South Carolina Code of Regulations
Chapter 15 - STATE BOARD OF FINANCIAL INSTITUTIONS CONSUMER FINANCE DIVISION
Article 5 - 1988 ACT 433, SECTION 2, REGULATIONS
Section 15-68 - Check Cashing - Other Consideration
Current through Register Vol. 48, No. 3, March 22, 2024
A. For purposes of Sections 34-41-10(3) and (4) and 34-41-30, "other consideration" includes, but is not limited to, the mandatory purchase of goods or services in order to cash a check.
B. Any vendor that imposes a mandatory purchase of goods or services by the customer to cash a check is engaged in check-cashing services and needs a Level I or Level II check-cashing license to engage in this activity.
C. In addition to all other required information, each applicant or licensee under Chapter 41, who accepts only other consideration in the form of a mandatory purchase of goods or services to cash a check, shall file on the Nationwide Multistate Licensing System, as part of the person's initial application for licensure and as part of its annual renewal for licensure a written affidavit. That affidavit shall state that the person does not cash checks for a fee, a service charge, or other consideration other than other consideration in the form of a mandatory purchase of goods or services. If the person's business practices change and the affidavit becomes or will become inaccurate, the person should notify in writing the Consumer Finance Division of this change, the date of the change, and the reasons for the change as soon as reasonably practical but no more than twenty days after the change.
