The bill S. 407 is a joint resolution introduced by the Senate Banking and Insurance Committee to approve the regulations set forth by the State Board of Financial Institutions regarding the retention of bank records, specifically designated as Regulation Document Number 5289. This resolution is in accordance with Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws. The resolution states that the proposed regulations, which aim to update and clarify the existing record retention requirements, are approved by the General Assembly.

The proposed amendments to Regulation 15-14 are intended to address outdated language and simplify the record retention requirements for state-chartered banks, savings banks, savings and loan associations, and trust companies. The process for these amendments included a Notice of Drafting published in the State Register on June 28, 2024, followed by the publication of the Proposed Regulation on August 23, 2024. The joint resolution will take effect upon approval by the Governor.