reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 36 - Loan Brokers › Section 34-36-60. Actions to enjoin violations; impounding of property; appointment of receiver or administrator; order of restitution.

(A) In addition to other remedies set forth in this chapter, whenever the department determines, from evidence satisfactory to it, that any person has engaged, is engaged, or is about to engage in an act or practice constituting a violation of this chapter or a regulation promulgated hereunder, the department may bring action in the name and on behalf of the State against the person and any other person concerned in that practice in violation of this chapter to enjoin the person or persons from continuing the violation. In the court proceedings, the department may apply for and on due showing is entitled to have issued, the court's subpoena requiring the appearance of any defendant and his employees or agents to testify or give evidence concerning the acts or conduct or things complained of in the application for injunction, and requiring the production of documents, books, and records that may appear necessary for the hearing of the petition.
(B) In addition to all other means provided by law for the enforcement of any temporary restraining order, temporary injunction, or permanent injunction issued in the court proceedings, the court shall have the power, upon application of the department, to impound and to appoint a receiver or administrator for the property, assets, and business of the defendant, including, but not limited to, the books, records, documents, and papers appertaining thereto. The receiver or administrator, when appointed and qualified, shall have all powers and duties as to custody, collection, administration, winding up, and liquidation of this property and business as is from time to time conferred upon him by the court. In the action, the court may issue orders and decrees staying all pending suits and enjoining any further suits affecting the receiver's or administrator's custody or possession of this property, assets, and business, or in its discretion may with the consent of the chief administrative judge of the circuit, require that all these suits be assigned to the circuit court judge appointing this receiver or administrator.
(C) In addition to any other remedies provided by this chapter, the department may apply to the court hearing this matter for an order of restitution whereby the defendants in the action must be ordered to make restitution of those sums shown by the department to have been obtained by them in violation of any of the provisions of this chapter. The restitution, at the option of the court, must be payable to the administrator or receiver appointed pursuant to this section or directly to the persons whose assets were obtained in violation of this chapter.
HISTORY: 1992 Act No. 452, Section 1, eff June 15, 1992.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 36 - Loan Brokers › Section 34-36-70. Violations; penalties.

Any person violating any provision of this chapter is guilty of a misdemeanor and, upon conviction, must be punished by a fine not exceeding five thousand dollars or by a term of imprisonment not exceeding one year, or both. Each violation of this chapter constitutes a separate offense.
HISTORY: 1992 Act No. 452, Section 1, eff June 15, 1992.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 36 - Loan Brokers › Section 34-36-80. Violation constitutes unfair trade practice; actions for damages; remedies additional to those otherwise provided.

(A) A violation of this chapter shall constitute an unfair trade practice under Chapter 5, Title 39, and individual borrowers or prospective borrowers injured by violations of this chapter have an action for damages as set forth in Section 39-5-140.
(B) Any borrower injured by a violation of this chapter may bring an action against the surety bond or trust account, if any, of the loan broker.
(C) The remedies provided under this chapter are in addition to any other procedures or remedies for any violation or conduct authorized by law.
HISTORY: 1992 Act No. 452, Section 1, eff June 15, 1992.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 36 - Loan Brokers › Section 34-36-90. Department responsible for administration and enforcement of chapter; authority to promulgate regulations.

(A) The department is responsible for the administration and enforcement of this chapter.
(B) The department is authorized to promulgate those regulations necessary to implement and administer the provisions of this chapter.
HISTORY: 1992 Act No. 452, Section 1, eff June 15, 1992.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-110. Short title.

This chapter may be cited as the "South Carolina Deferred Presentment Services Act".
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-120. Definitions.

