South Carolina Code 34-29-100. Books and records; reports; publication of analysis
(b) Every licensee shall file in the office of the board, on or before the first day of April, a report for the preceding calendar year. The report shall give information with respect to the financial condition of such licensee, and shall include the name and address of the licensee, balance sheets at the beginning and end of the accounting period, a statement of income and expenses for the period, a reconciliation of surplus with the balance sheets, a schedule of assets used and useful in the consumer finance business in the State, an analysis of charges, size of loans and types of actions undertaken to effect collection and such other relevant information in form and detail as the board may prescribe.
Terms Used In South Carolina Code 34-29-100
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: shall mean the State Board of Bank Control and its duly authorized deputies. See South Carolina Code 34-29-10
- Cash advance: shall mean the amount of cash or its equivalent that the borrower actually receives or is paid out at his direction or on his behalf. See South Carolina Code 34-29-10
- Licensee: shall mean a person to whom one or more licenses have been issued. See South Carolina Code 34-29-10
- Oath: A promise to tell the truth.
(c) In addition to the information required to be reported under subsection (b), the annual report shall include the following:
(1) the total number of loans and aggregate dollar amounts made by the lender which renewed existing accounts;
(2) the total number of new loans and aggregate dollar amounts made to former borrowers;
(3) the total number of loans and aggregate dollar amounts made to new borrowers;
(4) the total number of loans and aggregate dollar amounts which received a final entry, as provided in subsection (a), other than by renewal;
(5) the total number of renewals in which the borrower received a cash advance which was less than ten percent of the net outstanding loan balance at the time of renewal;
(6) the total number of loans and aggregate dollar amounts outstanding at the beginning of the reporting period; and
(7) the total number of loans and aggregate dollar amounts outstanding at the end of the reporting period.
(d) Such report shall be made under oath and shall be in the form prescribed by the board and consistent with this section. The board shall make and publish annually an analysis and recapitulation of such reports.
(e) In addition to the report required by the provisions of § 34-29-100 (b) and (c), the board may under rules and regulations promulgated by it under the procedure provided in this chapter require quarterly and/or semiannual reports from licensees to facilitate the performance of its duties and to effectively regulate the making of loans under this chapter.