A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE STATE BOARD OF FINANCIAL INSTITUTIONS, RELATING TO TERMS AND CONDITIONS FOR STATE-CHARTERED CREDIT UNIONS TO MAKE ARM LOANS, DESIGNATED AS

This bill (S. 409) is a joint resolution approving new regulations proposed by South Carolina's State Board of Financial Institutions (BOFI) governing how state-chartered credit unions can offer ARM loans (loans with interest rates that change over time). It specifically replaces an existing regulation (Regulation 15-51) with updated terms and conditions for these loans, as current law already provides greater flexibility. The regulations, designated as Document Number 5293, directly affect state-chartered credit unions operating in South Carolina. This is a procedural approval of existing regulatory changes, not a new legislative policy.