South Carolina Code 35-11-300. License required
Current as of: 2023 | Check for updates
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(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 chapter;
Terms Used In South Carolina Code 35-11-300
- Authorized delegate: means a person a licensee designates to provide money services on behalf of the licensee. 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
(2) licensed for money transmission pursuant to Article 2, or approved to engage in money transmission pursuant to § 35-11-210;
(3) an authorized delegate of a person licensed pursuant to Article 2; or
(4) an authorized delegate of a person approved to engage in money transmission pursuant to § 35-11-210.
(B) A license issued pursuant to this chapter is not transferable or assignable.