reglab/housing_qa huggingface dataset:
SC Code § 35-11-215 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-215. Security.

 (A) Except as otherwise provided in subsection (B), a surety bond, letter of credit, or other similar security acceptable to the commissioner in the amount of fifty thousand dollars plus ten thousand dollars for each location, not exceeding a total addition of two hundred fifty thousand dollars, must accompany an application for a license.  (B) Security must be in a form satisfactory to the commissioner and payable to the State for the benefit of a claimant against the licensee to secure the faithful performance of the obligations of the licensee with respect to money transmission.  (C) The aggregate liability on a surety bond may not exceed the principal sum of the bond. A claimant against a licensee may maintain an action on the bond, or the commissioner may maintain an action on behalf of the claimant.  (D) A surety bond must cover claims for so long as the commissioner specifies, but for at least five years after the licensee ceases to provide money services in this State. However, the commissioner may permit the amount of security to be reduced or eliminated before the expiration of that time to the extent the amount of the licensee's payment instruments or stored-value obligations outstanding in this State is reduced. The commissioner may permit a licensee to substitute another form of security acceptable to the commissioner for the security effective at the time the licensee ceases to provide money services in this State.  (E) In lieu of the security prescribed in this section, an applicant for a license or a licensee may provide security in a form prescribed by the commissioner.  (F) The commissioner may increase the amount of security required to a maximum of one million dollars if the financial condition of a licensee so requires, as evidenced by reduction of net worth, financial losses, or other relevant criteria.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-220 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-220. Issuance of license.

 (A) When an application is filed pursuant to this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant pursuant to this article if the commissioner finds that all of the following conditions have been fulfilled:  (1) the applicant has complied with Sections 35-11-205, 35-11-215, and 35-11-230; and  (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.  (B) When an application for an original license pursuant to this article is complete, the commissioner promptly shall notify the applicant in a record of the date on which the application was determined to be complete and:  (1) the commissioner shall approve or deny the application within one hundred twenty days after that date; or  (2) if the application is not approved or denied within one hundred twenty days after that date the:  (a) application is considered approved; and  (b) commissioner shall issue the license pursuant to this article, to take effect as of the first business day after expiration of the one hundred twenty-day period.  (C) The commissioner may for good cause extend the application period.  (D) An applicant whose application is denied by the commissioner pursuant to this article may appeal, within thirty days after receipt of the notice of the denial, from the denial and request a hearing.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-225 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-225. Renewal of license.

 (A) A person licensed pursuant to this article shall pay an annual renewal fee of seven hundred fifty dollars no later than thirty days before the anniversary of the issuance of the license or, if the last day is not a business day, on the next business day.  (B) A licensee under this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commissioner. The renewal report must state or contain:  (1) a copy of the licensee's most recent audited annual financial statement or, if the licensee is a wholly owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation or the licensee's most recent audited consolidated annual financial statement;  (2) the number and monetary amount of payment instruments and stored value sold by the licensee in this State which have not been included in a renewal report, and the monetary amount of payment instruments and stored value currently outstanding;  (3) a description of each material change in information submitted by the licensee in its original license application which has not been reported to the commissioner on a required report;  (4) a list of the licensee's permissible investments and a certification that the licensee continues to maintain permissible investments pursuant to the requirements set forth in Sections 35-11-600 and 35-11-605;  (5) proof that the licensee continues to maintain adequate security as required by Section 35-11-215; and  (6) a list of the locations in this State where the licensee or an authorized delegate of the licensee engages in money transmission or provides other money services.  (C) If a licensee does not file a renewal report or pay its renewal fee by the renewal date or an extension of time granted by the commissioner, the commissioner shall send the licensee a notice of suspension. Unless the licensee files the report and pays the renewal fee before expiration of ten days after the notice is sent, the licensee's license is suspended ten days after the commissioner sends the notice of suspension. The suspension must be lifted if, within twenty days after its license is suspended, the licensee:  (1) files the report and pays the renewal fee; and  (2) pays one hundred dollars for each day after suspension that the commissioner did not receive the renewal report and the renewal fee.  (D) The commissioner for good cause may grant an extension of the renewal date.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-230 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-230. Net worth.

 A person licensed pursuant to this article shall maintain a net worth of at least two hundred fifty thousand dollars determined in accordance with generally accepted accounting principles.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-300 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-300. License required.

