S.C. Code § 35-11-100
Short title
This chapter may be cited as the "South Carolina Uniform Money Services Act".
South Carolina Code Title 35, Chapter 11 — South Carolina Uniform Money Services Act
South Carolina · statute · S.C. Code tit. 35, ch. 11 · 48 active provisions
S.C. Code § 35-11-105
Definitions
As used in this chapter: (1) "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement. (2) "Applicant" means a person that files an application for a license pursuant to this act. (3) "Authorized delegate" m…
S.C. Code § 35-11-110
Applicability of chapter
(A) This chapter does not apply to: (1) the United States or a department, agency, or instrumentality thereof, or its agent; (2) money transmission by the United States Postal Service or by an agent of the United States Postal Service; (3) a state, county, city, or any other governmental agency or governmental subdivis…
S.C. Code § 35-11-200
License required
(A) A person may not engage in the business of money transmission or advertise, solicit, or hold himself out as providing money transmission unless the person is: (1) licensed under this article; (2) an authorized delegate of a person licensed pursuant to this article; or (3) exempted under Section 35-11-110. (B) A lic…
S.C. Code § 35-11-205
Application for license
(A) A person applying for a license pursuant to this article shall do so in a form and in a medium prescribed by the Commissioner. Each form must contain content as set forth by regulation, order, instruction, or procedure of the Commissioner and may be changed or updated by the Commissioner in accordance with applicab…
S.C. Code § 35-11-210
Items to be furnished to the Commissioner
(A) Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the Commissioner through NMLS the following items: (1) the individual's fingerprints for submission to the Federal Bureau of Investigation and the Commissioner f…
S.C. Code § 35-11-215
Security
(A) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond, letter of credit, or other similar security in a form acceptable to the Commissioner. (B) The amount of the required security must be: (1) the greater of one hundred thousand…
S.C. Code § 35-11-220
Issuance of license
(A) When an application for an original license is filed and considered complete pursuant to this article, the Commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Commissioner may conduct an on-site investigation o…
S.C. Code § 35-11-225
Renewal of license
(A) A license issued under this chapter must be renewed annually. (1) An annual renewal fee of one thousand six hundred dollars must be paid no more than sixty days before the license expiration. (2) The renewal term must be for a period of one year and begins on January first of each year after the initial license ter…
S.C. Code § 35-11-230
Net worth
(A) A licensee under this chapter shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for one hundred million dollars to one billion dollars, and one-half of one perce…
S.C. Code § 35-11-235
Suspension or revocation of license
(A) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the Commissioner may suspend or revoke the licensee's license pursuant to Section 35-11-700 or 35-11-710 or other applicable state law for such suspension or revoca…
S.C. Code § 35-11-300
License required
(A) A person may not engage in currency exchange or advertise, solicit, or hold himself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person is: (1) licensed pursuant to this article; (2) licensed for money transmission pursuant…
S.C. Code § 35-11-305
Application for license
(A) A person applying for a license pursuant to this article shall do so in a form and in a medium prescribed by the Commissioner. The application shall state or contain: (1) the legal name and residential and business addresses of the applicant, if the applicant is an individual or, if the applicant is not an individu…
S.C. Code § 35-11-310
Issuance of license
(A) When a person applies for a license pursuant to this article, the Commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Commissioner may conduct an on-site investigation of the applicant, the reasonable cost of w…
S.C. Code § 35-11-315
Renewal of license
(A) All licenses issued pursuant to this article expire on December thirty-first of each year. A person licensed pursuant to this article shall pay a renewal fee of one thousand six hundred dollars on or before December first of each year. (B) A person licensed pursuant to this article shall submit a renewal report wit…
S.C. Code § 35-11-400
Relationship between licensee and authorized delegate
(A) In this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (B) Before a licensee is authorized to conduct business through an authorized delegate or allows a person to act as t…
S.C. Code § 35-11-405
Unauthorized activities
A person may not provide money services on behalf of a person not licensed pursuant to this chapter or not exempt pursuant to Section 35-11-110. A person that engages in that activity provides money services to the same extent as if the person were a licensee and is jointly and severally liable with the unlicensed or n…
S.C. Code § 35-11-500
Authority to conduct examinations
(A) The Commissioner may conduct an examination or investigation of a licensee or of any of the licensee's authorized delegates or otherwise take independent action authorized by this chapter or by a rule or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, r…
S.C. Code § 35-11-505
Cooperation
(A) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the Commissioner is authorized and encouraged to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, Money Transmitter Regula…
S.C. Code § 35-11-510
Reports
(A) A licensee shall file with the Commissioner within fifteen business days any material changes in information provided in a licensee's application as prescribed by the Commissioner. (B) Each licensee shall submit a report of authorized delegates within forty-five days of the end of the calendar quarter. The Commissi…
S.C. Code § 35-11-515
Acquisition of control
(A) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Commissioner prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to these acquisition of control provisions when that individua…
S.C. Code § 35-11-520
Records
(A) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) a record of each outstanding money transmission obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) ban…
S.C. Code § 35-11-525
Money laundering reports
(A) A licensee and an authorized delegate shall file with the Commissioner all reports required by federal currency reporting, recordkeeping, and suspicious transaction reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering. (B) The timely filing of a…
S.C. Code § 35-11-530
Confidentiality
(A) Except as otherwise provided in subsection (B), all information or reports obtained by the Commissioner from an applicant, licensee, or authorized delegate, and all information contained in or related to an examination, investigation, operating report, or condition report prepared by, on behalf of, or for the use o…
S.C. Code § 35-11-535
Forwarding money received for transmission
(A) Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or violation of law, rule, or regul…
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