The bill, S. 410, 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 State Bank Dividends, specifically designated as Regulation Document Number 5292. 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 15-4 aim to enhance flexibility for sound financial institutions and expand the regulation's applicability to include savings banks and savings and loan associations. 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.