As used in this chapter, unless the context clearly requires otherwise, the term:
(1) "Board" means the State Board of Financial Institutions.
(2) "Check" means a check signed by the maker and made payable to a person licensed pursuant to this chapter. The name of the maker must be preprinted on the face of the check. "Counter checks" and checks without the name of the maker preprinted on the face of the check may not be accepted by a licensee.
(3) "Deferred presentment services" means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:
(a) accepting a check dated on the date it was written; and
(b) holding the check for a period of time before presentment for payment or deposit.
(4) "Licensee" means a person licensed to provide deferred presentment services pursuant to this chapter.
(5) "Person" means an individual, group of individuals, partnership, association, corporation, or other business unit or legal entity.
(6) "Location" means the entire space in which deferred presentment services are provided. The space must be completely separated from any space where goods or services are sold or leased. The location must be separately staffed and must not have a common entrance with any other business not permitted by this chapter.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-130. Licensure requirements.

(A) A person may not engage in the business of deferred presentment services without first obtaining a license pursuant to this chapter. A separate license is required for each location from which the business is conducted. The licensee shall post its license to engage in the business of deferred presentment services at each location licensed pursuant to this chapter.
(B) A person engaged in the business of deferred presentment services on the effective date of this chapter may continue to engage in the business without a license until the board has acted upon the application for a license, but the application must be filed within sixty days after the effective date of this chapter.
(C) A person may not engage in the business of deferred presentment services with a customer residing in this State, whether or not that person has a location in South Carolina, except in accordance with the provisions of this chapter and without having first obtained a license pursuant to this chapter.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998); 2009 Act No. 78, Section 3 [see Editor's Note].
Editor's Note
2009 Act No.78, Section 11 provides as follows:
"SECTIONS 2, 3, [adding subsection (C) above] and 4 of this act take effect upon implementation of the common database as required in SECTION 1 [Section 34-39-175]. The remaining SECTIONS of this act take effect upon approval by the Governor.
Effect of Amendment
The 2009 amendment added subsection (C) relating to deferred presentment services with customers residing in South Carolina.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-140. Applicability of chapter; exceptions.

This chapter does not apply to:
(1) a bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state; and
(2) a person principally engaged in the bona fide retail sale of goods or services who, either as an incident to or independently of a retail sale or service and not holding itself out to be a deferred presentment service, from time to time cashes checks, drafts, or money orders without a fee or other consideration.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-150. Application for licensure.

(A) An application for licensure pursuant to this chapter must be in writing, under oath, and on a form prescribed by the board. The application must set forth all of the following:
(1) the legal name and residence and business addresses of the applicant and, if the applicant is a partnership, association, or corporation, of every member, officer, managing employee, and director of it;
(2) the location of the registered office of the applicant;
(3) the registered agent of the applicant if the applicant is required by other law to have a registered agent;
(4) the addresses of the locations to be licensed; and
(5) other information concerning the financial responsibility, background experience, and activities, such as other partnerships, associations, and corporations located at or adjacent to the licensed location of the applicant and its members, officers, managing employees, and directors as the board requires.
(B) Upon receipt of an application in the form prescribed by the board, accompanied by the required fee, the board shall investigate whether the qualifications for licensure are satisfied. If the board finds that the qualifications are satisfied, it shall issue to the applicant a license to engage in the deferred presentment services business. If the board fails to issue a license, it shall notify the applicant of the denial and the reasons for it. The provisions of the Administrative Procedures Act apply to the appeal of the denial of a license.
(C) The application must be accompanied by payment of an application fee of one thousand dollars and an investigation fee of five hundred dollars. These fees are not refundable or abatable. If the license is granted, however, payment of the application fee satisfies the fee requirement for the first license year or its remainder.
(D) A license expires annually and may be renewed upon payment of a license fee of one thousand dollars. The annual license renewal fee for an applicant with more than one location is one thousand dollars for the first location and two hundred fifty dollars for each additional location.
(E) One-half of the renewal fees collected pursuant to subsection (D) must be credited to the Board of Financial Institutions for enforcement of this chapter and one-half must be credited to the Attorney General to prosecute actions brought for violations of this chapter.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998); 2009 Act No. 78, Section 5, eff June 16, 2009.
Effect of Amendment
The 2009 amendment, in subsections (C) and (D) substituted "one thousand dollars" for "two hundred fifty dollars", and in subsection (D) in the second sentence substituted "two hundred fifty dollars" for "fifty dollars"; and added subsection (E) relating to disposition of license renewal fees.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-160. Qualifications for licensure.

