The bill, S. 409, is a joint resolution introduced by the Senate Banking and Insurance Committee to approve new regulations set forth by the State Board of Financial Institutions regarding the terms and conditions for state-chartered credit unions to make adjustable-rate mortgage (ARM) loans. Specifically, it pertains to Regulation Document Number 5293, which has been submitted to the General Assembly in accordance with Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws. The resolution states that these regulations are approved and will take effect upon the Governor's approval.

Additionally, the State Board of Financial Institutions has proposed to repeal Regulation 15-51, as the current state law allows for greater flexibility in the lending practices of credit unions. This change aims to streamline the process and adapt to the evolving financial landscape. The drafting notice for these regulations was published in the State Register on June 28, 2024, followed by the proposed regulation publication on August 23, 2024.