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 are approved and will take effect upon the Governor's approval.

The proposed amendments to Regulation 15-14 aim to update outdated language concerning record retention, simplify and clarify the existing requirements, and explicitly state that the regulation applies to state-chartered banks, savings banks, savings and loan associations, and trust companies. The drafting notice for these changes was published in the State Register on June 28, 2024, followed by the proposed regulation publication on August 23, 2024.