To qualify for a license issued pursuant to this chapter, an applicant shall have:
(1) a minimum net worth, determined in accordance with generally accepted accounting principles, of at least twenty-five thousand dollars available for the operation of each location; and
(2) the financial responsibility, character, experience, and general fitness so as to command the confidence of the public and to warrant belief that the business is operated lawfully, honestly, fairly, and efficiently.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-170. Restrictions on advancement of monies on security of check; posting of fees charged for deferred presentment services.

(A) A licensee may not advance monies on the security of a check unless the account on which the presented check is drawn is a legitimate, open, and active account.
(B) A licensee, in every location conducting business under a license issued pursuant to this chapter, conspicuously shall post and at all times display a notice stating the fee charged for deferred presentment services. A licensee shall file with the board a statement of the fees charged at every location licensed for deferred presentment services.
(C) A licensee shall endorse in the name of the licensee every check, draft, or money order presented by the licensee for payment or deposit.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-175. Deferred presentment transaction database.

(A) In order to prevent a person from having a deferred presentment transaction that exceeds the limit in Section 34-39-180(B) and Section 34-39-270(A), the Consumer Finance Division of the Board of Financial Institutions shall implement a common database with real-time access through an internet connection for deferred presentment providers, as provided in this subsection. The board shall enter into a contract with a single source private vendor to develop and operate the database. By no later than February 1, 2010, the database must be accessible to the board and the deferred presentment providers to meet the requirements of this chapter and verify if a deferred presentment transaction is outstanding for a particular person. Deferred presentment providers shall submit the person's data to the database provider before entering into a deferred presentment transaction and once a deferred presentment transaction has been paid in full, in a format the board requires by regulation, including the drawer's name, social security number, or employment authorization alien number, address, driver's license number, amount of the transaction, date of transaction, the date that the transaction is closed, and additional information required by the board. The database provider may impose the database verification fee authorized by Section 34-39-270(H) for data required to be submitted by a licensee. The board may adopt procedures to administer and enforce the provisions of this section and to ensure that the database is used by licensees in accordance with this section.
(B) The information provided in the database is limited for the use in determining if a customer is eligible or ineligible to enter into a new deferred presentment transaction and to describe the reason for the determination of eligibility or ineligibility.
HISTORY: 2009 Act No. 78, Section 1, eff June 16, 2009.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-190. Maintenance of books, accounts, and records; examination.

(A) A person subject to the provisions of this chapter shall maintain in its offices books, accounts, and records, as the board may reasonably require and establish by regulation. The books, accounts, and records must be kept with sufficient detail to ensure that the provisions of Section 34-39-180(E) are met. The books, accounts, and records must be maintained separately from other business in which the person is engaged and must be retained for at least three years.
(B) The board may examine the books, accounts, and records to determine compliance with this chapter and with the regulations adopted pursuant to it. The licensee examined pursuant to this section must pay the cost of the examination to the board.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-200. Limitations on activities by persons required to be licensed by chapter.

A person required to be licensed pursuant to this chapter may not:
(1) charge fees in excess of those authorized by this chapter;
(2) engage in the business of:
(i) making loans of money or extension of credit;
(ii) discounting notes, bills of exchange, items, or other evidences of debt; or
(iii) accepting deposits or bailments of money or items, except as expressly provided by Section 34-39-180;
(3) use or cause to be published or disseminated advertising communication which contains false, misleading, or deceptive statements or representations;
(4) conduct business at premises or locations other than locations licensed by the board;
(5) engage in unfair, deceptive, or fraudulent practices, including unconscionable conduct in violation of Section 37-5-108;
(6) alter or delete the date on a check accepted by the licensee;
(7) accept an undated check or a check dated on a date other than the date on which the licensee accepts the check;
(8) require a customer to provide security for the transaction or require the customer to provide a guaranty from another person;
(9) engage in the retail sale of goods or services, other than deferred presentment services and Level I check-cashing services as defined in Section 34-41-10, at the location licensed pursuant to this chapter, except that the sale of money orders, postage stamps, payment of utility bills with no additional fee to the customer, vending machines for food or beverage, facsimile services, wire transfer services, or the rental of postal boxes at rates not higher than allowed by the United States Postal Service are not the sale of goods or services prohibited by this subsection;
(10) be licensed pursuant to Section 12-21-2720(a)(3) to operate a video poker machine; or
(11) permit others to engage in an activity prohibited by this section at a location licensed pursuant to this chapter.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998); 2009 Act No. 78, Section 7, eff June 16, 2009.
Effect of Amendment
The 2009 amendment, in item (9), substituted "wire transfer services," for "Western Union services,", added "the rental of", and made nonsubstantive changes.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-210. Suspension or revocation of license.