 (A) A person may not engage in currency exchange or advertise, solicit, or hold himself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person is:  (1) licensed pursuant to this chapter;  (2) licensed for money transmission pursuant to Article 2, or approved to engage in money transmission pursuant to Section 35-11-210;  (3) an authorized delegate of a person licensed pursuant to Article 2; or  (4) an authorized delegate of a person approved to engage in money transmission pursuant to Section 35-11-210.  (B) A license issued pursuant to this chapter is not transferable or assignable.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-305 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-305. Application for license.

 (A) A person applying for a license pursuant to this article shall do so in a form and in a medium prescribed by the commissioner. The application shall state or contain:  (1) the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director;  (2) the location of the principal office of the applicant;  (3) complete addresses of other locations in this State where the applicant proposes to engage in currency exchange, including all limited stations and mobile locations;  (4) a description of the source of money and credit to be used by the applicant to engage in currency exchange; and  (5) other information the commissioner reasonably requires with respect to the applicant, but not more than the commissioner may require pursuant to Article 2.  (B) A nonrefundable application fee of one thousand five hundred dollars and a license fee of seven hundred fifty dollars must accompany an application for a license pursuant to this article. The license fee must be refunded if the application is denied.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-310 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-310. Issuance of license.

 (A) When a person applies for a license pursuant to this article, the commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commissioner may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commissioner shall issue a license to an applicant pursuant to this article if the commissioner finds that all of the following conditions have been fulfilled:  (1) the applicant has complied with Section 35-11-305; and  (2) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.  (B) When an application for an original license pursuant to this article is complete, the commissioner promptly shall notify the applicant in a record of the date on which the application was determined to be complete and:  (1) the commissioner shall approve or deny the application within one hundred twenty days after that date; or  (2) if the application is not approved or denied within one hundred twenty days after that date the:  (a) application is considered approved; and  (b) commissioner shall issue the license pursuant to this article, to take effect as of the first business day after expiration of the period.  (C) The commissioner may for good cause extend the application period.  (D) An applicant whose application is denied a license by the commissioner pursuant to this article may appeal, within thirty days after receipt of the notice of the denial, from the denial and request a hearing.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-315 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-315. Renewal of license.

 (A) A person licensed pursuant to this article shall pay a biennial renewal fee of seven hundred fifty dollars no later than thirty days before each biennial anniversary of the issuance of the license or, if the last day is not a business day, on the next business day.  (B) A person licensed pursuant to this article shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commissioner. The renewal report must state or contain a:  (1) description of each material change in information submitted by the licensee in its original license application which has not been reported to the commissioner on a required report; and  (2) list of the locations in this State where the licensee or an authorized delegate of the licensee engages in currency exchange, including limited stations and mobile locations.  (C) If a licensee does not file a renewal report and pay its renewal fee by the renewal date or an extension of time granted by the commissioner, the commissioner shall send the licensee a notice of suspension. Unless the licensee files the report and pays the renewal fee before expiration of ten days after the notice is sent, the licensee's license is suspended ten days after the commissioner sends the notice of suspension.  (D) The commissioner for good cause may grant an extension of the renewal date.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-400 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-400. Relationship between licensee and authorized delegate.

 (A) In this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.  (B) A contract between a licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. For such contracts initiated on or after the effective date of this act, the licensee shall provide to each authorized delegate information sufficient for compliance with this chapter.  (C) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.  (D) If a license is suspended or revoked or a licensee does not renew its license, the commissioner shall notify all authorized delegates of the licensee whose names are in a record filed with the commissioner of the suspension, revocation, or nonrenewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as a delegate of the licensee.  (E) An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the licensee, except activity in which the authorized delegate is authorized to engage in pursuant to Article 2 of this chapter. An authorized delegate of a licensee holds in trust for the benefit of the licensee all money net of fees received from money transmission.  (F) An authorized delegate may not use a subdelegate to conduct money services on behalf of a licensee.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-405 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-405. Unauthorized activities.

 A person may not provide money services on behalf of a person not licensed pursuant to this chapter. A person that engages in that activity provides money services to the same extent as if the person were a licensee.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-500 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-500. Authority to conduct examinations.

