South Carolina Code of Laws
Chapter 11 - South Carolina Anti-money Laundering Act
Section 35-11-205. Application for license.

(A) In this section, "material litigation" means litigation that according to generally accepted accounting principles is significant to an applicant's or a licensee's financial health and would be required to be disclosed in the applicant's or licensee's annual audited financial statements, report to shareholders, or similar records.
(B) A person applying for a license pursuant to this article shall do so in a form and in a medium prescribed by the commissioner. The application must state or contain:
(1) the legal name, residential and business addresses of the applicant, and any fictitious or trade name used by the applicant in conducting its business;
(2) a list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the ten-year period next preceding the submission of the application;
(3) a description of any money services previously provided by the applicant and the money services that the applicant seeks to provide in this State;
(4) a list of the applicant's proposed authorized delegates and the locations in this State where the applicant and the applicant's authorized delegates propose to engage in money transmission or provide other money services;
(5) a list of other states in which the applicant is licensed to engage in money transmission or provide other money services and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state;
(6) information concerning a bankruptcy or receivership proceeding affecting the licensee;
(7) a sample form of contract for authorized delegates, if applicable, and a sample form of payment instrument or instrument upon which stored value is recorded, if applicable;
(8) the name and address of any bank through which the applicant's payment instruments and stored value will be paid;
(9) a description of the source of money and credit to be used by the applicant to provide money services; and
(10) other information the commissioner reasonably requires with respect to the applicant.
(C) If an applicant is a corporation, limited liability company, partnership, or other entity, the applicant also shall provide:
(1) the date of the applicant's incorporation or formation and state or country of incorporation or formation;
(2) if applicable, a certificate of good standing from the state or country in which the applicant is incorporated or formed;
(3) a brief description of the structure or organization of the applicant, including a parent entity or subsidiary of the applicant, and whether a parent entity or subsidiary is publicly traded;
(4) the legal name, a fictitious or trade name, all business and residential addresses, and the employment, in the ten-year period next preceding the submission of the application of each executive officer, manager, director, or person who has control of the applicant;
(5) a list of criminal convictions and material litigation in which an executive officer, a manager, director, or person in control of, the applicant has been involved in the ten-year period next preceding the submission of the application;
(6) a copy of the applicant's audited financial statements for the most recent fiscal year and, if available, for the two-year period next preceding the submission of the application;
(7) a copy of the applicant's unconsolidated financial statements for the current fiscal year, whether audited or not, and, if available, for the two-year period next preceding the submission of the application;
(8) if the applicant is publicly traded, a copy of the most recent report filed with the United States Securities and Exchange Commission pursuant to Section 13 of the federal Securities Exchange Act of 1934, 15 U.S.C. Section 78m (1994 & Supp. V 1999);
(9) if the applicant is a wholly owned subsidiary of a:
(a) corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed pursuant to Section 13 of the federal Securities Exchange Act of 1934, 15 U.S.C. Section 78m (1994 & Supp. V 1999); or
(b) corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation's domicile outside the United States;
(10) if the applicant has a registered agent in this State, the name and address of the applicant's registered agent in this State; and
(11) other information the commissioner reasonably requires with respect to the applicant.
(D) A nonrefundable application fee of one thousand five hundred dollars and a license fee of seven hundred fifty dollars must accompany an application for a license pursuant to this article. The license fee must be refunded if the application is denied.
(E) The commissioner may waive one or more requirements of subsections (B) and (C) or permit an applicant to submit other information in lieu of the required information.
HISTORY: 2016 Act No. 266 (H.4554), Section 1, eff May 25, 2018.