Title 35, Securities

(A) A person applying for a license pursuant to this article shall do so in a form and in a medium prescribed by the Commissioner. Each form must contain content as set forth by regulation, order, instruction, or procedure of the Commissioner and may be changed or updated by the …

(A) Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the Commissioner through NMLS the following items: (1) the individual's fingerprints for submission to the Federal Bureau…

(A) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond, letter of credit, or other similar security in a form acceptable to the Commissioner. (B) The amount of the required security must be: …

(A) When an application for an original license is filed and considered complete pursuant to this article, the Commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Commissione…

(A) A license issued under this chapter must be renewed annually. (1) An annual renewal fee of one thousand six hundred dollars must be paid no more than sixty days before the license expiration. (2) The renewal term must be for a period of one year and begins on January first of…

(A) A licensee under this chapter shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars or three percent of total assets for the first one hundred million dollars, two percent of additional assets for one hundred million dollars to one bi…

(A) If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the Commissioner may suspend or revoke the licensee's license pursuant to Section 35-11-700 or 35-11-710 or other applicable…

(A) A person may not engage in currency exchange or advertise, solicit, or hold himself out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person is: (1) licensed pursuant to this article; (2) …

(A) A person applying for a license pursuant to this article shall do so in a form and in a medium prescribed by the Commissioner. The application shall state or contain: (1) the legal name and residential and business addresses of the applicant, if the applicant is an individual…

(A) When a person applies for a license pursuant to this article, the Commissioner shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Commissioner may conduct an on-site investigation of…

(A) All licenses issued pursuant to this article expire on December thirty-first of each year. A person licensed pursuant to this article shall pay a renewal fee of one thousand six hundred dollars on or before December first of each year. (B) A person licensed pursuant to this a…

(A) In this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (B) Before a licensee is authorized to conduct business through an authorized…

A person may not provide money services on behalf of a person not licensed pursuant to this chapter or not exempt pursuant to Section 35-11-110. A person that engages in that activity provides money services to the same extent as if the person were a licensee and is jointly and s…

(A) The Commissioner may conduct an examination or investigation of a licensee or of any of the licensee's authorized delegates or otherwise take independent action authorized by this chapter or by a rule or order issued under this chapter as reasonably necessary or appropriate t…

(A) To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the Commissioner is authorized and encouraged to participate in multistate supervisory processes established between states and coordinated through the Conference of State Ba…

(A) A licensee shall file with the Commissioner within fifteen business days any material changes in information provided in a licensee's application as prescribed by the Commissioner. (B) Each licensee shall submit a report of authorized delegates within forty-five days of the e…

(A) Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Commissioner prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to these acquisition o…

(A) A licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) a record of each outstanding money transmission obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capita…

(A) A licensee and an authorized delegate shall file with the Commissioner all reports required by federal currency reporting, recordkeeping, and suspicious transaction reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to mone…

(A) Except as otherwise provided in subsection (B), all information or reports obtained by the Commissioner from an applicant, licensee, or authorized delegate, and all information contained in or related to an examination, investigation, operating report, or condition report pre…

(A) Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a c…

(A) This section does not apply to: (1) money received for transmission subject to the federal Remittance Rule, 12 C.F.R. Part 1005, Subpart B, as amended or recodified from time to time; or (2) money received for transmission pursuant to a written agreement between the licensee …

(A) This section does not apply to: (1) money received for transmission subject to the federal Remittance Rule, 12 C.F.R. Part 1005, Subpart B, as amended or recodified from time to time; (2) money received for transmission that is not primarily for personal, family, or household…

Every licensee or authorized delegate shall include on a receipt or disclose on the licensee's website or mobile application the name and phone number of the South Carolina Office of Attorney General and a statement that the licensee's customers can contact the Commissioner with …

(A) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligation. (B) Except for permissib…

(A) The following investments are permissible pursuant to Section 35-11-600: (1) cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and cash equiva…

(A) The Commissioner may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if: (1) the licensee violates this chapter or a regulation or an order issued pursuant to this chapter; (2) the licensee does not cooperate with an examina…

(A) The Commissioner may issue an order suspending or revoking the designation of an authorized delegate, if the Commissioner finds that the: (1) authorized delegate violated this chapter or a regulation or an order issued pursuant to this chapter; (2) authorized delegate did not…

(A) If the Commissioner determines that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this chapter or a regulation or order issued under this chapter, the Commissioner may: (1) issue an order direct…

The Commissioner may enter into a consent order at any time with a person to resolve a matter arising pursuant to this chapter or a regulation or order issued pursuant to this chapter. A consent order must be signed by the person to whom it is issued or by the person's authorized…

(A) A person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained pursuant to this chapter, who intentionally makes a false entry or omits a material entry in that record, or violates a rule promulgate…

(A) If the Commissioner has reason to believe that a person engaged or is about to engage in an act or practice constituting a violation of this chapter or a regulation or order issued pursuant to this chapter, the Commissioner may summarily issue an order to cease and desist pur…

(A) Whenever a licensee has refused or is unable to pay its obligations generally as they become due or whenever it appears to the Commissioner that a licensee is in an unsafe or unsound condition, the Commissioner may apply to the Richland County Court of Common Pleas or to the …

(A)(1) A person who, knowing that the property involved in a financial transaction represents the proceeds of, or is derived directly or indirectly from the proceeds of unlawful activity, conducts or attempts to conduct such a financial transaction that in fact involves the proce…

(A) The Commissioner may: (1) conduct public or private investigations within or outside of this State which the Commissioner considers necessary or appropriate to determine whether a person has violated, is violating, or is about to violate this chapter or a regulation or order …

In order to carry out the purposes of this chapter, the Commissioner may, subject to the provisions of Section 35-11-530: (1) enter into agreements or relationships with other governmental officials or federal and state regulatory agencies and regulatory associations in order to …

The Commissioner may not suspend or revoke a license, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate, or assess a civil penalty without notice and an opportunity to be heard pursuant to Section 35-11-710. The Commissioner also shal…

This chapter is administered by the Commissioner who may employ such additional assistants as he deems necessary. The Commissioner may delegate any or all of his duties pursuant to this chapter to members of his staff, as he deems necessary or appropriate.

The Commissioner may promulgate and amend regulations or issue orders necessary to carry out the purposes of this chapter in order to provide for the protection of the public and to assist licensees in interpreting and complying with this chapter.

The Commissioner may establish reasonable fees for filings required or permitted by regulation or order adopted pursuant to this chapter, and other miscellaneous filings for which no fees are otherwise specified by law.

The Commissioner may retain all fees, assessments, and fines received under this chapter for the administration of this chapter.

A person aggrieved by a final order of the Commissioner may obtain a review of the order in the Richland County Court of Common Pleas by filing in the court, within thirty days after entry of the order, a written petition praying that the order may be modified or set aside in who…

In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

(A) A person licensed in this State to engage in the business of money transmission may not be subject to the amended provisions of this chapter, to the extent that they conflict with the prior law or establish new requirements not imposed under the prior law, until the first Jan…