South Carolina S0412 repeals a regulation requiring banks to file income and expense reports when requesting to pay dividends.

South Carolina S0412 repeals Regulation 15-28, which required banks to file income and expense reports along with any request to the State Board of Financial Institutions (BOFI) 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 repeal aims to streamline the reporting process for banks. This joint resolution takes effect upon approval by the Governor.

South Carolina S0412 repeals a regulation requiring banks to file income and expense reports when requesting to pay dividends.

South Carolina S0412 repeals Regulation 15-28, which required banks to file income and expense reports along with any request to the State Board of Financial Institutions (BOFI) 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 repeal aims to streamline the reporting process for banks. This joint resolution takes effect upon approval by the Governor.