The bill, S. 410, is a joint resolution introduced by the Senate Banking and Insurance Committee to approve the regulations of the State Board of Financial Institutions concerning 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 State Board of Financial Institutions aims to amend Regulation 15-4 to enhance flexibility for sound financial institutions and to 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.