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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Deferred Presentment Company License Deferred Presentment services means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee: A. Accepting a check dated on the date it was written; and B. Holding the check for a period of time not greater than 31 days before presentment for payment or deposit. Deferred Presentment providers are required to enter consumer information into the South Carolina Deferred Presentment Database (Veritec Solutions, LLC) to determine consumer eligibility, enter new transactions and close transactions as set forth in Title 34 Section 39. Upon licensure, the licensee must contact Veritec Solutions, LLC at 1-888-723-7701 or via email at mail@veritec.com for registration and required training.
Level I Check Cashing Company License Any person, partnership, association or corporation cashing checks for a fee or other consideration. • Pursuant to SC §34-41-20(a) No person or other entity may engage in the business of either Level I or Level II check-cashing service without first obtaining a license pursuant to this chapter. No person or other entity providing a Level I or Level II check-cashing service may avoid the requirements of this chapter by providing a check or other currency equivalent instead of currency when cashing payment instruments. • Pursuant to SC §34-41-10(3) “Level I check-cashing service” means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. This license type can only be applied for if a Deferred Presentment license is obtained.
Level II Check Cashing Company License Providing currency for payment instruments but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments. Any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. A Level II check-cashing service means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. A Level II licensee may NOT be licensed to engage in the business of Deferred Presentment.
Mortgage Lender/Servicer License SC-BFI strongly suggests a potential applicant submit a detailed business plan as described in the new application checklist. This should be done prior to applying in NMLS to determine the correct licensing jurisdiction. This License is required of any business entity who engages in the business of making or servicing a mortgage loan for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, including soliciting, processing, placing, or negotiating a mortgage loan. (More Details)
Supervised Lender Company License An entity that is making consumer loans or is taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans. A supervised loan means a consumer loan in which the rate of the loan finance charge exceeds twelve percent per year as determined according to the provisions on the loan finance charge for consumer loans (Section 37-3-201). • If a website will be used to take supervised loan applications or process payments electronically for supervised loans, a separate supervised lender website license will be required in addition to the license for the home office. • A separate application request and fee will be required for each website.
Branch Licenses Description Requirements Checklist
Deferred Presentment Branch License Deferred Presentment services means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee: A. Accepting a check dated on the date it was written; and B. Holding the check for a period of time not greater than 31 days before presentment for payment or deposit. Deferred Presentment providers are required to enter consumer information into the South Carolina Deferred Presentment Database (Veritec Solutions, LLC) to determine consumer eligibility, enter new transactions and close transactions as set forth in Title 34 Section 39. Upon licensure, the licensee must contact Veritec Solutions, LLC at 1-888-723-7701 or via email at mail@veritec.com for registration and required training.
Level I Check Cashing Branch License Any person, partnership, association or corporation cashing checks for a fee or other consideration. • Pursuant to SC §34-41-20(a) No person or other entity may engage in the business of either Level I or Level II check-cashing service without first obtaining a license pursuant to this chapter. No person or other entity providing a Level I or Level II check-cashing service may avoid the requirements of this chapter by providing a check or other currency equivalent instead of currency when cashing payment instruments. • Pursuant to SC §34-41-10(3) “Level I check-cashing service” means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. This license type can only be applied for if a Deferred Presentment license is obtained.
Level II Check Cashing Branch License Providing currency for payment instruments but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments. Any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. A Level II check-cashing service means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. A Level II licensee may NOT be licensed to engage in the business of Deferred Presentment.
Mortgage Lender/Servicer License (Branch) This license is required of any office of the mortgage lender that is separate and distinct from the mortgage lenders principle office. (More Details)
Supervised Lender Branch License An entity that is making consumer loans or is taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans. A supervised loan means a consumer loan in which the rate of the loan finance charge exceeds twelve percent per year as determined according to the provisions on the loan finance charge for consumer loans (Section 37-3-201). • If a website will be used to take supervised loan applications or process payments electronically for supervised loans, a separate supervised lender website license will be required in addition to the license for the home office. • A separate application request and fee will be required for each website.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is required of any natural person who, in exchange for compensation or gain or in the expectation of compensation or gain as an employee of a licensed mortgage lender, solicits, negotiates, accepts, or offers to accept applications for mortgage loans, including electronic applications, or includes direct contact with, or informing mortgage loan applicants of, the rates, terms, disclosures, and other aspects of the mortgage loan. (More Details)
 

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