(A) The board may suspend or revoke a license issued pursuant to this chapter if, after notice and opportunity for hearing, the board issues written findings that the licensee has:
(1) violated this chapter or applicable state or federal law;
(2) made a false statement on the application for a license under the chapter;
(3) refused to permit investigation by the board as authorized by this chapter;
(4) failed to comply with an order of the board;
(5) demonstrated incompetency or untrustworthiness to engage in the business of deferred presentment services; or
(6) been convicted of a felony or misdemeanor involving fraud, misrepresentation, or deceit.
(B) The board may not suspend or revoke a license issued pursuant to this chapter unless the licensee has been given notice and opportunity for hearing in accordance with the Administrative Procedures Act.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-220. Orders to cease and desist violations of chapter; hearing.

If the board determines that a person subject to the provisions of this chapter has violated this chapter or regulations adopted pursuant to it, the board, upon notice and opportunity for hearing in accordance with the Administrative Procedures Act, may order the person to cease and desist from the violations and to comply with this chapter. The board may designate a hearing officer or hearing panel to conduct hearings or take other action as necessary pursuant to this section and may seek the assistance of the Attorney General or the Department of Consumer Affairs in enforcing compliance with this chapter. The board may enforce compliance with an order issued pursuant to this section by the imposition and collection of civil penalties authorized in this chapter.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-230. Civil penalties; repayment of unlawful or excessive fees.

The board may order and impose civil penalties upon a person subject to the provisions of this chapter for violations of this chapter or its regulations in an amount not to exceed one thousand dollars for each violation. The board also may order repayment of unlawful or excessive fees charged to customers.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-240. Wilful violations; referral for criminal prosecution.

The board, upon a determination that a violation of Section 34-39-130 is wilful, may refer the violation to the Attorney General or to the appropriate circuit solicitor for criminal prosecution. A wilful violation of Section 34-39-130 is a Class B misdemeanor, and each transaction involving unlawful deferred presentment constitutes a separate offense.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-250. Chapter not subject to other statutes governing imposition of interest, fees, loan charges, or extension of credit.

The business of deferred presentment services conducted in accordance with this chapter is not subject to or controlled by any other state statute governing the imposition of interest, fees, or loan charges, or the extension of credit.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-260. Promulgation of regulations.

The board may promulgate regulations pursuant to the Administrative Procedures Act necessary to carry out the purposes of this chapter, to provide for the protection of the public, and to assist licensees in interpreting and complying with this chapter.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 39 - Deferred Presentment Services › Section 34-39-290. Annual report and meeting concerning data.

(A) Based upon data provided by the database vendor, the Board of Financial Institutions annually shall report to the General Assembly the following information for loans made in South Carolina in the previous reporting year, specifically the number of:
(1) loans made in South Carolina by loan amount and the dollar amount of fees collected by loan amount;
(2) borrowers by loan amount and the number of borrowers by the number of times each borrower took out a loan;
(3) borrowers who chose to pay off their loans through an extended payment plan by loan amount;
(4) loans that were not paid off in the previous year by loan amount;
(5) loans on which the lender submitted the check for collection by loan amount and the number of loans on which the lender took action for collection; and
(6) the number of twenty-four hour periods within which a successive loan is conducted after a prior loan is completed.
(B) The Senate Banking and Insurance Committee and the House of Representatives Labor, Commerce and Industry Committee must annually meet, jointly or separately, to hold a hearing concerning the data provided by the database vendor and the report submitted by the Board of Financial Institutions. The vendor and the Board of Financial Institutions must testify at the meeting and answer questions, including questions related to the data and the report.
HISTORY: 2009 Act No. 78, Section 6, eff June 16, 2009.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-10. Definitions.

