reglab/statecodes huggingface dataset:
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39M - Terms and Conditions for State-chartered Savings and Loan Associations to Engage in Financial Options Trading

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to engage in financial options trading in the same manner as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulations Parts 545 and 563, Subchapters C and D, Chapter V of Title 12, Code of Federal Regulations, Number 82-557, as amended August 11, 1982, effective September 13, 1982.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39N - Terms and Conditions for State-chartered Savings and Loan Associations to make Home Mortgage Loans

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to make home mortgage loans under the same terms and conditions as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulations Parts 545 and 555 of Subchapter C and Parts 561, 563 and 570 of Subchapter D, Chapter V of Title 12, Code of Federal Regulations, Number 82-558, as amended August 11, 1982, effective August 16, 1982.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39O - State-chartered Savings and Loan Associations Authorized to Act as Depository and Fiscal Agent to the Government

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered savings and loan associations are authorized to act as depositary and fiscal agent of the Government in the same manner as permitted federally chartered savings and loan associations by Federal Home Loan Bank Board Regulations Parts 523 and 526 of Subchapter B, Part 545 of Subchapter C, and Parts 561, 563 and 564 of Subchapter D, Chapter V of Title 12, Code of Federal Regulations, as amended August 11, 1982, effective August 11, 1982.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39P - State-chartered Savings and Loan Associations Authorized to Engage in Activities Authorized by the Federal Home Loan Bank Board

Current through Register Vol. 48, No. 6, June 28, 2024
The Garn-St Germain Depository Institutions Act of 1982 permits federally chartered savings and loan associations to engage in certain activities such as Demand Deposits, Governmental Unit NOW Accounts, Commercial Real Estate Loans, Commercial Loans, and Consumer Loans. However, before federally chartered savings and loan associations can engage in these activities, the Federal Home Loan Bank Board must promulgate a regulation authorizing these activities. On November 4, 1982, the Federal Home Loan Bank Board adopted Temporary final rule No. 82 which permits federally chartered savings and loan associations to engage in the above-mentioned activities, effective retroactively to October 15, 1982, the date of the enactment of the Garn-St Germain Depository Institutions Act of 1982.
State-chartered savings and loan associations are authorized to engage in those activities mentioned above that are authorized by the Federal Home Loan Bank Board for federally chartered savings and loan associations by Temporary final rule No. 82, dated November 4, 1982.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39Q - Alternative Mortgage Consumer Loans

Current through Register Vol. 48, No. 6, June 28, 2024
With respect to a consumer loan (as defined in Consumer Protection Code Sections 37-3-104 and 37-3-105 ) which is secured in whole or in part by a lien on real estate under which the aggregate of all sums advanced or contemplated by the parties in good faith to be advanced will not exceed $100,000.00, state-chartered banks, state-chartered savings and loan associations, and state-chartered credit unions (individually, a "financial institution") are authorized to make alternative mortgage loans (as defined in Consumer Protection Code Section 37-1-301(5) ); provided that, if the rate is variable:
any index to which the variable rate is linked is beyond the control of the financial institution making the loan and is readily available to and verifiable by the borrower, and
disclosures related to rate variations comply with the variable rate disclosure requirements of the Truth in Lending Act ( 15 U.S.C. Sections 1601 et seq.), as implemented by Federal Reserve Board Regulation Z ( 12 C.F.R. Part 226 ), both as amended from time to time. (NOTE: When permitted by Regulation Z, compliance with variable rate mortgage disclosure requirements contained in regulations of other federal agencies, as amended from time to time, such as the disclosure provision of the Adjustable-Rate Mortgage regulation of the Comptroller of the Currency ( 12 C.F.R. Part 29 ) and the home loan disclosure provision of the regulations of the Federal Home Loan Bank Board ( 12 C.F.R. Part 545 ), may be substituted for Regulation Z variable rate disclosures.) Regulation was adopted March 22, 1985.
Statutory Authority: 1976 Code Sections 34-1-60 and 37-3-412
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39R - Regulatory Net Worth Requirements

Current through Register Vol. 48, No. 6, June 28, 2024
All associations, as defined in Section 34-28-30(2) shall maintain, as a minimum, the regulatory net worth requirements that apply to all FSLIC insured associations.
The calculations and additions (if any) for regulatory net worth shall be reported to the Board within 20 Calendar days after the end of the preceding calendar quarter.
Statutory Authority: 1976 Code Sections 34-1-60, 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 1 - BANKING, COMMERCIAL PAPER AND FINANCE › Section 15-39S - Liquid Assets

