(A) A licensee may not advance monies on the security of a check unless the account on which the presented check is drawn is a legitimate, open, and active account.
(B) A licensee, in every location conducting business under a license issued pursuant to this chapter, conspicuously shall post and at all times display a notice stating the fee charged for deferred presentment services. A licensee shall file with the board a statement of the fees charged at every location licensed for deferred presentment services.
(C) A licensee shall endorse in the name of the licensee every check, draft, or money order presented by the licensee for payment or deposit.
HISTORY: 1998 Act No. 433, Section 1, eff upon approval (became law without the Governor's signature on June 11, 1998).
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 39 - Deferred Presentment Services
Section 34-39-110. Short title.
Section 34-39-120. Definitions.
Section 34-39-130. Licensure requirements.
Section 34-39-140. Applicability of chapter; exceptions.
Section 34-39-150. Application for licensure.
Section 34-39-160. Qualifications for licensure.
Section 34-39-175. Deferred presentment transaction database.
Section 34-39-180. Restrictions and requirements for deferred presentment or deposit of check.
Section 34-39-190. Maintenance of books, accounts, and records; examination.
Section 34-39-200. Limitations on activities by persons required to be licensed by chapter.
Section 34-39-210. Suspension or revocation of license.
Section 34-39-220. Orders to cease and desist violations of chapter; hearing.
Section 34-39-230. Civil penalties; repayment of unlawful or excessive fees.
Section 34-39-240. Wilful violations; referral for criminal prosecution.
Section 34-39-260. Promulgation of regulations.
Section 34-39-280. Extended payment plans.
Section 34-39-290. Annual report and meeting concerning data.