Terms Used In South Carolina Code > Title 35 > Chapter 11 > Article 5 - Examinations, Reports, and Records

• Applicant: means a person that files an application for a license pursuant to this act. See South Carolina Code 35-11-105
• Authorized delegate: means a person a licensee designates to provide money services on behalf of the licensee. See South Carolina Code 35-11-105
• Bank: means an institution organized under federal or state law which:
  
  (a) accepts demand deposits or deposits that the depositor may use for payment to third parties and which engages in the business of making commercial loans; or
  
  (b) engages in credit card operations and maintains only one office that accepts deposits, does not accept demand deposits or deposits that the depositor may use for payments to third parties, does not accept a savings or time deposit less than one hundred thousand dollars, and does not engage in the business of making commercial loans. See South Carolina Code 35-11-105
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: means the South Carolina State Board of Funeral Service. See South Carolina Code 40-19-20
• Commissioner: means the South Carolina Attorney General. See South Carolina Code 35-11-105
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Control: means :
  
  (a) ownership of, or the power to vote, directly or indirectly, at least twenty-five percent of a class of voting securities or voting interests of a licensee or person in control of a licensee;
  
  (b) power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee or person in control of a licensee; or
  
  (c) power to exercise directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee. See South Carolina Code 35-11-105
• Conviction: A judgement of guilt against a criminal defendant.
• Executive officer: means a president, chairperson of the executive committee, chief financial officer, responsible individual, or other individual who performs similar functions. See South Carolina Code 35-11-105
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Licensee: means a person licensed pursuant to this act. See South Carolina Code 35-11-105
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• 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 services: means money transmission or currency exchange. See South Carolina Code 35-11-105
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Payment instrument: means a check, draft, money order, traveler's check, or other instrument for the transmission or payment of money or monetary value, whether or not negotiable. 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
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Unsafe or unsound practice: means a practice or conduct by a person licensed to engage in money transmission or an authorized delegate of such a person, which creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise materially prejudices the interests of its customers. See South Carolina Code 35-11-105