The bill, S. 408, is a joint resolution introduced by the Senate Banking and Insurance Committee to approve the regulations of the State Board of Financial Institutions concerning Electronic Fund Transfers, specifically designated as Regulation Document Number 5290. This resolution is in accordance with Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws. Upon approval by the Governor, the resolution will take effect.

Additionally, the State Board of Financial Institutions intends to repeal Regulation 15-45, which pertains to an outdated pilot program that permitted credit unions to utilize electronic fund transfers. This repeal is justified as electronic fund transfers are now authorized by statute under Section 34-26-410. The drafting and proposed regulation were published in the State Register in mid-2024, indicating a formal process for updating the regulations in line with current laws.