[{"_1":2,"_112":-5,"_113":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6283139,"mediaKeyId","2590671-156280a600ea58d799379c71c84bc820","parentId",2590671,"title","Appraisers board revisions align with federal appraisal standards; committee forwards with neutral recommendation","audioSeconds",1061,"startMs",2527630,"endMs",3588835,"viewUrl","/Search/View?dp=1&key=2590671-156280a600ea58d799379c71c84bc820&start=2527&end=3588","thumbnailUrl","https://assets.pipeline.soar.com/2590671-156280a600ea58d799379c71c84bc820/thumbnail_2527630.jpg","articleUrl","/articles/6283139/South-Carolina/Appraisers-board-revisions-align-with-federal-appraisal-standards-committee-forwards-with-neutral-recommendation","mediaUrl","https://secure.pipeline.soar.com/6283139-84eb1bdb67cda9ca4e20e03614172493/orig.mp4?Expires=1775231444&Signature=DH-n1HEEbzEIeiocXZSdF5MTLvYxCS2AuesWeNRZu8HLn01HjLzBEZ0v94FmOmYWHC3Q4OWNhnCWGp3lSD6fgDed3c-s3gTb5-2MGr0nAQniNOGqAuBgj72G6c1rRbodX9o4rbeE4l8HOyTsbq6eCZ2y7NesPdGIFl02nsoNgZpFjvF0h6kkEY3YKUVmAobaDFnR87j2CypFPigvXp-CSCeZJngmVK-wBCP-F0by5kp3735539BcwLpGYiQHEoGMIYwn9x7vRtrVDdLPnmDr0iGNjoZVDUHtBFMWk4qXJUEby4tI4dZfXEsUg1jVQYbJLfq~MSXgcV-og16QtXLSbA__&Key-Pair-Id=KUT5TJCACFTXG","author","South Carolina Legislature","date","2025-02-27T00:00:00Z","article","A proposed amendment to the Real Estate Appraisers Board regulations, adopting changes tied to federal appraisal standards and updating education and experience requirements, was passed to the full committee with a neutral recommendation pending additional information.

Virginia Wetzel of LLR and Laura Smith, board executive for the Real Estate Appraisers Board, explained the revisions are required to conform South Carolina rules to federal Appraiser Qualifications Board (AQB) minimums and a recently passed state law (Act 196). Smith said most changes clean up duplicative language and that one substantive addition is an eight-hour valuation-bias and fair-housing training requirement beginning Jan. 1, 2026. “Starting 01/01/2026, they are adding … hours of the course for valuation bias and fair housing laws and regulations,” Smith said.

Committee members expressed concern about state sovereignty and asked whether the course additions and education requirements are federal mandates; Smith and LLR staff said the AQB and the Appraisal Foundation set minimum criteria for states that wish to participate in federally related transactions. Smith directed members to the Appraisal Foundation website for the AQB criteria and agreed to provide the committee a copy of the AQB criteria and the revised regulatory text.

Given members’ requests for documentation, the committee voted to forward Document 5,340 to the full committee with a neutral recommendation pending receipt of the AQB materials and related documentation. The motion as recorded in the transcript: “Document 5,340 is passed the full committee with a neutral recommendation pending the receipt of additional information.”","mediaType","Video","parentTitle","House Regulations, Admin. Proc., AI and Cybersecurity Committee -- Business and Industry Subcommittee Thursday, February 27, 2025 9:00 am ","oneSentenceSummary","Changes to the Real Estate Appraisers Board mirror federal Appraiser Qualifications Board standards, add valuation-bias and fair-housing continuing education hours and update licensure education/experience rules; the committee moved the regulation to full committee with a neutral recommendation pending additional documentation.","taxTitle","Regulations and Administrative Procedures, Standing, HOUSE OF REPRESENTATIVES, Committees, Legislative, South Carolina","taxId",17535,"location","South Carolina","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6283144,"Insurance department proposes group capital and liquidity stress rules",388,2124680,2512995,"/Search/View?dp=1&key=2590671-156280a600ea58d799379c71c84bc820&start=2124&end=2512","https://assets.pipeline.soar.com/2590671-156280a600ea58d799379c71c84bc820/thumbnail_2124680.jpg","/articles/6283144/South-Carolina/Insurance-department-proposes-group-capital-and-liquidity-stress-rules","https://secure.pipeline.soar.com/6283144-e8c426d0aa2ea0636e42b755244ad76a/orig.mp4?Expires=1775231444&Signature=HqrLdAkutiiOk2P4alnAMRxrHzXce1p7c~EWqaqLs7~X0yUsPdIu-n2QgGt-G5F4eaesOjrHyiYV4OhoWQBskJVDj6LjVDRhafLwCORk4ktgxDFow3vWmn9rMW~3lyeKRMj0vbHQZ~JL6xyaLfMFlFEkSt2snjg8GAG-gWyXI7d9TXe4F3umY75JWcigjxEJRZmEsgRxNGy~M6xq3BnFTtIteS6UsxSEaPTpIUOLD2kxOBwatZShwdJ70Zydla5pXGAbFoOAL8A7Iups4LNl9AgJ5m48oZwzNIEElAGb~ZsOD8779vOS9TK5RBboBVDbNQMy4kgsel1waO~ksWUs1g__&Key-Pair-Id=KUT5TJCACFTXG","The Department of Insurance presented a proposed amendment to Regulation 69-14 to create a group capital calculation and liquidity stress-test framework for insurance holding companies, the committee heard.