Current through Register Vol. 48, No. 6, June 28, 2024
Every state-chartered savings and loan association and savings bank must maintain at all times at least 5% of its total liabilities in liquid assets as defined in Section 34-28-30, Subsection (13), Code of Laws of South Carolina.
Total liabilities are defined as total assets less loans in process, specific reserves, deferred credits other than deferred taxes, and tangible net worth.
Statutory Authority: 1976 Code Section 34-1-60
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-41 - Limitations and Restrictions on Real Estate Mortgages

Current through Register Vol. 48, No. 6, June 28, 2024
Except as hereinafter provided, no credit union shall make any loan
				or advance of credit of any nature secured by a mortgage of real estate (either
				direct or assigned as collateral) or by any other instrument giving or purporting to
				give a lien on real estate until it shall have first secured the following:
(a) A certificate of title or other satisfactory
			 certificate of insurance as to the title of the property and the status of all
			 assessed taxes. Such certificate shall be made and dated after the mortgage is
			 recorded.
(b) An appraisal of the
			 mortgaged premises in writing. Unless otherwise instructed by the State Board of
			 Financial Institutions or the Commissioner of Banking, when making loans secured by
			 real estate mortgages, credit unions shall follow the Interagency Appraisal and
			 Evaluation Guidelines as federally chartered institutions are permitted to
			 do.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-42 - Authority to Engage in Activities Authorized for Federally Chartered Institutions

Current through Register Vol. 48, No. 6, June 28, 2024
After making application to the Board of Bank Control and obtaining approval of the Board, State-chartered credit unions may establish branches, PROVIDED, the branch serves only those employees who have a common bond of employment.
State-chartered credit unions are hereby authorized to act as trustee or custodian of any trust authorized by the Federal Self-employed Individuals Tax Retirement Act of 1962, as amended (The Keogh-Smathers Act) and of 1974 (ERISA) Section 401(d) (Keogh-Smathers Act) or Section 408(a) which authorizes Individual Retirement Accounts (IRA).
Statutory Authority: 1976 Code Section 34-27-30
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-43 - Executive Committee

Current through Register Vol. 48, No. 6, June 28, 2024
The Board of Directors of a State chartered credit union may appoint an executive committee of not less than three directors to exercise such authority as may be delegated to it subject to such limitations as may be prescribed by the Board. All actions of the executive committee shall be approved and confirmed by the Board at the next meeting.
Credit unions shall amend their by-laws to implement this regulation if they wish to appoint an executive committee.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-44 - Borrowing by Credit Unions

Current through Register Vol. 48, No. 6, June 28, 2024
State chartered credit unions may borrow from sources as specified in the South Carolina Statutes Relating to Cooperative Credit Unions and may use promissory notes in the form of Certificates of Indebtedness and may specify that the certificate (1) cannot be called for a specified period of time and (2) that in the event the certificate is called prior to the agreed upon date that a lesser rate of interest specified in the certificate will apply to the indebtedness.
The certificate of indebtedness shall state on its face in bold type that, "THIS CERTIFICATE REPRESENTS AN UNSECURED LOAN TO THE CREDIT UNION AND IS NOT INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION."
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-45 - Electronic Fund Transfers

Current through Register Vol. 48, No. 6, June 28, 2024
State chartered credit unions, associations of credit unions, and any other parties interested in credit union programs may submit pilot programs relating to electronic funds transfer through remote service units, loan programs and other operational systems to the Board of Bank Control for approval.
A program will be designated a pilot program if it is determined that the implementation of the program will provide the Board with the information necessary for the establishment of permanent programs which will effectively benefit all credit unions and the parties they serve.
Where a pilot program is deemed appropriate and the submitting party is a credit union, such credit union will be designated the credit union to implement the pilot program, provided the Board determines the implementation by such credit union would best serve the Board's observation and evaluation of the actual operation of the pilot program. If the requesting credit union is deemed unqualified for implementation, or if the submitting party is not a credit union, the Board may, with the consent of the submitting party, designate an alternate credit union to test the program.
A termination date will be specified for the credit union designated to implement a pilot program. If, at the termination date, additional time is needed for complete evaluation, the Board may extend the time at the request of the designated credit union. The Board reserves the right to terminate or otherwise modify any ongoing pilot program. At the end of the evaluation period or extensions thereof, the Board will determine the benefits of the program and may authorize other qualified credit unions to adopt the same program, or a modification thereof, in which case approval by the Board will be required.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-47 - Merger Procedures for State Credit Unions

