South Carolina Code of Regulations › Chapter 28 - DEPARTMENT OF CONSUMER AFFAIRS › Section 28-200 - Pawnbroker Certificate of Authority

Current through Register Vol. 48, No. 6, June 28, 2024
A.
		  DEFINITIONS
Definitions shall be those contained in the S.C. Pawnbroker Act,
			 S.C. Code Ann. Section
			 40-39-10
			 et seq. (1976 as amended).
B. CERTIFICATES OF AUTHORITY
(1) All organizations wish to provide
		  pawnbroker services in this State must first obtain a Certificate of Authority
		  from the Administrator of the Department of Consumer Affairs. Initial
		  applications for the Certificate must be made on the form prescribed by the
		  Administrator.
(2) Certificates of
		  Authority expire each June 30 but may be renewed upon payment of a renewal fee
		  of $275.00 per location and submission of requisite financial responsibility
		  declaration on or before June 30. The renewal period will be between May 1 and
		  June 30 of each year. Renewal applications for the Certificate must be made on
		  the form prescribed by the Administrator.
(3) Issuance of a Certificate of Authority
		  does not indicate approval or acceptance of the terms of any contract,
		  agreement or other document submitted in support of the application. No
		  organization providing pawnbroker services will in any way represent that its
		  services, payment schedules or terms are approved by the State or any state
		  agency. Notwithstanding this, all pawnbrokers who are properly licensed and in
		  good standing may indicate this fact to others. Each applicant must file such
		  proof as is acceptable to the Administrator of his net worth which must be a
		  minimum of $35,000.00 until such time as liability insurance covering the pawn
		  transaction inventory of the pawn location is secured by the pawnbroker. When
		  the liability insurance is available, the amount of the liability insurance
		  required must be at least enough to cover the pawn transaction inventory of
		  each location operated by the pawnbroker. The liability insurance is to be
		  comprehensive in nature.
(4) The
		  Certificate of Authority must be made on a form prescribed by the administrator
		  and must be posted in a conspicuous place at the business location.
		  Certificates of Authority are not transferable or assignable.
(5) On application of any person and payment
		  of the cost thereof, the Administrator will furnish a certified copy of any
		  pawnbroker Certificate of Authority.
(6) Relocation of Pawnshops
(a) Notice to Department--The pawnbroker must
		  forward written notice of the intended relocation to the Department not less
		  than 30 days prior to the anticipated relocation date. The notice must include
		  at a minimum the present name and address of the licensed pawnshop, the
		  anticipated date of relocation and a sample copy of the notice to be mailed to
		  pledgors on open pawn loans. A $25.00 change of location fee must accompany
		  these materials.
(b) Notice to
		  Customers--Written notices must be mailed to all pledgors on open pawn loans at
		  least 15 days prior to the date of relocation. Notices at a minimum must
		  identify the pawnshop, identify both the old and new locations and the
		  telephone number of the new location and date the location is effective. The
		  Administrator or his designee may approve notification by signs in lieu of
		  notification by mail if in his opinion no pledgors will be adversely
		  affected.