§ 34-39-130 — Licensure requirements.

South Carolina § 34-39-130

• Jurisdiction: South Carolina
• Title 34: BANKING, FINANCIAL INSTITUTIONS AND MONEY
• Ch. 39: DEFERRED PRESENTMENT SERVICES

Text

(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.

Legislative History

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.