Current through Register Vol. 48, No. 6, June 28, 2024
I. SCOPE
This regulation prescribes the procedures that enable one or more credit unions to merge with a single continuing credit union where the merging credit union(s) and the continuing credit union are state credit unions.
II. DEFINITIONS
(a) As used herein:
(1) The continuing credit union is that credit union which will continue in operation after the merger;
(2) The merging credit union is that credit union which will cease to exist as an operating credit union at the time of the merger;
(3) State credit union means any credit union chartered under the laws of South Carolina;
(4) Federal credit union means any credit union chartered by the National Credit Union Administration.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-48 - Procedure for State Credit Unions to Use Share Drafts

Current through Register Vol. 48, No. 6, June 28, 2024
State chartered credit unions are authorized to use negotiable or non-negotiable drafts to withdraw shares from a share draft account using the same procedure as authorized for Federal credit unions pursuant to National Credit Union Administration Regulation Part 701, Section 701.34, and any amendments thereto.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-49 - Leasing of Personal Property by State-chartered Credit Union

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered credit unions may engage in the leasing of personal property as follows:
(a) A state-chartered credit union may:
(1) Become the legal owner and lessor of specific personal property or otherwise acquire such property at the request of the lessee who wishes to lease it from the credit union. A credit union cannot own an inventory of personal property for future lease.
(2) Incur obligations incidental to its position as the legal owner and lessor of the leased property if the lease is a net, full-payout lease representing a noncancelable obligation of the lessee, notwithstanding the possible early termination of that lease.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-50 - Declaration of Dividends by State-chartered Credit Unions

Current through Register Vol. 48, No. 6, June 28, 2024
The Board of Directors of a state-chartered credit union may declare dividends at different rates on different types of accounts (share, share draft, and share certificate accounts) to be paid at any interval authorized by the Board of Directors from undivided surplus remaining after the deduction of all expenses and amounts to be set apart as a guaranty fund. However, all dividend rates declared and paid shall be the same for all accounts that are equal in amounts and terms and have previously been approved by the Board of Directors.
Statutory Authority: 1976 Code Section 34-1-110.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-51 - Terms and Conditions for State-chartered Credit Union to Make ARM Loans

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered credit unions are permitted to make adjustable rate mortgage loans to its members under the same terms and conditions as permitted federally chartered credit unions by National Credit Union Administration Regulation Regulation 12 CFR Part 701, Section 701.21-6B, dated July 22, 1981.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-52 - Increase in Field of Membership

Current through Register Vol. 48, No. 6, June 28, 2024
State-chartered credit unions are authorized, after approval of the State Board of Financial Institutions, to increase the field of membership as authorized for federally chartered credit unions by Section 109 of the Federal Credit Union Act and as that act has been interpreted by the National Credit Union Administration in its Interpretative Ruling and Policy Statement published in the Federal Register Volume 47, Number 120, Tuesday, June 22, 1982. The interpretative ruling also provides that a federally chartered credit union may purchase loans of a liquidating credit union and may offer full membership rights and services to the borrowers whose loans it has purchased. The interpretative ruling further provides for two kinds of fields of membership for new credit unions. Firstly, a group field of membership where each employer must have its own common bond but all employers must be located within a well defined area. Secondly, a field of membership composed of persons who reside or work in a given area, but the combined field of membership is limited to a well defined neighborhood, community, or rural district.
Statutory Authority: 1976 Code Section 34-1-110
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 2 - COOPERATIVE CREDIT UNIONS › Section 15-53 - Reports of Condition

Current through Register Vol. 48, No. 6, June 28, 2024
Credit unions incorporated under Title 34 of the South Carolina Code
				of Laws shall file quarterly reports of financial condition with the Board of
				Financial Institutions pursuant to 34-26-260(1). A credit union may fulfill this
				requirement by submitting to the Board the same quarterly report of financial
				condition which the credit union provides to the National Credit Union
				Administration.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 3 - CONSUMER FINANCE ACT REGULATIONS › Section 15-60 - Consumer Finance Act