As used in this chapter, unless the context clearly requires otherwise, the term:
(1) "Board" means the State Board of Financial Institutions.
(2) "Cashing" means providing currency for payment instruments but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments.
(3) "Level I check-cashing service" means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration.
(4) "Level II check-cashing service" means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. A Level II licensee may not be licensed to engaged in the business of deferred presentment.
(5) "Licensee" means a person or entity licensed to engage in either a Level I or Level II check-cashing service pursuant to this chapter.
(6) "Person" means an individual, partnership, association, or corporation.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-20. Licensure requirements.

(A) No person or other entity may engage in the business of either Level I or Level II check-cashing service without first obtaining a license pursuant to this chapter. No person or other entity providing a Level I or Level II check-cashing service may avoid the requirements of this chapter by providing a check or other currency equivalent instead of currency when cashing payment instruments.
(B) A person providing Level I or Level II check-cashing service on the effective date of this chapter may continue to engage in the business without a license until the board has acted upon the application for a license, but the application must be filed within sixty days after the effective date of this chapter.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-30. Applicability of chapter; exceptions.

This chapter shall not apply to:
(1) a bank, savings institution, credit union, or farm credit system organized under the laws of the United States or any state; and
(2) any person or entity principally engaged in the bona fide retail sale of goods or services, who either as an incident to or independently of a retail sale or service and not holding itself out to be a Level I or Level II check-cashing service, from time to time cashes checks, drafts, or money orders without a fee or other consideration.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-40. Application for licensure.

(A) An application for licensure pursuant to this chapter must be in writing, under oath, and on a form prescribed by the board. The application shall set forth all of the following:
(1) the name and address of the applicant;
(2) if the applicant is a firm or partnership, the name and address of each member of the firm or partnership;
(3) if the applicant is a corporation, the name and address of each officer, director, registered agent, and principal;
(4) the addresses of the locations of the business to be licensed; and
(5) other information concerning the financial responsibility, background experience, and activities, such as other partnerships, associations, and corporations located at or adjacent to the licensed location, of the applicant and its members, officers, directors, and principals as the board requires.
(B) The board may make such investigations as the board considers necessary to determine if the applicant has complied with all applicable provisions of this chapter and state and federal law.
(C) The application must be accompanied by payment of a two hundred fifty dollar application fee and a five hundred dollar investigation fee. These fees are not refundable or abatable, but, if the license is granted, payment of the application fee shall satisfy the fee requirement for the first license year or remaining part of it.
(D) Licenses shall expire annually and may be renewed upon payment of a license fee of two hundred fifty dollars plus a fifty dollar fee for each branch location certificate issued under a license.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-42. Requirements for mobile check-cashing services.

For the purposes of this chapter, all mobile check-cashing services must:
(1) be licensed as a Level I licensee;
(2) be a registered and licensed armored vehicle in accordance with the laws of this State;
(3) be considered a "branch" of a check-cashing business for purposes of licensure through this chapter; and
(4) keep records in accordance with this chapter that are returned daily to either the main office or another nonmobile branch of the business.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-50. Maintenance of minimum liquid assets; issuance of license.

(A) Each licensee and applicant shall have and maintain liquid assets of at least fifty thousand dollars for each licensee.
(B) Upon the filing and investigation of an application, and compliance by the applicant with Section 34-41-40, and this section, the board shall issue and deliver to the applicant the license applied for to engage in business pursuant to this chapter at the locations specified in the application, provided that the board finds that the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. If the board fails to make these findings, a license may not be issued, and the board shall notify the applicant of the denial and the reasons for it. The provisions of the Administrative Procedures Act apply to the appeal of the denial of a license.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-60. Restrictions and requirements for licensed check-cashing services.

