South Carolina Code 35-11-210. Approval to engage in money transmission when licensed in another state
(1) state in which the person is licensed has enacted the Uniform Money Services Act or the commissioner determines that the money transmission laws of that state are substantially similar to those imposed by the law of this State;
Terms Used In South Carolina Code 35-11-210
- Applicant: means a person that files an application for a license pursuant to this act. See South Carolina Code 35-11-105
- Commissioner: means the South Carolina Attorney General. See South Carolina Code 35-11-105
- Currency exchange: means receipt of revenues from the exchange of money of one government for money of another government. See South Carolina Code 35-11-105
- Money: means a medium of exchange that is authorized or adopted by the United States or a foreign government. See South Carolina Code 35-11-105
- Money transmission: means selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission. See South Carolina Code 35-11-105
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited-liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or another legal or commercial entity. See South Carolina Code 35-11-105
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See South Carolina Code 35-11-105
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or a territory or insular possession subject to the jurisdiction of the United States. See South Carolina Code 35-11-105
(2) person submits to, and in the form required by, the commissioner:
(a) in a record, an application for approval to engage in money transmission and currency exchange in this State without being licensed pursuant to § 35-11-205;
(b) a nonrefundable fee of one thousand dollars; and
(c) a certification of license history in the other state.
(B) When an application for approval pursuant this section is complete, the commissioner shall promptly notify the applicant in a record, of the date on which the request was determined to be complete and:
(1) the commissioner shall approve or deny the request within one hundred twenty days after that date; or
(2) if the request is not approved or denied within one hundred twenty days after that date the:
(a) request is approved; and
(b) approval takes effect as of the first business day after expiration of the one hundred twenty-day period.
(C) A person who engages in money transmission and currency exchange in this State pursuant to this section shall comply with the requirements of, and is subject to the sanctions provided in this chapter, as if the person were licensed pursuant to § 35-11-220.