 (A) The commissioner may conduct an annual examination of a licensee or of any of the licensee's authorized delegates on a forty-five day notice in a record to the licensee.  (B) The commissioner may examine a licensee or its authorized delegate, at any time, without notice, if the commissioner has reason to believe that the licensee or authorized delegate is engaging in an unsafe or unsound practice or has violated or is violating this chapter or a rule adopted or an order issued pursuant to this chapter.  (C) If the commissioner concludes that an on-site examination is necessary pursuant to subsection (A), the licensee shall pay the reasonable cost of the examination.  (D) Information obtained during an examination pursuant to this chapter may be disclosed only as provided in Section 35-11-530.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-505 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-505. Cooperation.

 The commissioner may consult and cooperate with other state money services regulators in enforcing and administering this act. They jointly may pursue examinations and take other official action that they are otherwise empowered to take.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-510 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-510. Reports.

 (A) A licensee shall file with the commissioner within fifteen business days any material changes in information provided in a licensee's application as prescribed by the commissioner.  (B) A licensee shall file with the commissioner within forty-five days after the end of each fiscal quarter a current list of all authorized delegates, and locations in this State where the licensee or an authorized delegate of the licensee provides money services, including limited stations and mobile locations. The licensee shall state the name and street address of each location and authorized delegate.  (C) A licensee shall file a report with the commissioner within three business days after the licensee has reason to know of the occurrence of any of the following events:  (1) the filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. Section 101-110 (1994 & Supp. V 1999), for bankruptcy or reorganization;  (2) the filing of a petition by or against the licensee for receivership, the commencement of another judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;  (3) the commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed;  (4) the cancellation or other impairment of the licensee's bond or other security;  (5) a charge or conviction of the licensee or of an executive officer, manager, director, or person in control of the licensee for a felony; or  (6) a charge or conviction of an authorized delegate for a felony.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-515 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-515. Change of control.

 (A) A licensee shall:  (1) give the commissioner notice in a record of a proposed change of control within fifteen days after learning of the proposed change of control;  (2) request approval of the acquisition; and  (3) submit a nonrefundable fee of one thousand dollars with the notice.  (B) After review of a request for approval pursuant to subsection (A), the commissioner may require the licensee to provide additional information concerning the proposed persons in control of the licensee. The additional information must be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application.  (C) The commissioner shall approve a request for change of control pursuant to subsection (A) if, after investigation, the commissioner determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.  (D) When an application for a change of control pursuant to this article is complete, the commissioner shall notify the licensee in a record of the date on which the request was determined to be complete and:  (1) the commissioner shall approve or deny the request within one hundred twenty days after that date; or  (2) if the request is not approved or denied within one hundred twenty days after that date:  (a) the request is considered approved; and  (b) the commissioner shall permit the change of control under this section to take effect as of the first business day after expiration of the period.  (E) The commissioner, by rule of order, may exempt a person from any of the requirements of subsection (A)(2) and (3) if it is in the public interest to do so.  (F) Subsection (A) does not apply to a public offering of securities.  (G) Before filing a request for approval to acquire control of a licensee or person in control of a licensee, a person may request in a record a determination from the commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the commissioner determines that the person would not be a person in control of a licensee, the commissioner shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of subsections (A) through (C).  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-520 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-520. Records.

 (A) A licensee shall maintain the following records for determining its compliance with this act for at least three years:  (1) a record of each payment instrument or stored-value obligation sold;  (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;  (3) bank statements and bank reconciliation records;  (4) records of outstanding payment instruments and stored-value obligations;  (5) records of each payment instrument and stored-value obligation paid within the three-year period;  (6) a list of the last known names and addresses of all of the licensee's authorized delegates; and  (7) other records the commissioner reasonably requires by rule.  (B) The items specified in subsection (A) may be maintained in any form of record.  (C) Records may be maintained outside this State if they are made accessible to the commissioner on a seven business-day notice that is sent in a record.  (D) All records maintained by the licensee as required in subsections (A) through (C) are open to inspection by the commissioner pursuant to Section 35-11-500.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.
SC Code § 35-11-525 (2021)
2021 South Carolina Code of Laws|Title 35 - Securities|Chapter 11 - South Carolina Anti-money Laundering Act|Section 35-11-525. Money laundering reports.

 (A) A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311 (1994), 31 C.F.R. Section 103 (2000) and other federal and state laws pertaining to money laundering.  (B) The timely filing of a complete and accurate report required pursuant to subsection (A) with the appropriate federal agency is in compliance with the requirements of subsection (A), unless the commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the commissioner.  HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.