(A) A person may not act as a mortgage broker in this State without first being licensed with the administrator. A person, required to be licensed pursuant to this chapter, may not do business without a license under any name or title, or circulate or use advertising, including electronic means, or make a representation or give information to any person, which indicates or reasonably implies activity within the scope of this chapter unless that person has a license.
(B) It is unlawful for a person to employ, to compensate, or to appoint as its agent a loan originator unless the loan originator is licensed pursuant to this chapter. The license of a loan originator is not effective during any period when that person is not employed by a mortgage broker licensed pursuant to this chapter. When a loan originator ceases to be employed by a licensed mortgage broker, the loan originator and the mortgage broker by whom that person was employed shall notify promptly the administrator in writing. The mortgage broker's notice must include a statement of the specific reason or reasons for the termination of the loan originator's employment. The reason for termination is confidential information and must not be released to the public. A loan originator must not be employed simultaneously by more than one mortgage broker. If a licensed loan originator changes employment, a new license must be issued and a fee of twenty-five dollars must be paid for issuance of the new license.
(C) Notwithstanding subsection (A) of this section, the provisions of this chapter do not apply to an exempt person.
(D) Independent contractors, including processors and underwriters, must be separately licensed.
HISTORY: 2009 Act No. 67, Section 5.
Editor's Note
Prior Laws:1988 Act No. 544; 1993 Act No. 172, Section 1; 1998 Act No. 336, Section 4; 2005 Act No. 7, Section 1.
Structure South Carolina Code of Laws
Title 40 - Professions and Occupations
Chapter 58 - Licensing Of Mortgage Brokers Act
Section 40-58-10. Citation of chapter; mortgage loan broker requirements.
Section 40-58-20. Definitions.
Section 40-58-30. Mortgage brokers and loan originators to be licensed; exceptions.
Section 40-58-40. Surety bonds; determination of amount; uses.
Section 40-58-67. Continuing professional education requirements.
Section 40-58-70. Prohibited activities.
Section 40-58-75. Mortgage broker fee agreements disclosing charges.
Section 40-58-90. Request for contested case hearing before Administrative Law Court.
Section 40-58-100. Authority to promulgate regulations.
Section 40-58-110. License application and renewal fees; term of license; late renewals.
Section 40-58-120. Maintenance of records; composite annual report; confidentiality.
Section 40-58-130. Participation in Nationwide Mortgage Licensing System Registry.