A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE STATE BOARD OF FINANCIAL INSTITUTIONS, RELATING TO RETENTION OF BANK RECORDS, DESIGNATED AS

S. 407 is a Joint Resolution that approves proposed regulations by South Carolina's State Board of Financial Institutions (BOFI) regarding how banks must retain their records. The regulations update outdated language, simplify existing requirements, and clarify that the rules apply specifically to state-chartered banks, savings banks, savings and loan associations, and trust companies. This approval is required under state law for the regulations to take effect, which would standardize record-keeping practices across these financial institutions. The bill does not change the regulations themselves but formally endorses the proposed rules after public review.