S 409 — A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE STATE BOARD OF FINANCIAL INSTITUTIONS, RELATING TO TERMS AND CONDITIONS FOR STATE-CHARTERED CREDIT UNIONS TO MAKE ARM LOANS, DESIGNATED AS
Last action — Recommitted to Committee on Banking and Insurance
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House
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5To Executive
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6Enacted
This bill is in committee in the Senate. Introduced March 04, 2025. It must pass committee before a floor vote.
Next likely step: a committee vote, then a floor vote in the Senate.
Prognosis
Where this bill stands today.
Odds of enactment
LowHow often bills like it became law.
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In Committee
Current position in the legislative process.
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1 sponsor
1 primary, 0 co-sponsors signed on.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE SOUTH CAROLINA CODE OF LAWS.
Bill Text
What changed in the latest version
25 added · 15 removedPlain-language change summary
The updated version of Bill S 409 includes a new section that officially approves regulations set by the State Board of Financial Institutions regarding adjustable-rate mortgage (ARM) loans for state-chartered credit unions. This change is important because it aligns credit unions with more flexible lending practices that can benefit consumers looking for loans. Additionally, the bill now states that these changes will take effect once approved by the Governor, which streamlines the process for implementation. Overall, these adjustments aim to modernize and improve financial regulations in South Carolina.
2025-20262021-2022 Bill 409705: Text of Previous Version (Mar.
04,Subject 2025)not yet available - South Carolina Legislature Online South2025-2026 CarolinaBill General409 Assembly126thText Session,of 2025-2026(TextPrevious matchesVersion printed(Mar. bills.
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409Document Introducedhas bybeen Senatereformatted Bankingto meet World Wide Web specifications.) A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE State Board of Financial Institutions, RELATING TO Terms and InsuranceConditions Committeefor S.State-chartered Credit Union to Make ARM Loans, DESIGNATED AS REGULATION DOCUMENT NUMBER 5293, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE SOUTH CAROLINA CODE OF LAWS.
Printed 3/4/25--S.Be it enacted by the General Assembly of the State of South Carolina:
Read theSECTION first1. timeThe Marchregulations 4,of 2025the ________ A JOINT RESOLUTION TO APPROVE REGULATIONS OF THE State Board of Financial Institutions, RELATINGrelating TOto Terms and Conditions for State-chartered Credit Union to Make ARM Loans, DESIGNATEDdesignated ASas REGULATIONRegulation DOCUMENTDocument NUMBERNumber 5293, PURSUANTand TOsubmitted THEto PROVISIONSthe OFGeneral ARTICLEAssembly 1,pursuant CHAPTERto 23,the TITLEprovisions 1of OFArticle THE1, SOUTHChapter CAROLINA23, CODETitle OF1 LAWS.of the S.C.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The regulations of the State Board of Financial Institutions, relating to Terms and Conditions for State-chartered Credit Union to Make ARM Loans, designated as Regulation Document Number 5293, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the S.C.
SECTION 2. ThisThis joint resolution takes effect upon approval by the Governor.
----XXX---- SUMMARY AS SUBMITTED BY PROMULGATING AGENCY.
The Notice of Drafting was published in the State Register on June 28, 2024.
----XX---- This web page was last updated on March 04, 2025 at 05:5401:14 PM
Action History
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Recommitted to Committee on Banking and Insurance
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Scrivener's error corrected
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Introduced, read first time, placed on calendar without reference
Sponsors
- Senate Banking and Insurance · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 169 not signed on
Sponsors (1)
- Senate Banking and Insurance
Co-sponsors (0)
None.
Not signed on (169)
169 members have not signed on to this bill.
Show all 169 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does S 409 do?
- , PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE SOUTH CAROLINA CODE OF LAWS.
- Who sponsors S 409?
- S 409 is sponsored by Senate Banking and Insurance.
- What is the current status of S 409?
- This bill is in committee in the Senate. Introduced March 04, 2025. It must pass committee before a floor vote.
- Where can I track S 409?
- Track S 409 free on One Click Politics — get push/email alerts when it moves.
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