The bill S. 413 is a joint resolution introduced by the Senate Banking and Insurance Committee to approve new regulations established by the State Board of Financial Institutions regarding record retention for credit unions. Specifically, it pertains to Regulation Document Number 5285, which outlines the requirements for state-chartered credit unions to maintain records. The resolution confirms that these regulations have been submitted to the General Assembly in accordance with the relevant provisions of the South Carolina Code of Laws.

Upon approval by the Governor, this joint resolution will take effect, thereby formalizing the new record retention requirements for credit unions as proposed by the State Board of Financial Institutions. The drafting process for this regulation began with 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.