South Carolina Code of Regulations
Chapter 13 - ATTORNEY GENERAL
Article 4 - MONEY SERVICES
Subarticle 2 - MONEY TRANSMISSION LICENSES
Section 13-2202 - Application for Approval to Engage in Money Transmission

Universal Citation: SC Code Regs 13-2202

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

A. A person seeking approval to engage in money transmission and currency exchange activities under Section 35-11-210 without obtaining a license from the Commissioner must submit to the Commissioner the following:

(1) the items described in Section 35-ll-205(B) and (C), provided however, the Commissioner may waive one or more requirements of subsections (B) a (C) or permit an applicant to submit other information in lieu of the required information;

(2) the items described in Section 35-11-210(A)(2);

(3) evidence that the person holds a license in good standing to engage in money transmissions in at least one other state that has either adopted the Uniform Money Services Act or has money transmission laws that are substantially similar to those of this state; and

(4) evidence that the person has obtained the security required by Section 35-11-215 and that the security is in force, including the amount and type of any excess coverage provided;

B. The Commissioner may deny approval to offer money transmission or currency exchange services under Section 35-11-210 if:

(1) the person fails to comply with this section or Section 35-11-210;

(2) the person, or any of the person's authorized delegates, are the subject of a negative licensing action in any of the states in which the person is licensed;

(3) the person is not licensed to provide money transmission services in at least one state that has enacted the Uniform Money Services Act or has money transmission laws that are substantially similar to those of this state;

(4) the Commissioner finds that the person would not qualify for a money transmission license under Section 35-11-220(A)(2) if the person applied for one;

(5) the person has not met the security requirements of Section 35-11-215 or the net worth requirements of Section 35-11-230;

(6) another state has suspended or revoked the person's money transmission license or currency exchange license within the last five years; or

(7) the person knowingly makes a false statement or knowingly submits false information in order to obtain an approval to offer services under Section 35-11-210.

C. Persons approved pursuant to Section 35-11-210 shall comply with the requirements of Section 35-11-225 regarding renewals.

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