§ 39-5-830 — Registration.

South Carolina § 39-5-830

• Jurisdiction: South Carolina
• Title 39: TRADE AND COMMERCE
• Ch. 5: UNFAIR TRADE PRACTICES

Text

(1) A person, including a person that is not physically located in this State, may not provide earned wage access in this State unless the person is registered under this article as a provider. This article does not apply to any person doing business under authority of and as permitted by any law of this State or the United States relating to banks, credit unions, savings and loan associations, savings banks, or trust companies. (2) A person required to be registered under subsection (1) shall apply to the department for a registration on a form and in the manner prescribed by the department. The application shall include all of the following information: (a) the name of the provider; (b) the name under which the provider transacts business, if different than listed for item (a); (c) the address of the provider's principal office, which may be outside of this State; (d) the addresses of all of the provider's offices or retail stores, if any, in this State; (e) if the provider provides earned wage access services at a location that is not an office or retail store in this State, a brief description of the manner in which the provider provides earned wage access services; (f) the provider's federal employer identification number; (g) a copy of the policy of the applicant relating to the privacy of information concerning users; (h) a schedule of fees proposed to be charged to a user or employer for the provision of earned wage access services, which must include, without limitation, a statement identifying at least one option for a user to obtain earned wage access services from the applicant at no cost to the user; (i) a statement that the applicant is applying to be registered as an employer-integrated earned wage access provider or a consumer-directed earned wage access provider, or both; and (j) any other information or documentation the department requires to administer this article. (3) Registration is on an annual basis and must be on a form prescribed by the department. The annual renewable period runs from May first until June thirtieth. A provider that files its renewal and annual report on a timely basis may continue operating unless the registration is denied or revoked by the department. (4) The application for a registration pursuant to subsection (2) or renewal pursuant to subsection (3) shall be accompanied by a nonrefundable fee of one thousand dollars payable to the department. All application and renewal fees collected by the department may be retained by the department and used to implement the provisions of this article. (5) A provider shall file with the department, and maintain in force, a surety bond that is issued by a surety company authorized to do business in this State. The surety bond must be: (a) in a form satisfactory to the department; (b) payable to the State for the benefit of a claimant against the provider to secure the faithful performance of obligations of the provider with respect to earned wage access services; (c) in an amount equal to $30,000; and (d) maintained for three years after revocation, denial, or failure to renew the registration. (6) A registration issued pursuant to this article is not transferable or assignable.

Legislative History

HISTORY: 2024 Act No. 190 (S.700), SECTION 1, eff November 21, 2024.