Michael Wise, director of the Department of Insurance, said the change follows a National Association of Insurance Commissioners (NAIC) model and is designed to give state regulators additional tools to monitor group-wide solvency. “The idea is to make sure that the group is solvent. … It's not just the individual companies, but a more holistic approach to regulation,” Wise said. The rule would require large groups to calculate group capital requirements and to run liquidity stress scenarios such as mass policy withdrawals or market disruptions.

Wise said industry stakeholders were involved in drafting, and that an associated amendment to the state Holding Company Act is moving through the legislature; he also said the regulation could be promulgated under existing authority even if the statute did not pass immediately. The regulation includes carve-outs for smaller groups, with one noted exemption threshold at $1 billion in premium.

A motion to approve the regulation carried by voice vote. Wise and the department said the change supports the state’s accreditation with the NAIC and would align South Carolina with other states adopting similar group supervision tools.","The Department of Insurance presented a regulation to implement group capital calculations and liquidity stress tests for insurance holding companies to strengthen group-wide solvency oversight; committee approved the change by voice vote.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6283150,"LLR seeks fee adjustments; funeral board among programs still in the red",1034,873980,1908701,"/Search/View?dp=1&key=2590671-156280a600ea58d799379c71c84bc820&start=873&end=1908","https://assets.pipeline.soar.com/2590671-156280a600ea58d799379c71c84bc820/thumbnail_873980.jpg","/articles/6283150/South-Carolina/LLR-seeks-fee-adjustments-funeral-board-among-programs-still-in-the-red","https://secure.pipeline.soar.com/6283150-0a3cba32b341e17256cfbebe8638a1de/orig.mp4?Expires=1775231444&Signature=oHiRDl7acgXH2U-VlYkEIdExAvOcmPxVvkutY8J51XYopVgAqr0s5P1zoqLdm39FME~WJk8ZpSWq~O8T7evu~oLi5NthErD09ePY7kwXTWlpH-xJWIZsaT5q4H0CHJfmhVFrsBS~wVJMW~z7PhmQ8VmVIcJUBcqApUd34xKouI4bNfxebUY6pd-Zj1oNbGPHPtMw5Hct-1EDt9zeCAUvIq7-wGeMD1nlcPr4JUoDMtRKWcU~hyzv0Vx3OedyP6feQLVCR7P1WcMZK6T2N~CrKHVrDqnfapaUjs8RlPSF9b48h016vRdy7PWqIV7QlroKKt6VoH9B39PUAimifZwjNw__&Key-Pair-Id=KUT5TJCACFTXG","The Department of Labor, Licensing and Regulation (LLR) told the committee it is proposing biennial adjustments to licensing fees to better align revenues with expenses across professional licensing boards and to reduce the need to rely on fines as a funding source.

Emily Farr, agency director, told the panel that LLR is primarily funded by fees and that the agency has been building a financial model to project revenue and expenses and to avoid sharp fee swings. “All of the expenses … add cost. So the reason we're here today is because by statute, the agency is required every 2 years to review these fees,” Farr said. She said the agency worked closely with board members and that fee recommendations were unanimously approved by the boards that considered them.

Farr said the package includes decreases for medical examiners and the counselors board and increases for podiatry, funeral service and veterinarians. She emphasized the funeral board’s finances remain negative even after the proposed increase because inspector salaries and a rise in complaints have driven costs higher; inspectors must meet statutory experience and licensing qualifications and those costs were recently reallocated to the funeral board rather than shared across multiple boards.

“It's a pretty significant fee increase. … If it's not enough, come and ask for another one if necessary rather than doing a huge jump,” Farr said, describing the agency’s phased approach. Committee members pressed for clarity on which boards would still be negative after changes and asked for a follow-up on the funeral board’s expenses; Farr said LLR would continue to monitor cash balances at each fiscal-year end.

The agency also told committee members it is piloting an AI intake tool to reduce processing delays by automatically returning incomplete online applications before they reach staff queues. Farr said the product is relatively inexpensive and will initially check for required attachments (for example, a driver’s license) so only complete applications reach staff.

