South Carolina Code of Regulations
Chapter 13 - ATTORNEY GENERAL
Article 4 - MONEY SERVICES
Subarticle 2 - MONEY TRANSMISSION LICENSES
Section 13-2201 - Application for Money Transmission License

Universal Citation: SC Code Regs 13-2201

Current through Register Vol. 48, No. 9, September 27, 2024

A. All applications for new or renewal licenses must be made through the NMLS, unless otherwise expressly exempted from this requirement by the Commissioner in writing. Any person using the NMLS shall pay all associated costs.

B. An application pursuant to Section 35-11-205 should include the following additional information:

(1) a certificate of authority from the South Carolina Secretary of State to conduct business in this State, or other evidence of the applicant's registration or qualification to do business in this State as a foreign corporation, if incorporated in another state or country;

(2) a copy of the applicant's anti-money laundering compliance program and Bank Secrecy Act policy;

(3) a detailed description of the screening process used by the applicant in selecting authorized delegates, including a sample of any forms used, and the method used to screen for criminal history; and

(4) the applicant, and each Control Person and Executive Officer, shall furnish to the NMLS, together with the required fees:
(a) fingerprints for submission to the Federal Bureau of Investigation and to any other governmental agency or entity authorized to receive such information for a state, national, or international criminal history background check, and authorization for the Commissioner to obtain a criminal history background check; and

(b) authorization for the Commissioner to obtain an independent credit report and credit score from a consumer reporting agency.

C. Incomplete application files will be closed and deemed denied without prejudice, and all fees paid forfeited, when the applicant has not submitted information requested by the Commissioner within forty-five days. The applicant may reapply by submitting a new application package and new application fee.

D. No later than forty-five days after the calendar quarter has ended, licensees shall file the Money Services Businesses Call Report through the NMLS.

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