§ 34-41-50 — Maintenance of minimum liquid assets; issuance of license.

South Carolina § 34-41-50

• Jurisdiction: South Carolina
• Title 34: BANKING, FINANCIAL INSTITUTIONS AND MONEY
• Ch. 41: CHECK-CASHING SERVICES

Text

(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.

Legislative History

HISTORY: 1998 Act No. 433, SECTION 2, eff upon approval (became law without the Governor's signature on June 11, 1998).