Current StatusView additional legislative information at the LPITS web site.
Bill Number: 2306 Ratification Number: 44 Act Number 21 Introducing Body: House Subject: General Assembly not required to review certain regulations
(A21, R44, H2306)
AN ACT TO AMEND ACT 176 OF 1977, AS AMENDED, RELATING TO THE ADMINISTRATIVE PROCEDURES ACT, SO AS TO PROVIDE THAT THE GENERAL ASSEMBLY SHALL NOT BE REQUIRED TO REVIEW THE REGULATIONS PROMULGATED BY THE STATE BOARD OF FINANCIAL INSTITUTIONS PERMITTING STATE-CHARTERED BANKS, SAVINGS AND LOAN ASSOCIATIONS AND COOPERATIVE CREDIT UNIONS TO ENGAGE IN ACTIVITIES CORRESPONDING TO THOSE PERMITTED FEDERALLY-CHARTERED INSTITUTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
General Assembly not required to review certain regulations.
SECTION 1. The last paragraph of Section 12 of Article I of Act 176 of 1977, as last amended by Act 442 of 1980, is further amended to read:
"General Assembly review shall not be required for regulations promulgated to maintain compliance with federal law including but not limited to grant programs. Review shall also not be required for regulations promulgated by the State Board of Financial Institutions in order to authorize state-chartered banks, state-chartered savings and loan associations and state-chartered credit unions to engage in activities that are authorized pursuant to Section 34-1-110 of the 1976 Code. All regulations submitted to the General Assembly for approval shall have attached thereto a brief synopsis or analysis of the regulations submitted explaining the content therein and any changes in existing regulations resulting there from. Such synopsis or analysis shall include citations of federal law, if any, mandating changes in such regulations. The ninety day period of review provided for in this section shall not begin to run until the synopsis or analysis is attached to regulations submitted."
SECTION 2. This act shall take effect upon approval by the Governor.