Current through Register Vol. 48, No. 6, June 28, 2024
(a) Name of Manager: The name of the manager or other officer in charge of the licensed place of business must be filed with the Board of Bank Control and notice of any change in management promptly reported, giving the name of new manager, employment record for previous five-year, with names and addresses of former employers, positions held, and dates covering each position. The immediate superior of such manager shall be responsible for complying with this section.
(b) Purchase of Accounts: Any licensee who purchases loan accounts from another licensee or through any means shall notify the Board of Bank Control ten (10) days before such purchase, stating the name and address of the licensee or other source from whom the purchase is to be made, the number of accounts involved and the total balance due thereon.
(c) Sale of Accounts: Any licensee who sells loan accounts to another licensee shall notify the Board of Bank Control within ten (10) days before such sale, stating the name and address of the person, firm or corporation to whom the sale is to be made, the number of accounts involved and the balance due thereon.
(d) Examination Fees: For each examination by the Board of Bank Control or its representative, with the exception of the first examination in the calendar year, a fee will be charged for the actual cost of such examination in the amount of twenty-five dollars ($25.00) for each day or part thereof.
(e) Books and Records: Every licensee shall keep the following books and accounting records at the place of business designated in the license:
(1) Loan Register: Every licensee must keep the following information readily available and in such form as is acceptable to the Board of Bank Control. Each loan must be recorded and kept currently posted daily in consecutive numerical order showing the following information. This could be individual looseleaf form, one book or a combination form.
A. Loan number.
B. Date of loan.
C. Name of borrower.
D. Brief description of security.
E. Amount of gross note--$150.00 or less.
Amount of gross note--$150.01--$300.00
Amount of gross note--$300.01--$1,000.00
Amount of gross note--$1,000.01--$4,000.00
Amount of gross note--$4,000.01--$7,500.00.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 3 - CONSUMER FINANCE ACT REGULATIONS › Section 15-61 - Consumer Finance Charges

Current through Register Vol. 48, No. 6, June 28, 2024
A. Maximum Charges Permitted (Initial Charge): [Section 34-29-140(a)  ]
*PRIOR CASH ADVANCE
*NEW CASH ADVANCE
REFINANCING PERIOD
MAXIMUM INITIAL CHARGE ALLOWED
*1.
$1,000 or less
$1,000 or less
Within 3 months
6% of the excess of the new cash advance over the prior cash advance. Provided, however, the aggregate of all initial charges received within the first 3 months of the original loan, regardless of the number of renewals, shall not exceed 6% of the highest cash advance within such 3 months period or $18.00, whichever is less.
2.
$1,000 or less
$1,000 or less
After 3 months
6% of New Cash Advance or $18.00 whichever is less.
*3.
$1,000 or less
In excess of $1,000
Within 3 months
5% of excess of the New Cash Advance over prior cash advance or $200.00, whichever is less.
4.
$1,000, or less
In excess of $1,000.00
After 3 months
5% of New Cash Advance or $200.00 whichever is less.
*5.
In excess of $1,000
In excess of $1,000
Within 12 months
5% of excess of the New Cash Advance over the prior cash advance. Provided, however, the aggregate of all initial charges received within the first 12 months of the original loan,
regardless of the number of renewals, shall not exceed 5% of the highest cash advance within such 12 months period or $200.00 whichever is less.
*6.
In excess of $1,000
In excess of $1,000
After 12 months from inception date of original loan.
2% of the New Cash Advance. (See Footnote 1)
7.
In excess of $1,000
$1,000 or less
Within 12 months
None.
8.
In excess of $1,000
$1,000 or less
After 12 months
6% of New Cash Advance or $18.00, whichever is less.
B. Definitions:
1. "New Cash Advance" shall mean the cash actually given the borrower or paid out at his direction or on his behalf, including the unpaid balance of the refinanced loan accompanying a renewed contract.
2. "Prior Cash Advance" shall mean the next preceding cash advance.
3. "Renewal Loan" shall mean carrying forward an old obligation by virtue of a new paper, whether or not a new cash advance is made.
4. The applicable rate for determining the initial charge for a cash advance is that rate specified for the class of loans in which the new cash advance falls.
5. "Refinancing period" shall mean that period stated in the provisions for the class of loan in which the prior cash advance fell.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 3 - CONSUMER FINANCE ACT REGULATIONS › Section 15-63 - Dollar Amount Changes

