South Carolina Code 34-41-10. Definitions
(1) "Board" means the State Board of Financial Institutions.
Terms Used In South Carolina Code 34-41-10
- Board: means the State Board of Financial Institutions. See South Carolina Code 34-41-10
- Cashing: means providing currency for payment instruments but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments. See South Carolina Code 34-41-10
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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. See South Carolina Code 34-41-10
- Licensee: means a person or entity licensed to engage in either a Level I or Level II check-cashing service pursuant to this chapter. See South Carolina Code 34-41-10
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, partnership, association, or corporation. See South Carolina Code 34-41-10
(2) "Cashing" means providing currency for payment instruments but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments.
(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.
(4) "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 engaged in the business of deferred presentment.
(5) "Licensee" means a person or entity licensed to engage in either a Level I or Level II check-cashing service pursuant to this chapter.
(6) "Person" means an individual, partnership, association, or corporation.