(A) Notwithstanding any other provision of law, a check-cashing service licensed pursuant to this chapter may not directly or indirectly charge or collect fees or other consideration for check-cashing services in excess of the following:
(1) two percent of the face amount of the check or three dollars, whichever is greater, for checks issued by the federal government, state government, or any agency of the state or federal government, or any county or municipality of this State;
(2) two percent of the face amount of the check or three dollars, whichever is greater, for printed payroll checks. For purposes of this item, "printed" means type written, electronically generated, or computer generated; and
(3) seven percent of the face amount of the check or five dollars, whichever is greater, for all other checks, including handwritten payroll checks, or for money orders.
(B) A licensee may not advance monies on the security of any check unless the account from which the check being presented is drawn is legitimate, open, and active. A licensee who cashes a check for a fee shall deposit the check not later than five days from the date the check is cashed.
(C) A licensee shall ensure that in every location conducting business under a license issued pursuant to this chapter, there is posted conspicuously and at all times displayed a notice stating the fees charged for cashing checks, drafts, and money orders. A licensee further shall ensure that notice of the fees currently charged at every location is filed with the board.
(D) A licensee shall endorse every check, draft, or money order presented by the licensee for payment in the name of the licensee.
(E) Each check must be documented by a written agreement signed by both the customer and the licensee. In the case of an automated check-cashing machine, a printed receipt of the transaction between the customer and the licensee shall constitute an agreement. The written agreement must contain the name or trade name of the licensee, the transaction date, the amount of the check, and a statement of the total amount of fees charged.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-70. Maintenance of books, accounts, and records; examination.

(A) Each person required to be licensed pursuant to this chapter shall maintain in its offices such books, accounts, and records as the board reasonably may require. The books, accounts, and records must be maintained separate from any other business in which the person is engaged and must be retained for a period prescribed by the board.
(B) The licensee shall ensure that each customer cashing a check is provided a receipt showing the name or trade name of the licensee, the transaction date, amount of the check, and the fee charged.
(C) The board may examine the books, accounts, and records in order to determine whether the person is complying with this chapter and rules adopted pursuant to it. The cost of the examination must be paid by the licensee and must be determined by the board.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-80. Limitations on activities by persons required to be licensed by chapter.

No person required to be licensed pursuant to this chapter shall do any of the following:
(1) charge fees in excess of those authorized pursuant to this chapter;
(2) engage in the business of:
(i) making loans of money or extension of credit;
(ii) discounting notes, bills of exchange, items, or other evidences of debt; or
(iii) accepting deposits or bailments of money or items;
(3) use or cause to be published or disseminated any advertising communication which contains any false, misleading, or deceptive statement or representation;
(4) conduct business at premises or locations other than locations licensed by the board;
(5) engage in unfair, deceptive, or fraudulent practices, including unconscionable conduct in violation of Section 37-5-108;
(6) cash a check, draft, or money order made payable to a payee other than a natural person unless the licensee has previously obtained appropriate documentation from the executive entity of the payee clearly indicating the authority of the natural person or persons cashing the check, draft, or money order on behalf of the payee;
(7) as a Level I licensee, engage in the retail sale of goods or services, other than check-cashing services and deferred presentment services, at the location licensed pursuant to this chapter, provided, however, that a sale of money orders, postage stamps, payment of utility bills with no additional fee to the customer, vending machines for food or beverage, facsimile services, Western Union services, or postal boxes at rates not higher than allowed by the United States Postal Service is not the sale of goods or services prohibited by this subsection;
(8) as a Level II licensee, engage in the business of deferred presentment as provided in Chapter 39 of Title 34;
(9) be licensed pursuant to Section 12-21-2720(a)(3) to operate a video poker machine; or
(10) permit others to engage in an activity prohibited by this section at a location licensed pursuant to this chapter.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-90. Suspension or revocation of license.