A committee motion to approve the fee schedule adjustments carried by voice vote. Farr and LLR staff agreed to provide additional financial detail to the committee as requested.","The Department of Labor, Licensing and Regulation presented biennial fee schedule changes to rebalance board cash reserves, proposing increases for some boards and decreases for others; the committee voted to approve the agency recommendations.",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6283156,"State board advances package to repeal, update banking and credit-union rules",777,52075,829555,"/Search/View?dp=1&key=2590671-156280a600ea58d799379c71c84bc820&start=52&end=829","https://assets.pipeline.soar.com/2590671-156280a600ea58d799379c71c84bc820/thumbnail_52075.jpg","/articles/6283156/South-Carolina/State-board-advances-package-to-repeal-update-banking-and-credit-union-rules","https://secure.pipeline.soar.com/6283156-00e24d38ce0f4f6b1c28b2c3eae3bcf6/orig.mp4?Expires=1775231444&Signature=gsQ4T3qdwbuCbVWx2y32R-m22fmzDLK0elQRuLkgBTzFSNm3ma2n7IV3NxN5swZ8A1zQ2nTBh3qpvQ~ByW3DUBkbu1fJbjWbFFImVXe-f4BpC1e8zHp-yz0EFeZWfzo9HZqOr3e~JVy3NyOo3PKnQbAJP8NQSVgwC7VQPy6VCA1YjgW3m524SliwFqMwJZvcvSTn8YPVRS77EP-pQ5svxnQVU9w1hc98AroDwf0Nce0Ynih5D~Nhx8svxYNEVkWeEPpLs0muXOpcbhip-ScT~lDfQm-xDjX2maLxNEtU3yKrtP~OIF-sNxWb42G8kMcxBt-btnX5xwUjtaTaHCAajA__&Key-Pair-Id=KUT5TJCACFTXG","The State Board of Financial Institutions voted to approve multiple regulatory changes Thursday aimed at removing duplicative rules and updating retention and dividend requirements for state-chartered banks and credit unions.

The package covers several items including the repeal of Regulation 5281 (income and expense statements), repeal of Regulation 5283 (authority for federally chartered institutions), a new record-retention regulation for credit unions (5285), an amendment clarifying the declaration of dividends by state-chartered credit unions (052986), an updated record-retention schedule for banks (5289), repeal of an outdated pilot for electronic funds transfers (5290), revisions on state bank dividend rules (5292) and repeal of an adjustable-rate mortgage rule for credit unions (5293).

The board’s staff told members the changes remove duplication between agency rules and existing statute or institutional reports. “The Board of Financial Institutions is proposing to repeal a regulation that requires banks to file income and expense reports alongside certain requests. The board already receives this information in the report of condition and the requirement in this regulation is duplicative,” Kathy Bickham, Commissioner of Banking, said. On record-retention items, staff said language was updated to reflect modern technology and to point state-chartered institutions to existing state nonprofit record-retention rules and applicable federal standards.

Board members repeatedly expressed support for simplifying old rules. Chairman (Speaker 1) repeatedly praised the effort to “get rid of regulations,” asking whether the agency was tracking repeals and joking about sending “thank you” letters to staff. Staff said regulated trade groups — including the bankers association and the Carolina Credit Union League — were consulted and that some changes were made in response to stakeholder feedback.

On dividend rules, staff described the amendments as formalizing operational instructions already in use. For credit unions, staff explained that “dividends … are just interest on the deposits” and that the revised rule incorporates a 2020 policy statement allowing credit unions to pay dividends that reduce undivided profits if they meet specified financial-condition criteria. On bank dividends, staff said the regulation would permit banks to pay “up to 100% of their current earnings each year in dividends” subject to guardrails and board oversight when an institution seeks to pay beyond ordinary limits.

Each regulation in the package was moved, seconded and approved by voice vote during the session. No roll-call tallies were recorded in the transcript; approvals were announced after voice votes.

The board’s staff said the rule updates are the result of a multiyear review intended to modernize regulations that in some cases predate widespread computer use. Several members urged continuing the review and noted the work had already reduced voluminous retention schedules to far shorter, more technology-aware text.

Votes at a glance: The transcript records voice approvals for items identified as Regulation 5281, 5283, 5285, (052986) amendment on credit-union dividends, 5289, 5290, 5292 and 5293; each motion was called, seconded and adopted by voice vote.

The board did not set effective dates in the discussion recorded; staff indicated some changes reflect statutory amendments and others incorporate prior board policy into regulation. The board said it will continue to track regulatory repeals and amendments and to consult affected trade organizations as it completes the multiyear cleanup effort.","The State Board of Financial Institutions voted to repeal or amend multiple regulations to remove duplication, simplify record-retention rules and align dividend language with current practice, the board heard on the record.","actionData","errors"]

Article not found

Appraisers board revisions align with federal appraisal standards; committee forwards with neutral recommendation

Insurance department proposes group capital and liquidity stress rules

LLR seeks fee adjustments; funeral board among programs still in the red

State board advances package to repeal, update banking and credit-union rules