South Carolina § 39-5-870 Records; reporting requirements; confidentiality of data.

South Carolina Statutes

§ 39-5-870 — Records; reporting requirements; confidentiality of data.

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

(1)A provider shall maintain records of its earned wage access services transactions and shall preserve its records for at least two years after the final date on which it provides proceeds to a consumer. A provider shall keep such books and records that, in the opinion of the department, will enable the department to determine whether the provider is in compliance with this article. The provider may keep books and records at a place of business located outside this State if the provider is able to readily produce those books and records for review.

(2)On or before June thirtieth of each year, a provider shall submit an annual report to the department relating to the provider's business conducted during the prior calendar year in this State. The report shall be on a form prescribed by th

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(1) A provider shall maintain records of its earned wage access services transactions and shall preserve its records for at least two years after the final date on which it provides proceeds to a consumer. A provider shall keep such books and records that, in the opinion of the department, will enable the department to determine whether the provider is in compliance with this article. The provider may keep books and records at a place of business located outside this State if the provider is able to readily produce those books and records for review. (2) On or before June thirtieth of each year, a provider shall submit an annual report to the department relating to the provider's business conducted during the prior calendar year in this State. The report shall be on a form prescribed by the department and include, at a minimum: (a) gross revenue attributable to those earned wage access services; (b) a copy of each complaint that has been filed by a consumer against the provider with the Better Business Bureau or a state or federal agency other than the department and a description of the resolution, if any, of each such complaint; (c) the total number of transactions in which the provider provided proceeds to consumers; (d) the total number of unique consumers to whom the provider provided proceeds; (e) the total dollar amount of proceeds the provider provided to consumers; and (f) the total dollar amount of fees, voluntary tips, gratuities, or other donations the provider received from consumers. (3) Data collected by the department pursuant to this section is confidential and may be released only in composite form, except as otherwise provided by law. The department shall prepare and make available to the public a report based on the above data. The report must be made available by October thirty-first each year.

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