The bill, S. 412, is a joint resolution introduced by the Senate Banking and Insurance Committee to approve regulations set forth by the State Board of Financial Institutions (BOFI) regarding Income and Expense Statements related to dividends, specifically designated as Regulation Document Number 5281. The resolution confirms the approval of these regulations as submitted to the General Assembly in accordance with Article 1, Chapter 23, Title 1 of the South Carolina Code of Laws. The resolution will take effect upon the Governor's approval.

The proposed regulation seeks to repeal Regulation 15-28, which currently mandates banks to file income and expense reports when requesting permission from the Board to pay cash dividends to shareholders. The BOFI argues that this information is already collected through the "report of condition" required by Section 34-3-380, thus making the additional reporting unnecessary. The drafting notice for this regulation was published in the State Register on June 28, 2024, followed by the proposed regulation on August 23, 2024.