Current through Register Vol. 48, No. 6, June 28, 2024
The dollar amount in the South Carolina Code Sections listed below shall change by increasing 10%. These sections shall change as indicated on July 1, 2000 in accordance with Section 37-1-109.
7/1/00 through 6/30/02
Consumer Finance Code Section
Law
Subject
Change Dollar Amount From To
34-29-140(a)(2)
Loan Bracket
2,200.00
2,400.00
34-29-140(a)(2)
Loan Bracket
1,100.00
1,200.00
34-29-140(a)(2)
Loan Bracket
660.00
720.00
34-29-140(a)(3)
Loan Bracket
2,200.00
2,400.00
Statutory Authority: Sections 34-29-140(j) and 37-1-109
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 4 - MORTGAGE LENDING ACT REGULATIONS › Section 15-64 - Mortgage Lending

Current through Register Vol. 48, No. 6, June 28, 2024
A. Definitions shall be those contained in the Mortgage Lending Act, S.C. Code Ann. Section 37-22-110 et seq.; Secure and Fair Enforcement for Mortgage Licensing Act of 2008, 12 USC 5101, et seq.; S.A.F.E. Act, 12 CFR Parts 1007 & 1008 et seq.; and the following:
(1) Act - means the South Carolina Mortgage Lending Act, S.C. Code Ann. Section 37-22-110 et seq.
(2) Day - means all calendar days including Saturdays, Sundays and legal public holidays.
(3) Employee for purposes of compliance with the federal income tax laws - means a natural person whose manner and means of performance of work are subject to the right of control of, or are controlled by, a person, and whose compensation for federal income tax purposes is reported, or required to be reported, on a W-2 form issued by the controlling person. (See IRS Publication 1779 and Form SS-8)
(4) Notice - means written notification received by the Commissioner within seven (7) days of any change except as defined in Section 37-22-180(A)
(5) Prior Written Consent - means written consent given by the Commissioner authorizing a change of control prior to that change of control taking place. To request authorization from the Commissioner, all information regarding acquisition via stock purchase or other device must be sent to the Commissioner at least 30 days prior to the change of control.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 5 - 1988 ACT 433, SECTION 2, REGULATIONS › Section 15-65 - Check Cashing

Current through Register Vol. 48, No. 6, June 28, 2024
A. Definitions shall be those contained in the Act, S.C. Code Ann. Section 34-41-10 et seq. and the following:
(1) Branch Location Certificate - means the certificate issued to each branch location of a licensee pursuant to 34-41-10(5).
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 5 - 1988 ACT 433, SECTION 2, REGULATIONS › Section 15-66 - Check Cashing - Use of the Nationwide Multistate Licensing System

Current through Register Vol. 48, No. 6, June 28, 2024
A. The Board requires check-cashing licensees and applicants to use the Nationwide Multistate Licensing System ("NMLS") for all application, renewal, and other filings.
B. Pursuant to Section 34-41-40(A), the Board adopts as its own the forms and content requirements for all filings related to check-cashing as set forth within NMLS. Any South Carolina specific requirements posted in NMLS shall be part of the adopted forms and required contents.
C. After receiving and reviewing a filing in NMLS, the Consumer Finance Division may, if reasonable, request additional information or documentation from the applicant or licensee.
D. Applicants and licensees shall pay all fees and costs through NMLS.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 5 - 1988 ACT 433, SECTION 2, REGULATIONS › Section 15-67 - Check Cashing - Required Records and Retention Period

Current through Register Vol. 48, No. 6, June 28, 2024
A. In order to comply with Section 34-41-60(E), a person required to be licensed by Chapter 41 must keep and maintain the following information for each check cashed for which a fee, a service charge, or other consideration is charged:
(1) The name of the licensee.
(2) The full name of the consumer.
(3) The complete address of the consumer.
(4) The transaction date.
(5) The amount of the check.
(6) The total amount of fees charged.
(7) The name of the payor of the check.
South Carolina Code of Regulations › Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION › Article 5 - 1988 ACT 433, SECTION 2, REGULATIONS › Section 15-68 - Check Cashing - Other Consideration

