South Carolina State Register

Document No. 5213 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-60 15-11. Servicemen’s Readjustment Act. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-11 to remove obsolete references to the Servicemen’s Readjustment Act of 1944, which lapsed in 1956. The Notice of Drafting was published in the State Register on June 23, 2023. Instructions: Repeal the regulation in its entirety. Text: 15-11. Repealed. Fiscal Impact Statement: There will be no cost incurred by the State or any of its political subdivisi…

Document No. 5212 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Sections 34-1-110 and 34-26-210 15-53. Reports of Condition. (New) Synopsis: The State Board of Financial Institutions (BOFI) proposes a new regulation to be codified as “15-53. Reports of Condition.” This regulation would require that state-chartered credit unions file reports of financial condition with the Agency on a quarterly basis, as federal credit unions are required to do. Legislative review of this Regulation is not required pursuant to Section 1-23-120(H)(2) and Section 34-1-110(A)(3). …

Document No. 5211 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-110 15-8. Published Reports of Condition, Savings and Loan. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-8 to remove the obsolete requirement for savings and loan associations to publish a report of condition in the newspaper when called upon to do so by the chief examiner. Legislative review of this proposal is not required pursuant to Section 1-23-120(H)(2) and Section 34-1-110(A)(2). FINAL REGULATIONS 37 South Carolina State Register V…

Document No. 5210 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-110 15-24. Borrower’s Preference Re Attorney and Insurance. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-24 because the underlying state law references in this regulation are no longer correct, and the subject matter of the regulation is now addressed in the Consumer Protection Code, Section 37-10-102. The Notice of Drafting was published in the State Register on June 23, 2023. The Proposed Regulation was published in the State Register o…

Document No. 5209 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-60 15-10. Participation in RFC Loans. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-10 to remove obsolete language regarding the Reconstruction Finance Corporation, which was dismantled in 1953. 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. 80 FINAL REGULATIONS South Carolina St…

Document No. 5208 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-26-210 15-40. Notice of Intention to Withdraw Shares. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-40 to remove obsolete references to state law, and remove limitations on credit unions which are currently sufficiently addressed in Code Section 34-26-210(2). 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 reg…

Document No. 5207 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-60 15-19. Mobile Home Loans, Savings and Loan. Synopsis: The State Board of Financial Institutions (BOFI) proposes to repeal Regulation 15-19 to remove obsolete and outdated state and federal laws, as well as a federal regulatory entity that no longer exists, and because the subject matter is addressed in Section 34-28-510. 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. Instru…

Document No. 5206 STATE BOARD OF FINANCIAL INSTITUTIONS CHAPTER 15 Statutory Authority: 1976 Code Section 34-1-110 15-7. Loans Secured by Real Estate Mortgages. Synopsis: The State Board of Financial Institutions (BOFI) proposes to amend Regulation 15-7 to provide state-chartered banks, savings banks, and savings and loans with parity with federal banks when appraising real estate for purposes of securing a loan. Legislative review of this proposal is not required pursuant to Section 1-23-120(H)(2) and Section 34-1-110(A)(1) and (2). 36 FINAL REGULATIONS South Carolina State Register Vol. 47, …

Document No. 5176 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Sections 59-5-60, 59-1-320, and 4 U.S.C. Section 1, et seq. 43-188. Displaying the Flag. Synopsis: The State Board of Education proposes to amend R.43-188: Displaying the flag, to include schools shall display the official motto of the United States, “In God We Trust”, and the official motto of South Carolina, “Dum spiro spero” and “Animis opibusque parati”, and their respective translations. The Notice of Drafting was published in the State Register on December 23, 2022. Instructions: Print the regulation as …

Document No. 5142 STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION CHAPTER 15 Statutory Authority: 1976 Code Sections 34-41-10 to 34-41-130 15-67. Check Cashing – Required Records and Retention Period. (New) Synopsis: The State Board of Financial Institutions (Board) seeks to add R.15-67 to establish by regulation the records that a person required to be licensed under Chapter 41 must keep and maintain and the corresponding records retention period. The Notice of Drafting was published in the State Register on August 26, 2022. Instructions: Print the regulation as shown below. A…

Document No. 5141 STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION CHAPTER 15 Statutory Authority: 1976 Code Sections 34-41-10 to 34-41-130 15-68. Check Cashing – Other Consideration. (New) Synopsis: The State Board of Financial Institutions (Board) seeks to add R.15-68 to state the Board’s interpretation that “other consideration” in Sections 34-41-10 and 34-41-30 includes the mandatory purchase of goods or services, to clarify that a person accepting such other consideration to cash a check is required to have a check-cashing license in this State, and to require a person who …

Document No. 5140 STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION CHAPTER 15 Statutory Authority: 1976 Code Sections 34-41-10 to 34-41-130 15-65. Check Cashing. 15-66. Check Cashing – Use of the Nationwide Multistate Licensing System. (New) Synopsis: The State Board of Financial Institutions (Board) seeks to amend R.15-65 and add R.15-66 regarding the use of the Nationwide Multistate Licensing System (NMLS) for check-cashing applications, renewals, and other filings and to pay all fees and costs. The Notice of Drafting was published in the State Register on August 26, 2022. Ins…

Document No. 5130 STATE BOARD OF EDUCATION CHAPTER 43 Statutory Authority: 1976 Code Sections 59-5-60, 59-18-110, 59-18-310, 59-29-10, et seq., 20 U.S.C. 1232(g), and Pub. L. No. 114-95 43-234. Defined Program, Grades 9-12 and Graduation Requirements. Synopsis: The State Board of Education proposes to amend R.43-234. Defined Program, Grades 9-12 and Graduation Requirements to include a one-half credit in financial literacy as a requirement for earning a South Carolina High School Diploma. FINAL REGULATIONS 35 South Carolina State Register Vol. 47, Issue 5 May 26, 2023 Section-by-Section Discus…