South Carolina Code 40-29-95. Financial responsibility requirements
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(A) The board shall consider the financial responsibility of an applicant as determined by this section and regulations promulgated by the board.
(B) A retail dealer applicant who fails to possess cash or cash equivalency in an amount equal to or greater than one hundred fifty thousand dollars or a credit score of less than seven hundred must appear before the board.
Terms Used In South Carolina Code 40-29-95
- Board: means the South Carolina Manufactured Housing Board. See South Carolina Code 40-29-20
- Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
(C) Should the board license an applicant who is unable to meet the financial responsibility guidelines of this section or the regulations of the board, then the board may modify or restrict the activities of the licensee.