Current through Register Vol. 48, No. 6, June 28, 2024
A. For purposes of Sections 34-41-10(3) and (4)  and 34-41-30, "other consideration" includes, but is not limited to, the mandatory purchase of goods or services in order to cash a check.
B. Any vendor that imposes a mandatory purchase of goods or services by the customer to cash a check is engaged in check-cashing services and needs a Level I or Level II check-cashing license to engage in this activity.
C. In addition to all other required information, each applicant or licensee under Chapter 41, who accepts only other consideration in the form of a mandatory purchase of goods or services to cash a check, shall file on the Nationwide Multistate Licensing System, as part of the person's initial application for licensure and as part of its annual renewal for licensure a written affidavit. That affidavit shall state that the person does not cash checks for a fee, a service charge, or other consideration other than other consideration in the form of a mandatory purchase of goods or services. If the person's business practices change and the affidavit becomes or will become inaccurate, the person should notify in writing the Consumer Finance Division of this change, the date of the change, and the reasons for the change as soon as reasonably practical but no more than twenty days after the change.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-1 - Barber Schools, Managers, Teachers and Instructors, On the Job Training Instructors

Current through Register Vol. 48, No. 6, June 28, 2024
Each barber school shall have a manager who will be responsible
			 for the overall operation of the school. All teachers or instructors in a
			 barber school or college, or providing personal supervision of the on the job
			 training of a student training in a barbershop, must be a Board-licensed
			 instructor.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-2 - Barber Schools, Barbershops, Managers, Teachers and Instructors; Filing of Name of Designated Manager

Current through Register Vol. 48, No. 6, June 28, 2024
Each barber school or college, and each barbershop shall file
			 with the South Carolina State Board of Barber Examiners (hereafter called
			 "Board") the name of the designated manager or managers thereof. Said filing
			 shall be made not later than thirty (30) days prior to said change. Provided,
			 however, that if such change is due to emergency, said filing shall be made not
			 later than ten (10) days thereafter. Said designated manager or managers shall
			 be responsible for compliance with applicable Statutes and Regulations of the
			 Board.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-3 - Barber Schools, Teachers and Instructors; Teachers and Instructors to Devote Full Time

Current through Register Vol. 48, No. 6, June 28, 2024
All teachers and instructors in barber schools or colleges are required to give full time to the students during the time they are on the school or college premises and engaged in providing instruction. Professional or barbering work performed by a teacher or instructor at a barber school or college must be for student barber instructional purposes only.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-4 - Barber Schools, Managers, Teachers and Instructors; Certain Teachers and Instructors to Take Examinations

Current through Register Vol. 48, No. 6, June 28, 2024
All licensed instructors who have not taught in a school,
			 college, or provided on the job training within a period of five years, or who
			 have not attended the annual Board-approved barber examination overview for
			 instructors for two of the years within a five-year period will be required to
			 apply for and take the instructor examinations required by the Board, to insure
			 continued competency as an instructor. Licensed instructors attending the
			 overview during the five year period who are not actively teaching during that
			 time must provide to the Board, at the time of attendance, an affidavit or
			 other proof acceptable to the Board certifying their attendance at the required
			 overview.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-5 - Barber Schools, Applications and Fees

Current through Register Vol. 48, No. 6, June 28, 2024
All barber schools and colleges to be approved and accepted must
			 file an application as required by the Board at least fifteen (15) days prior
			 to the Board's regular meeting date, and accompanied by the prescribed fee.
			 Following receipt of the completed application, the Board shall conduct an
			 inspection to determine the suitability of the proposed space and compliance
			 with applicable Board statutes and regulations. The applicant must pass this
			 inspection to be approved to open. Prior to scheduling this inspection, the
			 applicant must submit a completed self-inspection report on a form approved by
			 the Board.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-6 - Barber Schools, Applications and Fees; Change in Ownership

Current through Register Vol. 48, No. 6, June 28, 2024
When a certificate of approval has been issued to a barber school
			 or college and there is a change in ownership, a new application form must be
			 submitted along with the prescribed fee.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-7 - Barber Schools, Disqualifying Actions