(A) The board may suspend or revoke any license or licenses issued pursuant to this chapter if, after notice and opportunity for hearing, the board issues written findings that the licensee has engaged in any of the following conduct:
(1) violated this chapter or applicable state or federal law or rules;
(2) made a false statement on the application for a license pursuant to this chapter;
(3) refused to permit investigation by the board authorized pursuant to this chapter;
(4) failed to comply with an order of the board;
(5) demonstrated incompetency or untrustworthiness to engage in the business of check cashing; or
(6) has been convicted of a felony or misdemeanor involving fraud, misrepresentation, or deceit.
(B) The board may not suspend or revoke any license issued pursuant to this chapter unless the licensee has been given notice and opportunity for hearing in accordance with the Administrative Procedures Act.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-100. Orders to cease and desist violations; hearing.

If the board determines that a person required to be licensed pursuant to this chapter has violated this chapter or regulations promulgated pursuant to this chapter, the board, upon notice and opportunity for hearing in accordance with the Administrative Procedures Act, may order the person to cease and desist from the violations and to comply with this chapter. The board may designate a hearing officer or hearing panel to conduct hearings or take other action as necessary pursuant to this section and may seek the assistance of the Attorney General or the Department of Consumer Affairs in enforcing compliance with this chapter. The board may enforce compliance with an order issued pursuant to this section by the imposition and collection of civil penalties authorized pursuant to this chapter.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-110. Civil penalties; repayment of unlawful or excessive fees.

The board may order and impose civil penalties upon any person required to be licensed pursuant to this chapter for violations of this chapter or regulations promulgated under it. Civil penalties shall not exceed one thousand dollars for each violation. The board also may order repayment of unlawful or excessive fees charged to customers.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-120. Wilful violations; referral for criminal prosecution.

The board, upon a determination that a violation of Section 34-41-20 is wilful, may refer a violation to the Attorney General or to the appropriate circuit solicitor for criminal prosecution. A violation of Section 34-41-20 by a person required to obtain a license pursuant to this chapter is a Class B misdemeanor and each transaction involving the unlawful cashing of a check, draft, or money order constitutes a separate offense.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 41 - Check-cashing Services › Section 34-41-130. Promulgation of regulations.

The board may promulgate regulations necessary to carry out the purposes of this chapter, to provide for the protection of the public, and to assist licensees in interpreting and complying with this chapter.
HISTORY: 1998 Act No. 433, Section 2, eff upon approval (became law without the Governor's signature on June 11, 1998).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 43 - South Carolina Community Economic Development Act › Section 34-43-10. Citation of Act.

This chapter may be cited as the South Carolina Community Economic Development Act.
HISTORY: 2000 Act No. 314, Section 1, eff May 30, 2000.
Editor's Note
2015 Act No. 46, Section 1, provides:
"SECTION 1. Section 4 of Act 314 of 2000, as last amended by Act 248 of 2010, is further amended to read:
"SECTION 4. Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2020, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."
2019 Act No. 77, Section 3, provides as follows:
"SECTION 3. Section 4 of Act 314 of 2000, as last amended by Act 46 of 2015, is further amended to read:
"SECTION 4. Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2023, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 43 - South Carolina Community Economic Development Act › Section 34-43-30. Duties and responsibilities of department; authority to contract with entity to carry out; annual report.

(A) The department may use a portion of funds appropriated for carrying out the provisions of this chapter to contract with an appropriate entity or entities to assist in carrying out its duties and responsibilities pursuant to this chapter. These duties and responsibilities include, but are not limited to:
(1) certifying entities as community development corporations and community development financial institutions;
(2) administering grants and loans to community development corporations and community development financial institutions from grant funds made available to it by the General Assembly for that purpose; and
(3) providing technical support to assist community development corporations served pursuant to this section in developing their organizational capacity and implementing their projects successfully.
(B) The department shall make an annual report to the General Assembly regarding the grants and loans administered and tax credits given pursuant to this chapter.
HISTORY: 2000 Act No. 314, Section 1, eff May 30, 2000.
Editor's Note
2015 Act No. 46, Section 1, provides:
"SECTION 1. Section 4 of Act 314 of 2000, as last amended by Act 248 of 2010, is further amended to read:
"SECTION 4. Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2020, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."
2019 Act No. 77, Section 3, provides as follows:
"SECTION 3. Section 4 of Act 314 of 2000, as last amended by Act 46 of 2015, is further amended to read:
"SECTION 4. Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2023, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."