South Carolina § 39-5-860 Earned wage access services; compliance with article.

South Carolina Statutes

§ 39-5-860 — Earned wage access services; compliance with article.

South Carolina·Title 39 TRADE AND COMMERCE·Ch. 5 UNFAIR TRADE PRACTICES

The following shall apply in connection with the earned wage access services offered and provided by a provider in compliance with the provisions of this article:

(A)Proceeds provided to a consumer by the provider shall not be considered a consumer loan for purposes of Section 37-3-104 or a loan for purposes of Section 37-3-106.

(B)The provider shall not be considered a lender for purposes of Section 37-3-107(1), unless the provider is conducting business pursuant to Chapter 3, Title 37.

(C)Fees, voluntary tips, gratuities, or other donations paid by a consumer to a provider shall not be considered a loan finance charge for purposes of Section 37-3-109.

(D)The provider shall not be considered to be engaged in the business of money transmission for purposes of Section 35-11-200.

(E)Ear

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The following shall apply in connection with the earned wage access services offered and provided by a provider in compliance with the provisions of this article: (A) Proceeds provided to a consumer by the provider shall not be considered a consumer loan for purposes of Section 37-3-104 or a loan for purposes of Section 37-3-106. (B) The provider shall not be considered a lender for purposes of Section 37-3-107(1), unless the provider is conducting business pursuant to Chapter 3, Title 37. (C) Fees, voluntary tips, gratuities, or other donations paid by a consumer to a provider shall not be considered a loan finance charge for purposes of Section 37-3-109. (D) The provider shall not be considered to be engaged in the business of money transmission for purposes of Section 35-11-200. (E) Earned wage access services shall not be considered wage assignment for the purposes of Section 37-3-403. (F) The provider shall not be considered a deferred presentment provider for purposes of Section 34-39-130 unless the provider is conducting business pursuant to Chapter 39, Title 34.

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