-5-60 and 60-9-30 43-170. Uniform Procedure for Selection or Reconsideration of Instructional Materials. (New) Synopsis: The State Board of Education (“State Board”) proposes this regulation which establishes consistent definitions and a two-prong threshold test for local educators and boards to determine if materials available to students in public schools are (1) Age and Developmentally Appropriate and (2) educationally suitable and aligned with the purpose of South Carolina’s instructional progra…

Document No. 5223 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Sections 59-5-60, 59-5-100, 59-5-120, and 59-67-520 43-80. Operation of Public Student Transportation Services. Synopsis: The State Board of Education proposes to amend R.43-80 Operation of Public Student Transportation Services to address aides on school buses. The Notice of Drafting was published in the State Register on April 28, 2023. Instructions: Print the regulation as shown below. All other items remain unchanged. Text: 43-80. Operation of Public Student Transportation Services. I. The school district …

Document No. 5222 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Sections 59-21-510, 59-33-10, and 59-33-10 43-243.1. Criteria for Entry into Programs of Special Education for Students with Disabilities . Synopsis: The State Board of Education proposes to amend R.43-243.1 Criteria for Entry into Programs of Special Education for Students with Disabilities. These revisions reflect developments in the field, guidance from OSEP, provide clarity and to support uniform implementation of the eligibility criteria for the thirteen categories identified in IDEA. The Notice of Drafti…

Document No. 5220 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-110 15-41. Limitations and Restrictions on Real Estate Mortgages. Synopsis: The State Board of Financial Institutions (BOFI) proposes to amend Regulation 15-41 to provide state-chartered credit unions with parity to federal credit unions and consistency among institutions in South Carolina by incorporating the Interagency Appraisal and Evaluation Guidelines. FINAL REGULATIONS 35 South Carolina State Register Vol. 47, Issue 11 November 24, 2023 Legislative review of this regulation is …

Document No. 5219 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-110 15-9. Limitations and Restrictions on Loans, Savings and Loan. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-9 as it conflicts with Section 34-28-510, which was passed after this regulation. The Notice of Drafting was published in the State Register on June 23, 2023. The Proposed Regulation was published in the State Register on August 25, 2023. Instructions: Repeal the regulation in its entirety. 78 FINAL REGULATIONS South Carolina St…

Document No. 5218 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-110 15-2. Limitations and Restrictions on Borrowing by Savings and Loan Institutions. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-2 in order to allow state-chartered savings and loan institutions to borrow money without written approval by BOFI, in the same manner as a state-chartered bank. Legislative review of this proposal is not required pursuant to Section 1-23-120(H)(2) and Section 34-1-110(A)(2). The Notice of Drafting was publish…

Document No. 5217 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-60 and 34-1-110 15-5. Investment of Surpluses. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-5 as it contains obsolete references to and rules regarding cash depositories. The Notice of Drafting was published in the State Register on June 23, 2023. The Proposed Regulation was published in the State Register on August 25, 2023. Instructions: Repeal the regulation in its entirety. Text: 15-5. Repealed. Fiscal Impact Statement: There will be…

Document No. 5216 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-60 and 34-1-110 15-6. Insurance and Fidelity Bond Protection. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-6 as it contains obsolete references to and rules regarding cash depositories. The Notice of Drafting was published in the State Register on June 23, 2023. The Proposed Regulation was published in the State Register on August 25, 2023. Instructions: Repeal the regulation in its entirety. Text: 15-6. Repealed. Statement of Rationale:…

Document No. 5215 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-60 15-23. Home Improvement Loans, Savings and Loan. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-23 because the federal law referenced therein has changed, and the 15% cap for outstanding home improvement loans is no longer applicable. The Notice of Drafting was published in the State Register on June 23, 2023. 76 FINAL REGULATIONS South Carolina State Register Vol. 48, Issue 5 May 24, 2024 Instructions: Repeal the regulation in its entir…

Document No. 5214 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-110 15-27. Consolidated Report of Income and Expenses. Synopsis: The State Board of Financial Institutions (BOFI) proposes to amend Regulation 15-27 to establish a consistent rule for submission of Reports of Condition for banks, savings banks, savings and loan associations, and trust companies, which shall be the same as is required for their federally-chartered counterparts. Legislative review of this regulation is not required pursuant to Section 1-23-120(H)(2) and Section 34-1-110…