Unless a person is a supervised financial organization or has first obtained a license from the State Board of Financial Institutions authorizing him to make supervised loans, he shall not engage in the business of (1) making supervised loans; or (2) taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans.
Authority to make supervised loans
S.C. Code Ann. § 37-3-502, under Title 37, Chapter 3.
S.C. Code Ann. § 37-3-502