A JOINT RESOLUTION

 

TO APPROVE REGULATIONS OF THE State Board of Financial Institutions, RELATING TO Non-interest Bearing Negotiable Order of Withdrawal (NINOW) Accounts by State-chartered Savings and Loan Associations, DESIGNATED AS REGULATION DOCUMENT NUMBER 5393, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE SOUTH CAROLINA CODE OF LAWS.

 

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 Non-interest Bearing Negotiable Order of Withdrawal (NINOW) Accounts by State-chartered Savings and Loan Associations, designated as Regulation Document Number 5393, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the S.C. Code, are approved.

 

SECTION 2.  This joint resolution takes effect upon approval by the Governor.

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SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

The South Carolina State Board of Financial Institutions proposes to repeal R.15-39D as unnecessary because Section 34-28-500 of the South Carolina Code already allows these types of accounts.

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