Current through Register Vol. 48, No. 6, June 28, 2024
If it shall appear to the Board that any manager, teacher or
			 instructor has
a) been convicted of any
		  crime involving moral turpitude as shown by a certified copy of the record of
		  the Court of Conviction; or
b) has
		  engaged in malpractice or demonstrated incompetence; or
c) has failed to be competent to instruct on
		  any and all required subjects; or
d) has engaged in false or deceptive
		  statements; or
e) has evidence of
		  drinking or use of drugs in and about the school or colleges; or
f) has failed to display a certificate of
		  registration; or
g) has
		  demonstrated disregard for applicable sanitary rules and regulations;
		  or
h) has obstructed any member of
		  the Board, its agents, or assistants in inspections of said school or college,
		  or has falsified records or reports required by law or by rules on regulations
		  of the Board, it may revoke after hearing the certificate of registration of
		  such manager, teacher or instructor.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-8 - Barber Students, Applications, Permits, Training, Progress Reports, and Examinations

Current through Register Vol. 48, No. 6, June 28, 2024
1. Every
		  person desiring to train in a barber school or college, or under the personal
		  supervision of a registered barber or a master hair care specialist who is a
		  qualified on the job training instructor, shall file an application for a
		  student permit to take the training. Such application shall be on a blank form
		  furnished by the Board and shall be signed by the applicant and official of the
		  school or college or the qualified on the job training instructor, under whom
		  the applicant desires to train. Prior to the issuance of a permit, a
		  prospective student who desires to train under the personal supervision of a
		  qualified on the job training instructor, shall meet along with the instructor
		  with a representative of the Board. A qualified on the job instructor may train
		  only two (2) students in his shop at a time, provided the students have a chair
		  at all times. To be eligible for licensing as a master hair care specialist, a
		  student training in a barbershop must train under the personal supervision of a
		  qualified on the job training instructor who holds a current master hair care
		  specialist license.
(A) Students training
		  fulltime in a post-secondary school or college shall be on a five (5) day week
		  basis, seven and a half (7.5) hours per day, for a minimum of forty (40) weeks;
		  or, students training fulltime under the personal supervision of a qualified on
		  the job training instructor shall be seven and a half (7.5) hours per day on a
		  forty (40) hour a week basis for forty-eight (48) weeks.
(B) Students shall have received a written
		  student permit issued by the Board.
(C) Each student training under the personal
		  supervision of an on the job training instructor will be required to obtain the
		  same textbooks taught by barber school or college and be given at least one (1)
		  hour of study per day.
(D) Student
		  training part-time in a post-secondary school or college shall be on a twenty
		  (20) hour a week basis for a minimum of seventy-five (75) weeks; students
		  training part-time under the personal supervision of a qualified on the job
		  training instructor, shall be on a twenty (20) hour a week basis for a minimum
		  of ninety-six (96) weeks.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-9 - Barber Students, Applications, Permits, Progress Reports, Examinations; When Enrollment Commences

Current through Register Vol. 48, No. 6, June 28, 2024
A student shall be deemed enrolled in the barber school or
			 college or under the personal supervision of a qualified on the job training
			 instructor only from and after the date of issuance of a student permit by this
			 Board.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-10 - Barber Students, Applications, Permits, Progress Reports, Examinations [; Issuance of Permit]

Current through Register Vol. 48, No. 6, June 28, 2024
The student permit shall be issued for a period of nine (9)
			 months for training in an approved barber school or college, or for twelve (12)
			 months for training under the personal supervision of a qualified on the job
			 training instructor. The student permit is valid only while the student is
			 training in the school, college or under the supervision of the qualified on
			 the job training instructor to which the student permit is issued. The student
			 permit is nontransferable to another school, college or qualified on the job
			 training instructor. If the training of the student is terminated for any
			 reason during the period for which the student permit is issued, the student
			 cannot apply for a new student permit until the expiration of the existing
			 permit; UNLESS the Board decides for good cause that a new permit should be
			 issued. If training of a student has been terminated for any reason and the
			 student desires a new student permit prior to the expiration of the existing
			 permit, the following must be complied with before the Board will consider the
			 application:
a) a new application must
		  be completed in accordance with Regulation No. 17-8;
b) an applicant must file a signed statement
		  in writing setting forth why the training was terminated and why a new permit
		  should be issued by the Board. The statement shall accompany the new
		  application for a student permit.
After receipt of the application and statement the Board will
			 consider the application. If the Board desires to hear testimony from the
			 applicant, the Board will notify the applicant when to appear. The applicant
			 will be notified of the Board's decision on the new
			 application.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-11 - Barber Students, Applications, Permits, Progress Reports, Examinations; Monthly Progress Report

Current through Register Vol. 48, No. 6, June 28, 2024
The school, college or the qualified on the job training
			 instructor by whom the training is given, shall file with the Board on the
			 first of each month a monthly progress report on each student. This report is
			 to be prescribed by the Board. All reports, records, or other documents
			 required by rules and regulations should be submitted to the Board by the
			 barber school or college or qualified on the job instructor training a
			 student.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-12 - Barber Students, Applications, Permits, Progress Reports, Examinations; Re-Examination

Current through Register Vol. 48, No. 6, June 28, 2024
Each student who completes training in a barber school or college
			 or under the supervision of a qualified on the job training instructor and
			 fails to make a passing grade on the examination may be eligible to take
			 another examination by filing a new application.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-13 - Barber Students, Applications, Permits, Progress Reports, Examinations; Additional Training

Current through Register Vol. 48, No. 6, June 28, 2024
An application for student permit must be filed with the Board
			 for each student re-entering the school or college for additional training or
			 for additional training under the personal supervision of a qualified on the
			 job training instructor.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-15 - Barber Schools, Shops, Mobile Shops, Requirements for Inspections

Current through Register Vol. 48, No. 6, June 28, 2024
All schools, colleges, barbershops, or mobile barbershops are
			 subject to inspections at any time by the Board of Barber Examiners or its
			 agents. No manager, instructor, teacher, operator, owner or employee shall
			 obstruct or interfere with the inspection.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-16 - Rules and Regulations

Current through Register Vol. 48, No. 6, June 28, 2024
All barber schools, colleges and qualified on the job training
			 instructors are required to comply with the above rules and regulations in
			 order to remain on the approved list.
South Carolina Code of Regulations › Chapter 17 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- STATE BOARD OF BARBER EXAMINERS › Section 17-20 - Barbershop Requirements; Applications for Inspection and Registration and Shop License

Current through Register Vol. 48, No. 6, June 28, 2024
A building that is to be used for a newly established barbershop
			 or a shop reopening for business shall be separate and apart from any residence
			 or building or room used for housing purposes. A newly established barbershop
			 must comply with all applicable state, federal and local laws, regulations,
			 ordinances and codes. There shall be at least 5 feet of space between each
			 barber chair from center to center of each chair, and sufficient space from
			 each chair to the wall of shop, front and rear to allow for the adequate and
			 safe provision of services.
Each barber shall be provided with a cabinet, constructed of such
			 material that it may be easily cleaned, consisting of adequate space for clean
			 freshly laundered towels, and each barber shall be provided with an adequate
			 container for discarding soiled towels; each barber chair shall be mechanically
			 workable and have a good grade of upholstery which is unbroken, torn or ripped.
			 Each shop shall have within said shop or building adequate toilet facilities;
			 each shop shall have smooth finished walls ceiling and floor; be well lighted
			 and ventilated; no exposed pipes; and a barbershop or a room to be used for a
			 barbershop shall be separate and apart from any other room which is used for
			 any other purpose by a substantial partition or wall of ceiling height
			 separating such portion used for a barbershop. Barbershops shall have a
			 working, easily accessible fire extinguisher.
All new shops opening, and any established barbershop moving to a
			 new location shall be deemed a new shop, shall file an application for
			 inspection and registration with the Board fifteen days prior to opening. No
			 new shop shall be operated until all fees are paid and shop shall have passed
			 inspection. Shop license shall not be transferable to a new owner or to a new
			 location.
If a new or reopened shop meets the above requirements, a person
			 who is the holder of a current certificate of registration as a registered
			 barber may obtain an application for a shop license from the Inspector or write
			 this office. All applications for shop license must be on file in the office of
			 the State Board of Barber Examiners at least fifteen days prior to the date
			 when a shop will be complete and ready for inspection.
The Board should be immediately notified should a shop not be
			 ready for inspection by the date stated on the application.
Please notify this office immediately should this shop not be
				ready for inspection as stated on the application that same will be complete
				and ready for inspection in order to save additional
				expense.